Toronto police recover ‘significant portion’ of $400,000 cryptocurrency scam

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Toronto police have recovered a ‘significant portion’ of what is alleged to be a $400,000 cryptocurrency scam.

According to police, a Toronto man filed a complaint to report that he and his wife had been scammed out of $400,000 in a cryptocurrency investment scheme. The man was allegedly solicited online to invest in an online platform called cryptos-seed.com. He later sent funds via “a legitimate cryptocurrency exchange,” police say, which were then allegedly deposited into the scammer’s cryptocurrency wallet.

When the complainant later asked to withdraw his “investment,” the scammer allegedly gave him multiple excuses, asking for more money and fees in order to release the initial funds.

According to police, communication in this scam was done over the phone, and the scammer presented as professional and knowledgeable in the field of cryptocurrency. Police believe the scammer may be located in another country.

Together, the Toronto Police Cyber Unit and Financial Crimes Unit were able to recover a “significant portion” of the lost funds and return them to the complainant.

This investigation is ongoing. Investigators believe there may be more victims, who are encouraged to report any suspected scam activity to 10767@tps.ca.

This article was originally sourced from www.CP24.com