Guelph Woman Loses Over $125K in Crypto Scam

Residents are reminded to be cautious when offered investment opportunities after a Guelph woman lost $90,000 US in a cryptocurrency scam.

On Wednesday the victim reported she initially saw a social media ad which falsely claimed Ontario Premier Doug Ford was launching a new cryptocurrency initiative to help Canadians. Believing the ad to be legitimate, she made an initial investment of $350.

She was contacted by individuals claiming to represent an investment firm and encouraged to make further investments, eventually totaling $90,000 US. When the victim attempted to withdraw her funds she was asked to pay thousands in fees.

Residents are reminded to be very cautious when considering supposed online opportunities and conduct independent research before participating. Cryptocurrency scams are very difficult to investigate and the odds of recovering losses are almost nil.

Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and to the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501. Even if no financial loss has been sustained, interactions can still be reported to the CAFC.