More Nova Scotians fall victim to cryptocurrency scams, NSSC sounding alarms
HALIFAX, N.S. — Nova Scotia residents are being warned of an increasing amount of cryptocurrency scams sweeping the province.
In collaboration with Halifax police, the Nova Scotia Securities Commission have identified over $750,000 in losses from crypto-related fraud since previous warnings in January and March, with actual losses expected to be much higher with most fraud going unreported.
The two rising scams include fake crypto-trading websites or fraudsters posing as registered crypto investors or traders, targeting those without the base knowledge of crypto investing.
Patterns are similar to the ‘pig butchering’ scam the commission identified in January.
“Most unregistered platforms are located overseas even if they list a North American address on their website,” said commission chair Paul Radford.
“They often will reference $250 as a safe, easy starting deposit, but any money deposited on these platforms is stolen, not invested, and the fraudster manufactures reports showing lucrative returns that are imaginary and false and designed to entice their victims to invest more and more money, which increases the amounts lost.”
Residents are urged to exercise caution when dealing with unregistered platforms promoted through social media and other online channels, and to always check to if the alleged trader is registered in Nova Scotia online at nssc.novascotia.ca/registered-crypto-asset-trading-platforms.
Anyone who has had their identity compromised or has lost money due to fraud is asked to call Halifax Regional Police at 902-490-5016 or report to the Canadian Anti-Fraud Centre.
