Thousands fall victim to cryptocurrency investment scam in Canada, U.S, and 12 other countries: police

Nearly 2,000 Canadian, American and overseas victims fell for international cryptocurrency investment scams spanning over a dozen countries, investigators say.

The OPP says an operation called Project Atlas was launched earlier this month to fight organized cryptocurrency frauds and help victims recover stolen funds.

So far almost 2,000 victims from Canada, the U.S. and 12 other countries have been identified in the investigation into what police call “Approval Phishing” scams – a type of fraud that’s emerged in the cryptocurrency world.

The OPP says investigators have been granted 25 judicial authorizations through the operation.

The scams see victims deceived into granting access to their cryptocurrency accounts by fraudsters posing as trusted services, police say. Instead of requesting a wallet password, scammers send out a fake request asking the user to “approve” access to their wallet.

But by clicking “approve,” the victim “unknowingly gives control of their funds to the third party.”

Police say the fake requests mimic legitimate apps and services to make them look authentic to the user.

Crypto investment scams often start with ads on social media, dating sites, or search engines that promote exciting investments with promises of quick profits, police say.

“Victims might start with a small investment and are then contacted by those involved in the fraud, who may guide them to download trading apps or set up a cryptocurrency wallet,” police warn.

“Once they transfer their cryptocurrency, they often find they can’t access or withdraw their funds, as the money has been taken by the individuals behind the scam.”

Investigators are urging anyone who believes they may have fallen victim to the scam to immediately stop communicating with suspected fraudsters over texts, emails or calls, and to contact police.

You can also use the Etherscan Token Approval Tool to locate, review and revoke any pending approvals.

Anyone with information about this incident can contact the OPP by calling 1-888-310-1122. Anonymous tips may also be provided to Crime Stoppers by calling 1-800-222-8477 or visiting www.ontariocrimestoppers.ca.

When you contact Crime Stoppers you stay anonymous, never have to testify, and could receive a $2,000 reward.

For more information on how to protect yourself from cryptocurrency investment scams visit www.OPP.ca.