There has been a recent uptick in Cryptocurrency Investment Fraud, generating a total loss of over $200,000 to Delta residents in the last two months alone. These scams tend to involve the following:
- Victims are initially contacted on social media, with conversations quickly moving to secure messaging Apps such as WhatsApp;
- Victims are directed to websites presenting as legitimate investment companies, but which are under the control of the fraudsters;
- The investments tend to involve the cryptocurrency Bitcoin and/or USD Tether;
- Victims are using legitimate crypto exchanges to transfer Canadian funds, such as Coinbase, Shakepay and Coinberry; and
- Once transferred into the “investment” wallet, victims are unable to withdraw their funds without paying additional fees and taxes.