Cryptocurrrency scams rob locals of hundreds of thousands of dollars
By Rossland Telegraph
Local residents from Rossland, Fruitvale and Montrose have lost significant amounts of money due to cryptocurrency scams, according to Trail RCMP Sgt. Mike Wintentowich.
He said on Monday, March 10, a frontline Trail and Greater District RCMP officer received a report about a 47-year-old Fruitvale man who was defrauded of $190,000 after investing in cryptocurrency through a publicly available website.
“Months prior, the man established a relationship through social media with another person who convinced him to invest in cryptocurrency,” Wicentowich said. “The person provided the man with a link to a cryptocurrency website and encourage him to invest large sums of money. The man invested up to $190,000 into the cryptocurrency and website.
“After months, the man learnt that his money and investment had disappeared after he transferred it to a third-party electronic location outside of his account.”
Police say the money is not recoverable.
Just days later, on Wednesday, March 12, a frontline Trail and Greater District RCMP officer received a report about an 84-year-old Montrose woman who was defrauded of $4,000 after investing in cryptocurrency through a social media platform, Wicentowich said.
“The woman sent $4,000 electronically to an alleged investment company’
.
Once again, the money is not recoverable.
Later that month, on Thursday, March 27, a frontline Trail and Greater District RCMP officer received a report about a 50-year-old Rossland man who was defrauded of $322,000 USD after investing in cryptocurrency through a publicly available website. The man began sending money electronically to a cryptocurrency website in 2021.
The money is not recoverable.
You will likely be scammed if you invest in cryptocurrency,” Wicentowich said. “The public needs to take precautions and avoid buying cryptocurrency. The cryptocurrency space is rife with fraudsters trying to trade the worthless digital currency for real money. Investing through social media bears the same extremely high risk of investing in cryptocurrency. You do not know who you are dealing with nor where your money is actually going to end up. These kinds of investments are likely not insured or guarantee against fraud and theft. Please keep your money safe and in your own bank account.
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