![]() ![]() This public list of all dealings also determines its value as a digital asset. That's because transactions from one wallet - where the cryptocurrency is stored - to another, are tied to a blockchain. He says cryptocurrency transactions, especially those involving Bitcoin, are not as anonymous as people think. Colin Paul works with the RCMP's Federal Serious & Organized Crime Financial Integrity Unit. If people are interested in investing in crypto or any other investment, they should use legitimate, knowledgeable and trusted sources, not advice from people on social media, and they should learn before they buy," says Clark. " Unfortunately, the general knowledge base does not seem to be keeping up with the number of adopters. Kris Clark, who works with the RCMP's Federal Serious & Organized Crime Unit. " The number of cryptocurrencies continues to increase and the number of investors also continues to grow," says Sgt. However, in the space of a year, its price dropped to lows of about $24,000 and soared to the $80,000 range. The price of a Bitcoin, for instance, was recently trading at more than $60,000 CDN. There are thousands of cryptocurrencies and, for many investors, they are considered commodities that can rise and fall in value. Show me the digital moneyĪ cryptocurrency is a digital asset that can be exchanged for goods and services. They have everything to do with emotion," adds Ngo. " When these sorts of scams happen, they have nothing to do with a victim's intelligence. announcing the victim has won a prize that can only be claimed by paying.cultivating a friendly online relationship with the victim then suddenly demanding money to solve a personal problem.claiming to be a government official and threatening dire consequences if a fee is not paid.Vinh Ngo, a member of the RCMP's Federal Policing Prevention and Engagement Unit in British Columbia.Ĭriminals are also using tried-and-true methods to manipulate people over the phone and email, such as: They've even stayed on the phone to guide the victim through the process," says Cpl. " We're aware of the bad guys sending victims to cryptocurrency ATMs to make transactions. They're up against tech-savvy fraudsters who steal by demanding victims make payments using cryptocurrency ATMs and QR codes to convert traditional currency into digital currency. RCMP officers are countering cryptocurrency fraud by following digital leads and rapid advancements in digital currency tracing. Between 2018 and 2020, investment scams tied to crypto accounted for $12.6 million in reported losses. In 2021, the Canadian Anti-Fraud Centre received reports of cryptocurrency fraud losses totalling $75 million. But, criminals are also keen to use the hype around cryptocurrency for their own benefit.Ĭrypto crime is growing quickly. Investors worldwide have pumped trillions into digital currency, eager to capitalize on market gains. RCMP in Alberta post warnings at Bitcoin ATMsĬryptocurrency expert demystifies digital assets ![]()
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