Guelph Man Loses $90K in Crypto Scam

The Guelph Police Service is reminding residents to be very cautious when dealing with individuals online after a man lost $90,000 to a cryptocurrency scam.

On Wednesday a man in his 60s attended the police station to report the loss. In September he clicked on a Facebook ad promoting a supposed cryptocurrency investment opportunity, eventually creating an online account and transferring funds from his bank account.

He was informed his funds had been transferred to another account and had grown to nearly $120,000 US, but when the man tried to withdraw the funds he was told he needed to pay $9,000 in fees. He instead called the police.

Such online scams are very difficult to investigate and the chances of recovering any of the losses is close to 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.