Metro Vancouver investors fall prey to cryptocurrency scams, with total losses up to $400,000

Cryptocurrency scams have arisen in Metro Vancouver once again and they’ve already managed to bilk several local individuals of hundreds of thousands of dollars.

Richmond investigators have been receiving several reports about fake websites taking thousands of dollars away from local investors.

In fact, Richmond RCMP stated that as of March 16, police have received reports of cryptocurrency scams that lead to total losses of almost $400,000 from investors since the beginning of March.  

In four separate cases, victims were lured into making test investments with small amounts on a legitimate website that provided them with profits.

Accordingly, the victims then proceeded to make further investments with larger sums on a similar-appearing but fake website.

The investors later discovered they were unable to withdraw their money.

“People who choose to invest should be researching thoroughly before sharing banking information, buying cryptocurrency online or sending money to anyone,” Richmond RCMP Economic Crime Cpl. Melissa Lui stated in a news release.

Anyone who has information about cryptocurrency frauds or is a victim of fraud is asked to call the Richmond RCMP at 604-278-1212 or, to remain anonymous, Crime Stoppers at 1-800-222-8477.