Cryptocurrency fraud is on the rise in Canada

The consumer protection group BBB says it has received eight complaints about intruders

02.02.2022 - 13:10

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1 min

What’s new? The number of digital currency-related fraud is on the rise in Canada. According to the Better Business Bureau Serving Southern Alberta and East Kootenay (BBB), Canadian investors have lost millions of dollars because of the scam projects. The BBB says it has received eight complaints about crypto scammers, Global News reports.

Information on the Global News website

What is the situation with scammers? Wes Lafortune, the BBB representative, told the publication that the average amount that investors lose as a result of these scams is $600, but there have been cases when they have lost millions of dollars.

“It’s kind of the wild west in the crypto asset market right now. It’s a big problem. It’s exploding.”

Although the country was one of the first to approve ETFs for digital assets, it has yet to come up with a final policy to protect investors in this area.

What else does Lafortune say? He urged investors to do their own research before investing in a project and not let sellers rush them into investing.

“It’s a bit of the gold rush mentality. People want to make a quick buck and there’s promises of huge profit, huge gains and those usually don’t materialize,” he said.

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