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
U.S. schools turn to artificial intelligence to spot guns as companies press lawmakers for state funds
Kansas could soon offer up to US$5 million in grants for schools to outfit surveillance cameras with artificial intelligence systems that can spot people carrying guns. But the governor needs to approve the expenditures and the schools must meet some very specific criteria.
Air quality advisories issued in 5 provinces, 1 territory
Air quality advisories are in effect across Western Canada as smoky conditions plague some areas, according to the latest forecasts. Here's where.
Just how bad are ultraprocessed foods? Here are 5 things to know
Many foods fall under the category of ultraprocessed foods, depending on their exact ingredients. This type of food has been studied a lot lately, and the results aren’t great.
No refund for travellers who cancelled flight already scrapped by airline: regulator
Four years on, the controversy over whether airlines owed refunds to passengers after cancelling hundreds of thousands of flights during the pandemic continues to simmer, aggravated by a sluggish, opaque complaints process.
opinion Harry and Meghan's Nigerian adventure: traditional attire to warm welcomes
For her latest column on CTVNews.ca, royal commentator Afua Hagan writes about Prince Harry and Meghan Markle's recent visit to Nigeria, calling it a 'deeply meaningful campaign' that was about aligning their ongoing efforts to foster mental-health awareness and promoting the Invictus Games.
'Oh my God, you're my brother': Man in his 70s discovers 6 unknown siblings
After receiving a DNA kit one Christmas from his son-in-law, Hugh McCormick soon discovered that he had six unknown siblings, with whom he shared the same birth parents.
'It happened so fast': Evacuees describe fleeing Fort Nelson, B.C., wildfire
Thousands have been forced to flee a wildfire burning near Fort Nelson. Meanwhile, some experienced volunteers are staying behind to fight the fire.
Rates of cancer declining in Canada, but more work needed to save lives: projections
A new study projecting declining rates of cancer cases and deaths in Canada demonstrates the success of prevention and early detection programs, but also highlights areas where more work is needed to save and prolong lives, researchers say.
DEVELOPING Cohen expected to take the stand as testimony in Trump hush money case enters 4th week
The star prosecution witness in Donald Trump's hush money trial is set to take the stand Monday with testimony that could help shape the outcome of the first criminal case against an American president.