An advertisement for Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. The Nova Scotia Securities Commission is warning residents about a cryptocurrency scam that has so far cost Nova Scotians hundreds of thousands of dollars in total. THE CANADIAN PRESS/AP-Kin Cheung
HALIFAX – The Nova Scotia Securities Commission is warning about a cryptocurrency scam that has so far cost residents hundreds of thousands of dollars.
Commission spokesperson David Harrison says that since the fall more than 20 Nova Scotians have reported losing a total of about $750,000.
The regulator says victims of the scam received texts, emails or messages on social media, with an advertisement for crypto trading.
The victims were persuaded to open and deposit money into a crypto-trading account, and received fake account statements showing large gains.
Scammers allegedly instructed victims to download trading applications or file-sharing software that gave the scammers access to victims’ personal and financial information that can be used to steal more money.
When victims attempted to withdraw money, the scammers demanded additional fees then stopped responding, and the regulator warns that very little can be done to recover lost funds.
This report by The Canadian Press was first published Jan. 9, 2023.
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This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.
