A couple from Toronto became the latest to fall victim of a cryptocurrency scammer. They lost around $300,000 in an elaborate scheme. 

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

Another Crypto Scam in Canada

The Toronto Police Service announced earlier this week that an elderly man and his spouse, whose names were undisclosed, became victims of a cryptocurrency fraud. 

The couple was 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. 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 the person in question. 

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 the aftermath, they parted with nearly $300,000.

The Toronto Police Service carried out an investigation and managed to recover a “significant portion of lost funds.” The identity of the scammer, though, remains unclear, and law enforcement agents assumed they could be located abroad. 

Stephen Carr – a resident of Meaford, Ontario – is another Canadian who became a victim of a similar scheme l