B.C. investors lost $24M to crypto scams last year: financial regulator
FILE PHOTO - An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. Bitcoin and other cryptocurrencies were collapsing in price Monday, June, 13, 2022 after the major crypto lender Celsius halted all withdrawals citing 'extreme market conditions.' It is the second collapse of a part of the crypto world in the last two months. (AP Photo/Kin Cheung, File)
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
'We're going to rebuild': Indigenous communities look to recover from devastating wildfires
The East Prairie Métis Settlement is one of several Indigenous communities that were hard-hit by the recent wildfires in Alberta. As the wildfire season rages on, residents and community officials are looking among the ruins, pondering how they’ll recover from all the losses.
Blue Jays pitcher 'truly sorry' for sharing anti-LGBTQ2S+ video
Toronto Blue Jays relief pitcher Anthony Bass said he is 'truly sorry' for sharing a controversial anti-LGBTQ2S+ video on Instagram.
O'Toole says CSIS told him he was focus of Chinese misinformation, suppression effort
Conservative MP Erin O'Toole says Canada's spy agency has told him he was the target of Chinese interference intended to to discredit him and promote false narratives about his policies while party leader.
Alberta Premier Smith wants to 'reset' federal-provincial relationship while eyeing sovereignty act
Fresh off leading Alberta's United Conservative Party to a majority victory on Monday night, Premier Danielle Smith says she wants to 'reset' her relationship with the federal government, while readying to invoke the province's sovereignty act over emissions targets, if needed.
Low sexual satisfaction linked to memory decline later in life: study
Low sexual satisfaction in middle age could be linked to future memory decline, according to a new study.
New study finds Canadian women are more likely to adhere to social and democratic values than men
New data from the General Social Survey by Statistics Canada examined values across different Canadian demographics and found that Canadian women are more likely to closely adhere to most social and democratic values than Canadian men.
Over half of Canadians say the city or town they live in has become noisier: poll
A new survey conducted by Research Co. reveals that over half of Canadians experience more noise in their city or town than they did last year.
U.S. officer shoots at truck driver near N.B. border crossing
Traffic is back up and running through the border crossing between Woodstock, N.B., and Houlton, Maine, after a security scare Monday.
Debt limit deal heads to vote in full House while McCarthy scrambles for GOP approval
Under fire from conservatives, House Speaker Kevin McCarthy worked furiously Tuesday to sell fellow Republicans on the debt ceiling and budget deal he negotiated with President Joe Biden and win approval in time to avert a potentially disastrous U.S. default.
Vancouver Island
-
Massive superyacht with helicopter pad docks in Victoria
A 62-metre superyacht has made B.C.'s capital its latest port of call.
-
Dozens of firefighters battling out-of-control blaze near Sayward, B.C.
Fifty-five firefighters have descended on the northern Vancouver Island village of Sayward, where an out-of-control wildfire exploded in size Monday night, becoming the largest fire of the season for British Columbia's coastal region.
-
Nanaimo woman, 19, wins U.K. cheese wheel race while unconscious
A young B.C. woman has quite the story to tell, or at least the parts she can remember, after winning a cheese wheel race in England, even after being knocked unconscious.
Calgary
-
Orange islands in a blue sea: Why Alberta's urban-rural political divide still exists
The electoral map has been recoloured, but Alberta's rural blue hasn't budged an inch.
-
Two Calgary ridings subject to automatic recounts: Elections Alberta
Calgary-Acadia and Calgary-Glenmore, both previously operated by the United Conservative Party are now painted in NDP orange by razor-thin margins.
-
'Somewhat shocked': Criminal lawyer questions use of force in deadly Calgary police pursuit
A prominent criminal lawyer is questioning the use of force in a deadly police pursuit in Calgary on Monday.
Edmonton
-
NDP sweep of Edmonton confirmed; Madu out as minister with fall to Ip in southwest
The Alberta NDP swept the province's capital city for a second time during Monday's provincial election.
-
This MLA-elect is the first Black woman to be elected to the Alberta Legislature
On Monday, Rhiannon Hoyle was elected to the riding of Edmonton-South, making her the first Black woman elected to the Alberta Legislature.
-
What will it take to get a 3rd-party MLA in Alberta? Probably a breakup, consultant says
It's no surprise Alberta's election was a two-horse race, but the rate at which every other party stumbled out of the gate is something not seen in the province in more than 100 years.
Toronto
-
Blue Jays pitcher 'truly sorry' for sharing anti-LGBTQ2S+ video
Toronto Blue Jays relief pitcher Anthony Bass said he is 'truly sorry' for sharing a controversial anti-LGBTQ2S+ video on Instagram.
-
Police identify engaged couple shot dead after dispute with landlord near Hamilton
A young couple shot and killed after a dispute with their landlord near Hamilton have been identified by police.
-
21 deaths now linked to Kenneth Law's lethal products
The number of deaths connected to the products sold by a Mississauga, Ont. man charged with aiding and abetting suicide continues to climb, hitting at least 21 people, according to tracking by CTV News.
