Cryptocurrency: Customers Would Lose $750,000 in Fraud

(Photo: Canadian Press)

Halifax – The Nova Scotia Securities Commission is warning the public about a cryptocurrency scam that has so far cost citizens hundreds of thousands of dollars.

More than 20 Nova Scotians have said they have lost a total of about $750,000 since the fall, commission spokesman David Harrison said.

The regulator says victims of the scam received advertisements for the cryptocurrency in text messages, emails, or social media posts.

Victims were encouraged to open and deposit money into a cryptocurrency account; the victims then received fake account statements showing large incomes.

The scammers also allegedly ask victims to download commercial applications or file-sharing software, which then grants them access to the victims’ personal and financial information, which can be used to steal even more money.

When the victims tried to withdraw money, the scammers demanded an additional commission, after which they stopped responding to messages. However, the SEC warns that there is little you can do to recover funds lost in this type of scam.

This post was produced with the financial support of Meta Exchanges and The Canadian Press for News.

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