Cryptocurrency fraud is a massive business worth billions, and it's easy for people to get caught up in promises of rich returns.
Investment scams are old. Before crypto, most involved stocks: a call from a broker who promised high returns and disappeared when the victim tried to withdraw their money. Today, as investors looking for quick gains turn to crypto, fraudsters have too.
He sees first hand the number of scammers competing to draw victims’ attention, estimating the crypto fraud business is now worth billions. Horncastle said networks of organized criminals lurk behind these frauds and they can vary in complexity. Sometimes, that’s through a website designed to look like a legitimate trading platform. Horncastle said many of the top search engine results for cryptocurrency investments are actually scam platforms. Other times, fraudsters use compromised social media accounts to impersonate a victim’s friend or relative and urge them to invest in crypto, as always promising massive returns.Article content
Canadian police have issued warnings about the rising number of crypto-related scams. Ontario Provincial Police said in 2021 they were seeing a “steady increase in reports of scams related to investing in cryptocurrency.” The RCMP last March asked Canadians to “do their research” before investing in crypto.Article content
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