The Trail and Greater District RCMP is warning the public to steer clear of cryptocurrency investments after two local residents were defrauded of large sums of money in separate incidents reported this month.
The most significant loss involved a 50-year-old Rossland man who reported to police on March 27, that he had been defrauded of $322,000 USD.
According to police, the man began sending money electronically to a cryptocurrency website in 2021.
Over time, the total investment reached more than $322,000. The funds are not recoverable.
Just weeks earlier, on March 12, an 84-year-old Montrose woman also fell victim to a cryptocurrency scam.
She had invested $4,000 through a social media platform by sending money electronically to a company claiming to handle cryptocurrency investments.
That money, too, is gone.
“These kinds of investments are likely not insured or guaranteed against fraud and theft,” said Sgt. Mike Wicentowich in a statement warning the public about the risks of cryptocurrency.
He stressed that the cryptocurrency market is “rife with fraudsters trying to trade the worthless digital currency for real money,” and added that people often don’t know who they are dealing with or where their money is going.
He urged people to take precautions and to avoid investing through social media or unregulated platforms.
The RCMP advises the public to keep their money in secure, insured accounts and to be skeptical of unsolicited investment opportunities, especially those involving cryptocurrency.
