As digital currencies have become more popular, cryptocurrency scams in Canada have also become more prevalent. Cryptocurrency fraud has increased by 5,600% since 2015, and the province of British Columbia reported that in the first eight months of this year alone, the amount of money lost in cryptocurrency investment fraud was as high as $3.5 million, more than triple the figure for the whole of last year.

According to the Canadian Anti-Fraud Centre, B.C. has reported losses of $3.5 million from cryptocurrency investment scams in the first eight months of 2021, far exceeding the 1 million losses reported for all of 2020. And since on average only 5% of fraud victims report it to the authorities, the actual amount of money lost may be even more exaggerated

The British Columbia Securities Commission (BCSC) says scammers often find their victims through dating apps or social media, and in some cases they hack into someone's social media to message people on their friends list. Scammers often convince their victims to invest their money in cryptocurrencies with high returns. Victims, on the other hand, tend to continue investing until it is clear that their money cannot be withdrawn.

Cryptocurrency fraud in Canada has increased 5,600% since 2015, and this upward trend is expected to continue. Just this week, a token inspired by the Squid game called Squid was priced at $2,860 per token, shortly before the new token disappeared in a "carpet scam," leaving investors unable to redeem their funds.

In fact, not only abroad, but also the domestic cryptocurrency investment fraud cases in the past two years are also rising, and the fraud routine is also mostly of the "killing pig pan" type. FX110 reminds investors that in China, cryptocurrency investment is not recognized, investors need to choose carefully, and be skeptical of the promise of "guaranteed high returns" advertised on the network, knowing that high returns are often accompanied by high risks.