Canada Loses $309 Million to Crypto Investment Scams Last Year

IconCryptoNewsTerminal Staff29 May, 2024

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Canada Loses $309 Million to Crypto Investment Scams Last Year

Canadians lost a staggering $309 million to cryptocurrency investment scams in 2023, according to Cointelegraph. This alarming figure further emphasizes the prevalence of online scams targeting unsuspecting individuals. Of the total scam losses, $172 million was attributed to social media scams, particularly pig butchering and romance scams. The Canadian Anti-Fraud Centre (CAFC) has issued strong warnings to Canadians, urging them to be vigilant against cryptocurrency scams. The CAFC emphasized that these scams are on the rise and typically involve online communications. To protect themselves, potential investors are advised to thoroughly research any cryptocurrency investment opportunities and exercise caution when engaging in online conversations. Additionally, reporting suspected scams to the CAFC can assist in combating these fraudulent activities.

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