Cryptocurrency Scam Victimizes Thousands Across Canada, U.S., and Globally

An extensive cryptocurrency investment scam has defrauded nearly 2,000 victims across Canada, the U.S., and 12 additional countries. Investigations led by the Ontario Provincial Police (OPP) under "Project Atlas" reveal that scammers exploited victims via fake approvals and deceptive investment offers. The RCMP further highlights the loss of over $154,000 USD from a single victim in Nova Scotia, underscoring the widespread impact of these schemes.

Thousands of victims across Canada, the U.S., and globally have been defrauded in a investment based cryptocurrency scam involving fake wallet approval requests and deceptive investment promises. Investigations by the OPP and RCMP highlight the growing sophistication of these scams, with one victim in Nova Scotia losing over $154,000 USD. Authorities stress the importance of due diligence and using regulatory tools to safeguard against fraud.

• Defendant: Unspecified; investigation ongoing, multiple organized fraudsters implicated.
• Crime: International cryptocurrency investment scam through "Approval Phishing" and deceptive platforms.
• Amount Defrauded: Total not disclosed; over $154,000 USD confirmed from a single case in Nova Scotia.
• Method:
  • Scammers posed as trusted services, sending fake requests for wallet access.
  • Victims "approved" the transfer unknowingly, granting scammers access to their cryptocurrency funds.
  • Promises of quick profits through investments lured victims via social media and dating sites.
• Jurisdictions Affected: Canada, the U.S., and 12 other countries.
• Ongoing Actions:
  • OPP launched Project Atlas, obtaining 25 judicial authorizations.
  • RCMP issued public warnings about due diligence for investments.
• Law Enforcement Recommendations: Avoid offers promising high returns with low risk; verify investment platforms with regulatory bodies.

The scams spanned several months in 2023, escalating in complexity as they exploited social media platforms like WeChat and WhatsApp. A significant case occurred in Nova Scotia, where a victim was systematically defrauded of $154,000 USD over half a year. Concurrently, Ontario authorities launched "Project Atlas" to coordinate international efforts against these crimes, securing judicial permissions to track and recover stolen assets.

A sophisticated cryptocurrency scam has ensnared thousands of victims in multiple countries, including Canada and the U.S., via fraudulent wallet access and investment promises. The Ontario Provincial Police's "Project Atlas" and the RCMP warn against scams exploiting social media to access victims' cryptocurrency holdings. A notable case in Nova Scotia resulted in a $154,000 USD loss. Law enforcement emphasizes due diligence and regulatory verification to prevent fraud. Victims are encouraged to report cases to authorities and use tools like the Etherscan Token Approval Tool to secure accounts.

Using a hardware wallet is essential for protecting your cryptocurrency from scams like "Approval Phishing." Below are the top three recommended wallets:

1. Ledger Nano X: Known for its robust security features, this wallet ensures offline storage of private keys, protecting users from phishing and remote access attacks. (they might have a black Friday thing going on)
2. Trezor Model T: Offers advanced recovery options and high-level encryption, ideal for users worried about wallet access scams. (they might have a black Friday thing going on)
3. Ellipal Titan: Air-gapped operations prevent any external connections, making it impervious to approval phishing tactics. (they might have a black Friday thing going on)

Additional Preventative Steps:

• Always verify wallet approval requests through trusted applications.
• Use tools like Etherscan Token Approval to revoke unauthorized wallet permissions.
• Educate yourself about common crypto scams and follow updates from regulatory bodies.