For the past several years - between 2017 and 2020, to be exact – Canada has seen an alarming jump in cryptocurrency scams targeted at private citizens.
For the last eight months of the past year Canadian citizens lost a whopping 11 million Canadian dollars to crypto scams, or 8.73 million US dollars, according to Canadian authorities.
Sgt. Kris Clark, a federal organized crime officer in the Royal Canadian Mounted Police (RCMP), commented on the matter, saying that scammers often resort to threats and extortion to pressure their victims to deposit and pay the scammers. To quote him: “They will often identify themselves as a government official or police officer to increase the level of jeopardy if immediate action is not taken by the target to pay.”
Stg. Clark also stressed how important it is not to give any personal information to unverified brokers and that people should also check that their broker does have a license.
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Unfortunately, this is the downside of the increased crypto popularity. More exposure also means more potential victims for scammers to choose from.