This week, the Toronto Police Service reported that an elderly man and his spouse—whose names were withheld—had fallen prey to a Crypto scam.
The couple was prepared to invest their assets when they were contacted online by an unknown individual who claimed to be “professional and knowledgeable” in the investment industry. He convinced the family to part with their money on a phony cryptocurrency platform after earning their trust. The perpetrator then advised the victims to transfer money to a specified wallet via an authorized cryptocurrency exchange.
A Couple Fallen to Crypto Scam
When they requested to remove some holdings, the victims first noticed something was amiss. To accomplish such transactions, the con artist requested clients pay exorbitant fees or make larger investments. They later parted with around $300,000 as compensation.
After conducting an investigation, the Toronto Police Service was able to recoup “a significant portion of lost funds.” However, the scammer’s identity is still unknown, and law enforcement officials believed they might be abroad.
- An elderly man and his spouse had fallen prey to a Crypto scam.
- They parted with around $300,000 as compensation.
- a similar scam is Stephen Carr, a resident of Ontario, who lost roughly $500,000.
Another Canadian who recently fell victim to a similar scam is Stephen Carr, a resident of Meaford, Ontario. He lost all of his life savings—roughly $500,000—after falling for a cryptocurrency scam on YouTube.After the scam was exposed, several specialists and investigators provided the public with essential instructions. Such techniques, according to Detective Sean Vandecamp, are very common, and he strongly advises individuals to exercise extreme caution when making investments online.
Fraud prevention expert Vanessa Iafolla, an instructor at Wilfrid Laurier University and fraud protection consultant advised people who are not familiar with cryptocurrencies to steer clear of any offerings involving this asset class.
