Canada Warns against Rising Bitcoin Scams

Canada Warns against Rising Bitcoin Scams

The overall performance of Bitcoin has been surely excellent for the last few months. The cryptocurrency reached an all-time high currently earlier than recording a sharp decline this weekend. The elevated Bitcoin price accompanied by speculations of further rise has caused a growth within the quantity of fraudulent funding schemes and scams.

The rise in Bitcoin-associated frauds has forced the Canadian Police to warn the Canadians’s population. The Durham regional Police issued the warning following several reviews from the citizens of the area. In step with the data available on numerous media outlets, fraudsters approached many Canadians once they replied to few listed activity openings and advertisements.


The report describes the modus operandi of the fraudsters too, which includes sending bills to victims and asking them to use that money to purchase bitcoin. As soon as the consumer deposits the money into their account, buys the cryptocurrency with personal cash and transfers it to the fraudster, the electronic transfer sent to the consumer bounces.

Moreover, another scenario involves scammers posing because the employees or representatives of the Canada revenue organization who ask for profits tax payments in Bitcoin. Victims of such cryptocurrency fraud systems have lost thousands of United States dollars up to now. The Durham region Police department asks the citizens to be careful while dealing with such requests. Additionally they urge them to come forward and report the fraud if they have transfer cryptocurrency to such fraud systems.


This problem is not confined to Canada alone. There have been reviews of the same fraud systems attempted within the United States and India as too. The tax season offers a profitable possibility for the scammers as people will not find a communication from the taxman extraordinary. Often, the sufferers are unsure about the legality of Bitcoin and cryptocurrency fraud systems, which makes them think twice earlier than reporting it to the government.

It is recommended for people to not avoid people asking them to purchase Bitcoin on their behalf but additionally be cautious of appealing cryptocurrency funding alternatives that promise unrealistic rewards, as schemes typically give up with unsuspecting traders losing money to Ponzi schemes. It is better to be cautious than letting the wish to make a short buck get the best or worst out of oneself.

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