B.C. investors lost $24M to crypto scams last year: financial regulator

British Columbians lost a combined $24 million to cryptocurrency scams in 2022, an amount the province's financial regulator says is nearly triple what was recorded in 2021.
This figure likely only represents a fraction of actual losses, which the B.C. Securities Commission says are only reported to authorities in between five and 10 per cent of cases.
The financial regulator released the information Wednesday, launching an awareness campaign meant to help people better identify and avoid potential investment fraud.
“Investing in crypto is risky, and one of the biggest risks is outright fraud," the BCSC's director of enforcement Doug Muir says in a statement.
One way to reduce risk, according to the regulator, is to check whether a crypto exchange is registered with Canadian securities regulators before using it to buy and sell.
Additional tips include being wary of unsolicited offers, promises of a guaranteed return and pressure to invest immediately. Investment pitches that contain "complicated jargon and language that is difficult to understand" should also be approached with extreme caution.
"Scammers are using the popularity and complexity of crypto assets to target vulnerable investors, particularly on social media," the statement from the BCSC says, adding that young adults seem to be particularly vulnerable to these scams because they are more likely to seek out and heed online advice.
The BCSC has produced an online video outlining how would-be investors can spot red flags.
CTVNews.ca Top Stories
Prince Harry a no-show on first day of court showdown with British tabloid publisher
Prince Harry's phone hacking trial against the publisher of the Daily Mirror kicked off Monday without him present -- and the judge was not happy.

Depression, living in a disadvantaged neighbourhood may lead to faster aging: study
A new Canadian-led study has found that feeling depressed, along with living in a disadvantaged neighbourhood, may lead to premature aging.
What about Kristen, Leslie's rights, asks lawyer for Bernardo victims after transfer
Paul Bernardo should be returned to a maximum-security prison, the lawyer representing the families of his young murder victims said as he called on the Correctional Service of Canada to be more transparent about what led to his transfer to a medium-security facility in the first place.
Trudeau and ministers to provide update as wildfires burn in multiple provinces
Prime Minister Justin Trudeau is scheduled to provide an update on the wildfires that have forced thousands of people from their homes and caused widespread property damage in several provinces.
Watchdog's relations with spy community 'particularly strained' over last year
Newly released documents say the intelligence community's relationship with its key watchdog has been particularly strained over the last year due to a 'level of resistance' to scrutiny.
U.S. beats Canada 6-1, nets World Para hockey gold
Special teams played a difference on Sunday night as the United States scored two short-handed goals en route to a 6-1 victory over Canada in the World Para Hockey Championship gold-medal game.
Increase in mosquitoes 'a trend' across Canada this year. Here's why
Mosquitoes have always been pesky, but this spring it seems the bloodsuckers are thirstier than ever, a trend one expert says is increasing.
5 things to know for Monday, June 5, 2023
Prince Harry's a no-show in court, police in Quebec identify a victim of a tragic fishing incident, and federal officials to provide a wildfires update.
Adult victim in Que. fishing incident that killed 4 children identified
Quebec provincial police (SQ) have identified the adult victim of a fishing incident that claimed five lives over the weekend, most of them children. Keven Girard, 37, was among a group of 11 people swept up by the tide late Friday night while fishing along the shore in Portneuf-sur-Mer, a village about 550 kilometres northeast of Montreal.