Cryptocurrency scams defrauded Edmontonians more than $5M over 2 years: police
More than $5.6 million has been stolen in Edmonton through scams referencing cryptocurrency, police say.
Between the fall of 2019 and December 2021, Edmonton Police Service's Cybercrimes Unit received 112 fraud reports involving an investment in cryptocurrency. In most cases, the scam referenced the digital currency called bitcoin.
Some victims lost their life savings, according to police. One victim lost more than $1 million.
Usually, they were convinced to invest via a website or mobile application that appeared legitimate.
"Scammers befriend complainants via social media, phone calls, online advertisements and online dating platforms and encourage them to make a small investment. The websites and applications are often controlled by the suspects who manipulate the investment numbers to make it look like investors (complainants) are making significant gains," EPS said in a statement on Wednesday.
"This subsequently tricks complainants into investing even more money. Shortly after they invest a larger sum, the website or mobile application disappears or becomes inactive, and their funds are gone."
Police say there are few ways to retrieve the money, so education and prevention is the best way to deal with fraud.
They advise being wary of anyone who approaches you to invest and whose identity you cannot verify, or websites that have limited functionality or poor spelling and grammar. Police also suggest verifying the legitimacy of an organization and its financial standing or disclosures. Companies should be registered with FINTRAC or the Canadian Securities Administrator. If the company or a person is not registered, citizens are asked to contact their local securities regulator.
CTVNews.ca Top Stories
Multiple bridges in Calgary shut down for police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.
Humboldt Broncos bus crash survivor qualifies Canada for Paralympics in rowing event
Former Humboldt Broncos goaltender and bus crash survivor Jacob Wassermann has qualified Canada for a rowing event for the 2024 Paralympic games in Paris.
Baby boom amongst nurses leads to maternity ward closure in Listowel, Ont.
The emergency room at Listowel’s hospital is open today, but come summer, their obstetrics unit will be temporarily closing its delivery rooms.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
Krispy Kreme doughnuts coming to McDonald's in U.S., but not Canada
Canadians will be missing out on a sweet new partnership between McDonald's and Krispy Kreme, which will see doughnuts available at McDonald's locations across the U.S. by the end of 2026.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.
Quebec judge orders bus driver to stand trial for 2023 daycare crash deaths
A judge has ordered a Quebec man to stand trial on charges of first-degree murder in the deaths of two children killed when a bus rammed into a Montreal-area daycare last year.