• A Canadian senior was defrauded of $7.5 million in a months-long cryptocurrency scam.
• The initial fraud began when the victim received a Mandarin-language text message from a scammer and then sent money to receive higher returns on investments.
• Police advise being aware of common warning signs and reporting any suspected fraud to protect against such scams.
Canadian Senior Defrauded Out Of $7.5M In Crypto Scam
A B.C. senior has been swindled out of $7.5 million during a crypto scam that spanned months, according to authorities. The original fraud began when the victim received a Mandarin-language text message in Spring 2022 from a scammer seeking information on her business history. After establishing trust through frequent communication via phone, text, email, and chat apps, the fraudster convinced the victim to invest millions of dollars into a fake online cryptocurrency trading app which they couldn’t withdraw from – leading them to be contacted by someone else claiming they could help recover their money who then threatened them until more money was sent in what turned out to be the second part of this elaborate scam.
Investigation & Warnings
The case is still under investigation, but police share the story in order to protect others from falling victim to similar scams and urge victims at higher risk of being re-victimized once scammed to report these crimes and seek support immediately. To protect yourself from similar scams, police advise being aware of common warning signs such as suspects providing victims with excuses for withdrawing money from the bank or offering an unusually high return on investments in a short amount of time with no formal investment contract presented beforehand.
Stark Warning For Crypto World
This distressing incident exposes the sinister underbelly of the cryptocurrency world and serves as a dire warning for investors remain vigilant against potential scams by recognizing red flags presented before investing or sending funds anywhere online and reporting any suspected frauds immediately in order to protect themselves and others from potential digital currency scams or other related schemes targeting vulnerable individuals like seniors specifically for their financial assets or information security credentials .
Common Warning Signs
Below are some common warning signs that could indicate potential cryptocurrency related scams:
• Suspects providing victims with excuses for withdrawing money from the bank
• An unusually high return on investments in a short amount of time
• No formal investment contract
Stay Alert & Stay Safe
By remaining aware of these red flags and reporting suspected frauds quickly we can help protect ourselves and others from falling prey to these malicious schemes lurking around us online today – so stay alert & stay safe!