Canadian Couple Loses $300K in Crypto Scam: Police Steps In

• A Canadian couple lost nearly $300,000 in a crypto scam.
• The Toronto Police Service recovered a significant portion of the funds and returned them to the victims.
• An elderly man and his spouse were approached by an unfamiliar person online who presented himself as “professional and knowledgeable” in the investment field.

Victim of Crypto Scam

A couple from Toronto became the latest to fall victim of a cryptocurrency scammer. They lost around $300,000 in an elaborate scheme. Despite their misfortune, the Toronto Police Service stepped in and returned a chunk of the lost funds to the victims.

Unfamiliar Person Online

An elderly man and his spouse, whose names were undisclosed, became victims of a cryptocurrency fraud. They were willing to invest their savings somewhere when they were approached by an unfamiliar person online who presented himself as “professional and knowledgeable” in the investment field. After gaining the family’s trust, he advised them to distribute their funds on a fraudulent crypto platform.

Fraudulent Crypto Platform

The wrongdoer then urged the victims to send some capital via a legitimate cryptocurrency exchange to a designated wallet. The duo saw nothing wrong at first as the value of their investment was growing “significantly” on the application provided by the scammer. At some point, they even transferred money directly to this person in question.

Unable To Withdraw Funds

The victims started sensing trouble when they asked to withdraw some holdings. The fraudster insisted they pay hefty fees or invest more to complete such transactions. In addition, they received numerous threats if they decide not to comply with these demands or report it to law enforcement agencies immediately .

Funds Recovered By Law Enforcement Agents

In this case, law enforcement agents managed to recover a “significant portion” of the lost funds and returned them to the victims..

Canadian Couple Loses $300K in Crypto Scam: Police Steps In
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