March 27, 2021 – Doug Crawford says he lost $10,000 in a cryptocurrency ponzi investment scheme, allegedly brought to him by a Kelowna, B.C., man who he has known for 20 years.
The RCMP is warning to the public about cryptocurrency fraud, which is dramatically on the rise in Canada. According to police, in the first eight months of 2020, Canadians lost nearly $11 million through digital currency scams alone. A few short years ago, reports of frauds involving cryptocurrencies numbered in the mere hundreds and now they are over ten times that amount.
Cryptocurrency’s biggest selling point – its ability to move large sums of money without banks or financial institutions – also makes it a prime tool for scammers. The transfer of cryptocurrencies like bitcoin are nearly impossible to trace and can be cashed out nearly anywhere in the world, making prosecutions difficult.
The Okanagan is no exception. Castanet reports. | READ MORE