Toronto man loses $50,000 to cryptocurrency investment scam
A Toronto man says he is devastated after losing $50,000 trying to invest in cryptocurrency.
The man, to whom CTV News Toronto has granted anonymity and is calling John, said he started investing in cryptocurrency after connecting with someone on social media – at first, with a few hundred dollars, but then thousands more.
He said the detailed reports he received indicated he had more than doubled his investments, but when he attempted to take money out of the non-registered platform, the company went silent and refused to answer his calls and emails.
“I was trying to find a better way for my money to grow because I wasn't happy with what I was getting,” John said, adding “that money was meant for me, my family, to pay for bills, to pay for a renovation that we wanted to do, to be left to my kids.”
The cryptocurrency market has lost more than a trillion dollars in value this year, but the OPP has issued a warning saying that some investors may see now as a good time to get into the market.
"We are seeing a lot of bad actors taking advantage of cryptocurrencies,” Detective Constable John Armit with the Anti-Rackets Branch of the Ontario Province Police (OPP) said.
The OPP said even as cryptocurrency goes through turbulent times, fraud is a major problem in the industry with many victims lured onto fake trading platforms.
"The websites are actually very legitimate looking and when you reach out to the people through the website you're actually speaking with the fraudsters themselves," Armit said.
Armit said the average victim on cases he’s dealt with have lost about $150,000.
"It's absolutely devastating. We are seeing people have to go to food banks, move in with other family members and sell properties, it's devastating for them,” he said.
The Canadian Anti-Fraud Centre said that Canadians lost $163.9 million to investment scams last year and that investors should be careful buying cryptocurrency.
"In this kind of environment, you want consumers to go to trusted exchanges" James Moore , chief anti-laundering officer (CAMLO) with Binance Canada said in an interview.
Moore said the company is working with the OPP’s cybercrime investigators and found that most scams happen when people get social media invites to invest in crypto.
"If you’re getting unsolicited messages and you don't recognize who they are from, especially if it pertains to an investment, do not click on it and do not respond to it,” he said.
CTVNews.ca Top Stories
'My family doctor just fired me': Ontario patients frustrated with de-rostering
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
Suspect sought after fatal slashing in downtown Toronto
Police are searching for a suspect in a homicide investigation after a man was slashed in downtown Toronto on Sunday.
Edibles, armchairs and adapters: Here are the recalls for this week
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
Putin replaces Russian defence minister in rare cabinet shakeup
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Wildfire near Fort McMurray more than triples overnight, several evacuation alerts remain in place
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Canada Post cracks down on Nunavut loophole to get free Amazon Prime shipping
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
Mother's Day movies that pull at ALL the heartstrings
This Mother's Day Weekend, take a look at some of the most emotional movies inspired by moms.
WATCH Dashcam video shows terrifying near-miss on two-lane northern Ontario highway
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
'It was violent': Police tear down U of A pro-Palestinian encampment Saturday morning
Multiple people at the protest camp torn down at the University of Alberta campus Saturday say police's actions against protesters were "violent" and "disproportionate."