Guelph Man Loses over $250K in Crypto Scam

Residents are reminded to be cautious when dealing with individuals online after a Guelph man lost $188,000 USD (~$270K CAD) in a cryptocurrency scam.

The victim reported he met a male in the summer through an online chat forum and believed the two knew each other from childhood overseas. Between September and the end of November the victim transferred $188,000 USD through a series of transactions for the purposes of buying cryptocurrency.

When he was asked this week to pay an additional 30 per cent “verification fee” he called police.

Residents are urged to be extremely cautious when communicating online with anyone they do not know personally. Transfers to recipients in other countries are extremely difficult to trace and the chance of recouping lost funds is low.

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.