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
India's foreign minister reacts to murder charges, claims Canada welcomes criminals
India's Foreign Affairs Minister accused Canada of welcoming criminals from his country in response to the RCMP's recent arrests in a homicide that has roiled tensions between the two countries.
15-year-old boy stabbed in Ottawa on Thursday dies
A 15-year old boy who was critically injured after a stabbing in Nepean on Thursday has died of his injuries, Ottawa's English public school board said Sunday.
Dash cam catches moment suspected drunk driver hits parked car, sends it careening into North Shore flower shop
Police say it’s fortunate no one was injured or killed in a collision at North Vancouver’s Park and Tilford shopping centre Saturday evening that sent one vehicle careening into a flower shop and another into a set of concrete barriers outside a Winners store.
'A tiny city:' Pro-Palestinian campus protesters organize for another week
Pro-Palestinian activists have set up tents at universities in Toronto, Ottawa, Vancouver and Montreal, following a wave of similar protests at campuses in the United States linked to the Israel-Hamas war.
Lawsuit against Meta asks if Facebook users have right to control their feeds using external tools
Do social media users have the right to control what they see — or don't see — on their feeds?
Princess Anne lays wreath at Battle of Atlantic ceremony; honours late Queen
Princess Anne saluted Canadian veterans and current forces members and honoured her late mother during separate ceremonies Sunday in Victoria as she wrapped up a three-day British Columbia West Coast royal visit.
El Nino weakening doesn't mean cooler temperatures this summer, forecasters say
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
As storms moves across Texas, 1 child dies after being swept away in floodwaters
A child in Texas died Sunday after being swept away in floodwaters as storms swept across the state.
Nylander defends Leafs' core after playoff exit, Toronto again picks up the pieces
The Maple Leafs battled back from a 3-1 series deficit against the Boston Bruins with consecutive 2-1 victories - including one that required extra time - in their first-round playoff series to push the club's Original Six rival to the limit before suffering a devastating Game 7 overtime loss.