Canada_ (Commonwealth) _ According to authorities, a senior from Burnaby, British Columbia, lost more than $7.5 million as a result of a sophisticated, protracted cryptocurrency fraud. The fraudster then gained the victim’s trust and persuaded her to invest a significant amount of money in a cryptocurrency. The victim was promised high returns on her investment and was provided with regular updates on the status of her investment. However, over time, the victim began to suspect that something was amiss and eventually discovered that she had been defrauded of more than $7.5 million.
The RCMP have launched an investigation into the fraud and have warned the public to be vigilant when investing in cryptocurrencies. They have urged people to exercise caution and to thoroughly research any cryptocurrency investment opportunities before investing their money.
According to the mounties, a woman approached them in December and claimed to have fallen victim to fraud. She informed authorities that in the spring of last year, she got a text message asking about her previous personal and professional business dealings.
The con artist tried to win her trust over a period of months by contacting her via phone, text, email, and a chat app. Using an online trading software, the fraudster persuaded the victim to invest millions of dollars in cryptocurrencies. The victim used applications that imitated real bitcoin trading sites to verify the status of her money.
The individual she was in contact with vanished, and she subsequently discovered that she was unable to withdraw money. Another person then got in touch with the victim and promised to assist her in getting her money back.
Ho stated in a statement that “fraudsters frequently change their strategies.” “In this instance, it appears that they were successful in tailoring the con to specifically target this victim using information about her professional and business history to initially establish trust and friendship.”
The RCMP stated that their investigation is ongoing and that they are collaborating with organizations like the Canadian Anti-Fraud Centre to examine the “digital footprint” of the transaction.
