Losing a large amount of money to a hacker is a bad enough experience on its own. Imagine if a court seriously entertained an exchange’s request not to return the looted funds to the individual.
After a senior citizen in Saskatchewan fell victim to an insidious scam involving cryptocurrency and the hacking of a personal bank account, such a scenario unfolded, adding insult to injury.
Saskatchewan Crypto Trader Loses Fortune in Scam
According to a CBC News report, the unnamed victim of the scam resides in the small town of Cabri, Saskatchewan. He opened an account with online crypto exchange HoneyBadger Enterprises. Thereby granting the exchange access to his bank account for the purchase of crypto that he could trade.
A hacker got inside the victim’s personal email account. Then, the bad actor set in motion the buying of more crypto on HoneyBadger. The bad actor then absconded with the newly purchased crypto.
Upon learning of the unauthorized activity, the victim promptly reached out to his bank, the report continues. Innovation Federal Credit Union was able to recover $240,000 from HoneyBadger.
That may sound like an at least partially happy outcome, but the story is not over. HoneyBadger filed a request to the Saskatchewan Court of King’s Bench to place a hold on the funds. And not return them. The victim must have found it infuriating when the court granted HoneyBadger’s wish. The exchange has since obtained two extensions on its request.
As HoneyBadger sees it, the exchange should not suffer any loss for trading activity. Regardless of whether it flowed from legitimate actions or not. The victim just wants the stolen money back.
Learn more about the prevalence of crypto fraud in Canada and the efforts to combat it.
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Author: Michael Washburn
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