Ontarian loses $134K in crypto scam, police say

An Ontario resident lost around $134,000 in a cryptocurrency scam, provincial police say.

Ontario Provincial Police said that on Oct. 9, officers investigated a reported fraud at an address in Norfolk County.

Investigators determined that the victim had responded to an ad on a website promoting a cryptocurrency investment opportunity that “promised substantial returns on the initial investment,” police said.

The victim began communicating through a messaging platform with a person who claimed to be an investor, police said.

From May to October, the victim reportedly contributed around $134,000.

“When attempting to access their funds, they were told that additional fees were required to release the invested amount,” OPP said.

“Realizing it was a scam, the victim then contacted the police.”

Police said fraud is a multi-million-dollar industry that “will persist as long as perpetrators continue to profit.”

OPP advised residents to verify the legitimacy of investment opportunities, exercise caution with investments that promise high returns with little risk, and avoid sharing sensitive information with unknown people.