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
Millions of Canadians have been exposed to potentially toxic chemicals, and they're not going anywhere
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
opinion How to use your credit card as a powerful wealth-building tool
Irresponsibly using a credit card can land you in financial trouble, but personal finance columnist Christopher Liew says when used properly, it can be a powerful wealth-building tool that can help grow your credit profile and create new opportunities.
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.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Here's what 'the hinge' move is, how to do it correctly
When you're picking something up from the floor or bending over to tie your shoe laces, you're performing "the hinge move," according to movement trainers.
Tips to make a house or apartment safe and accessible for older adults living at home
Here's a summary of tips from the U.S. National Institute on Aging and AARP, which offers a free room-by-room guide with practical suggestions for older adults living independently.
Here are some gardening questions, answers
When it comes to gardening, a lot of questions come up, including the best way to keep pets away from plants, maintaining your lawn and keeping the dandelions at bay.
'I may have some nightmares:' Man survives being bitten by 2 sharks in Bahamas
A man who was bitten by two sharks in the Bahamas said Thursday he's 'thankful that I'm here' while sharing his story of survival.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.