The crypto ecosystem is rife with dangerous investments.
But perhaps more common are schemes where Canadians are duped into spending their money on what they think is a lucrative cryptocurrency, an investment in Bitcoin or Ethereum, that, in reality, doesn’t exist at all.
He sees first hand the number of scammers competing to draw victims’ attention, estimating the crypto fraud business is now worth billions. “Crypto scams are massive,” said Jeff Horncastle, acting client and communications outreach officer at the CAFC. “It is very easy unfortunately to fall into one of the traps just due to the low amount of information that people generally have on cryptocurrency.”.Horncastle said networks of organized criminals lurk behind these frauds and they can vary in complexity.
The problem, in addition to the lure of fast cash, said Mihailovici, is the novelty of it all. Social media is filled with crypto hype accounts: self-proclaimed investment gurus who flaunt their own wealth in Lamborghinis and designer clothes and tout crypto as a surefire path to riches.
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