Police in Ontario are issuing a warning after a couple lost more than $370,000 in a cryptocurrency scam.
The victims bought cryptocurrency from “an alleged reputable investment company,” Killaloe OPP said in a news release. “Once the request was made to withdraw the alleged investment gains, the investment company made multiple excuses as to why the couple could not receive payment and provided no monies back to the couple.”
Cryptocurrency scammers will offer buy-ins and promise a high rate of return in a short amount of time, police say. Instead, the victim will lose the investment and sometimes their personal and financial information.
Investors should check with a reputable financial advisor or institution before making such investments.
Anyone who suspects they or someone they know have been defrauded should contact police or the Canadian Anti-Fraud Centre.