March 27, 2024
Rising Crypto Fraud in Calgary: Victims Lose Over $22.5 Million in 2023
Latest Cryptocurrency News

Rising Crypto Fraud in Calgary: Victims Lose Over $22.5 Million in 2023

After victims in Calgary, Alberta, lost more than $22.5 million so far this year, Canadian police released a targeted warning to residents there to be aware of employment scams, romance scams, and other cryptocurrency-related frauds.

On Monday, officials in Alberta disclosed that since the year’s beginning, 340 confirmed crypto frauds have victimized its citizens. This is an increase from 2022 when locals lost a lower $14 million for 321 reported scams in 12 months.

However, according to the police, even these numbers are “vastly underreported.”

“While the vast majority of cryptocurrency is legitimate, it is also a deregulated marketplace and has, at times, been used by scammers as a form of payment connected to various frauds,” stated Calgary Police on Tuesday.

In the Economist Intelligence Unit’s (EIU) annual ranking of the world’s most livable cities, the cosmopolitan metropolis of Calgary, which traditionally served as the centre of Canada’s oil sector, was voted third most livable city this summer.

Investment scams, which promise victims greater money if they transfer the con artist some money first, are the most prevalent kind of scams mentioned. The police stated that “only scammers will demand full payment upfront.”

As an illustration, consider the infamous Michael Saylor phishing films, in which fraudsters pretending to be the Bitcoin billionaire offer to quadruple victims’ Bitcoin holdings in exchange for sending their BTC to their wallets. A Bitcoin customer transferred $1.1 million in BTC to one of these fraudulent addresses in January 2022.

The police also issued a warning against users of social media and online dating services who mention investing in cryptocurrencies and make claims of high profits, claiming that such statements are “likely a scam.”

According to Chainalysis, the majority of the volume transferred in crypto-related crimes, including hacks, darknet markets, and ransomware attacks, is still made up of scams. Although Calgary did not experience this trend, the firm’s 2023 crypto mid-year analysis revealed that global crypto criminal activity had decreased since last year.

According to Toronto Metropolitan University’s June poll of 2,000 Canadians, one-third of the country’s owners of digital assets had fallen prey to cryptocurrency fraud.

In addition to fraud, the RCMP issued a warning in July about numerous Canadians who had their cryptocurrency stolen from their residences by someone posing as “delivery persons or persons of authority.”‘


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