20 Waterloo Region Victims Lose Millions In Cryptocurrency Frauds, Police Say

20 Waterloo Region Victims Lose Millions In Cryptocurrency Frauds, Police Say
Voiced by Amazon Polly

Last 10 months, 20 Waterloo region residents informed that they have been victims of cryptocurrency investment fraud and eventually lost more than $2 million.

Police said that individual losses ranged from $35000 to $390000.

Thursday, waterloo region police stated that scammers try to steal money and the victims’ personal and financial information; hence, money laundering occurs.

Scammers offer victims Cryptocurrency at a low rate and promise that they will get a high rate of return in a short period.

According to a news report, “victim does not just lose their investment, rather personal and financial information is also lost”.

As we know, Cryptocurrency is not regulated and operated by any banks; hence the bank will not pay for the victim’s losses.

Also Read: Coinbase Unveils NFT Marketplace With An Eye On Growth, Revival

Victims are often attracted through the advertisement they see while using the internet. They also fall into a trap through the random stranger they met online or any random text messages received. 

The victim further falls into a trap and completes an online form from the advertisement, and within a few days, they get a phone call from a scammer. They are led to believe that they are investing in bitcoin and are given access to the website, which shows their investment is growing. However, these websites are fake copies of the original one.

Police said, “In the initial stages, victims can take out a small number of funds so that they could blindly trust the stranger.

Fraudsters ask for the identification documents like driver’s licenses or access to the victim’s computer. This could lead to more financial losses for the victim. 

Also Read: Cryptocurrency Firms In The Latest U.S. Sanctions Against Russia


Sign up to receive our weekly email newsletter and never miss an update!