Kincardine Resident Loses $100K in Yet Another Cryptocurrency Scam
OPP warn the public to exercise caution when engaging in digital currency transactions and investments as another residents loses a substantial amount of money to a crypto scam.
A local resident has lost approximately $100,000 in a cryptocurrency investment scam, according to the South Bruce Ontario Provincial Police (OPP).
On February 25, 2025, officers were dispatched to an address in the Municipality of Kincardine after receiving a report of fraud. An investigation revealed that the victim had been making cryptocurrency transactions over the past several months through what appeared to be a legitimate investment company.
The victim initially discovered the company through an online advertisement and engaged in multiple conversations with an individual to facilitate the transactions. However, when the victim attempted to withdraw funds, they discovered that their account was empty, and the money was no longer accessible.
The South Bruce OPP Crime Unit has taken over the investigation. Police are reminding residents to exercise caution when investing in digital currencies, as scams targeting cryptocurrency investors are on the rise.
Should you ever invest in cryptocurrency through a third party? Probably not.
Cryptocurrency emerged as a decentralized alternative to real-world cash, based on the underlying concept of “cutting out the middlemen” in banks, investment funds, and other areas of finance. It was meant to give people more control over their finances by allowing them to hold and trade virtual currency secured by blockchain technology.
If you are being approached by someone offering to invest your money in cryptocurrency, you are essentially adding that middleman back in to take a cut and losing the relative stability of regular investment vehicle markets. As OPP continue to warn residents, these “offers” are too often fraudulent, as well.
For more information on fraud prevention, individuals can contact the Canadian Anti-Fraud Centre at 1-888-495-8501 or visit www.antifraudcentre.ca.
Anyone with information related to this case is encouraged to contact the South Bruce OPP at 1-888-310-1122. Those wishing to remain anonymous can reach Crime Stoppers at 1-800-222-8477 (TIPS) or submit a secure web tip at www.cstip.ca. Tipsters may be eligible for a cash reward of up to $2,000.
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