Montreal
-
5 changes in Quebec's Bill 96 that come into effect June 1
Last year, Quebec’s Bill 96 became law, which brought sweeping changes to the Charter of the French language. Sections of the new law will come into effect on June 1, the one-year anniversary of the bill receiving royal assent.
-
'Deeply troubling': English parents group says it was left out of hearings on Quebec education bill
A parents' group representing students in English-language school boards said it is 'deeply troubling' that it was not invited to participate in public hearings on Quebec's education reform bill.
-
Montreal soccer coach altercation sparks debate about equipping referees with body cameras
A recent altercation at a Montreal soccer game has people wondering whether referees should wear body cameras on the field.
Winnipeg
-
Priest charged in alleged sexual assault of 8-year-old girl on Manitoba First Nation
Manitoba RCMP have arrested a priest from a First Nation community who is accused of sexually assaulting an 8-year-old girl, and believe there may be more victims.
-
Violent crime in Winnipeg reaches highest level in 13 years: report
The number of crimes in Winnipeg increased by more than 25 per cent in 2022, which includes a record number of homicides, a spike in the use of bear spray as a weapon, and an uptick in property crimes.
-
Mayor wants ring of 24/7 shelters around Downtown Winnipeg
Winnipeg's mayor is proposing a plan to create a ring of 24/7 shelters around downtown Winnipeg which he says will help get those experiencing homelessness out of bus shelters and into safe spaces.
Saskatoon
-
'It was a rite of passage': Sask. group comes together to save a nostalgic drive-in theatre
One of Saskatchewan’s last remaining drive-in movie theatres will be opening this season after months of uncertainty.
-
Warman dad left shaken after alleged abduction attempt
A Warman father was left shaken after his daughter informed him of an apparent abduction attempt.
-
'We are stuck here': Saskatoon woman says she can't sell home due to nearby shelter
A Saskatoon homeowner says her proximity to a homeless shelter is the reason her house wouldn’t sell.
Regina
-
Regina's Wascana Pool ready to make a splash
After two years, the wait for the new Wascana Pool is over, as the facility gets ready to make a splash at its official opening on June 8.
-
Regina sees a rise in crime this month, compared to April 2022
The Regina Police Board of Commissioners met on Tuesday, with monthly crime statistics per district being at the forefront.
-
More film options coming for Saskatchewan Science Centre's IMAX theatre
Saskatchewan's Science Centre was host to a giant delivery this week, promising to reinvigorate the province's largest film screen.
Atlantic
-
'For God's sake, stop burning': N.S. premier bans all activity in forests, urges residents to abide by burn ban
Nova Scotia Premier Tim Houston has banned all activity in forests as of Tuesday, and says the wildfire damage is “extensive” and “heartbreaking.”
-
Wildfire, potential ammonia leak forces mandatory evacuation order in Bedford, N.S.
A wildfire is burning in the Hammonds Plains-area near Bedford, N.S.
-
'There is nothing left': 151 Halifax-area homes destroyed by wildfire
A wildfire in northwest Halifax has destroyed more than 150 homes and about 50 other structures, the municipality’s executive director of public safety said Tuesday at a news conference.
London
-
Pedestrian suffers life-threatening injuries after crash at Victoria Hospital
An investigation is currently underway after a pedestrian was struck by a vehicle in the parking lot of London, Ont.’s Victoria Hospital on Tuesday night.
-
West London, Ont. house fire causes $100K in damage, snarls evening traffic
Damage is estimated at $100,000 and the whereabouts of a pet cat remains unknown after a fire broke out on a back deck of a west London home on Tuesday evening.
-
VIDEO
VIDEO | 'He did a buck 40 down the shoulder': Driver charged after speeding down shoulder of Highway 401
A 20-year-old driver from Petrolia is facing multiple offences after Elgin County OPP received multiple complaints of a vehicle speeding down the shoulder of Highway 401.
Northern Ontario
-
9 active wildfires in northeastern Ontario, highway closed again
The Ministry of Natural Resources and Forestry (MNRF) is reporting nine active wildfires in northeastern Ontario on Monday.
-
'Home on native land:' A new push to change O Canada's lyrics
Mississauga Mayor Bonnie Crombie hopes the city will support calling on the federal government to change the lyrics of “O Canada.”
-
State of emergency in northern Ontario lakeside community due to rising water levels
Mitch and Donna Bujold moved to their Nellie Lake lot in 2018 for the lakefront view and access to the water, but in recent weeks, it seems the lake has been keen on accessing their property too.
Kitchener
-
School bus driver killed in crash near Woodstock, Ont. remembered as 'a phenomenal man'
Elementary students are among those mourning the loss of a school bus driver killed in a double fatal crash near Woodstock, Ont.
-
'It’s devastating': Community in mourning after fatal crash in Oxford County
The Township of East-Zorra Tavistock and the surrounding community are in mourning after a fatal crash took the lives of a police officer and a bus driver.
-
Driver crashes through fences, shed and into a building in Kitchener
Waterloo regional police say officers and paramedics responded to a vehicle that drove through multiple Kitchener backyards and came to rest in a building.