B.C. investors lost $24M to crypto scams last year: financial regulator
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.
In Alberta today, the United Conservative Party is looking to win a second consecutive majority government while the NDP is fighting to regain the office it lost in 2019.
NDP Leader Jagmeet Singh is pushing for special rapporteur David Johnston to 'step aside' from his role examining the issue of foreign interference before he embarks on public hearings.
New Democrat MP Jenny Kwan said Monday that Canada's spy agency has confirmed her long-held belief she is being targeted by the Chinese government, as the prime minister granted the NDP's wish to allow more party members to review top-secret intelligence.
Canadian political leaders and parliamentarians are denouncing a new law passed in Uganda that imposes harsh penalties, including the death penalty, for certain cases involving homosexuality.
There's a heightened risk of wildfires across the country during what has been one of the earliest fire seasons on record. From British Columbia to Nova Scotia, here's where the risk is highest.
New research from Penn State University found certain factors can contribute to reducing what’s known as the 'urban heat island' effect, and that climate knowledge can contribute to better city planning and design.
With the summer swimming season fast approaching, the Canada Safety Council is reminding people to be careful and take measures to prevent drowning, especially after three children died just days apart.
Capital Bike is encouraging Greater Victoria residents to choose cycling as a way to get around the region during "Go By Bike Week," which runs from May 29 to June 4.
In Alberta today, the United Conservative Party is looking to win a second consecutive majority government while the NDP is fighting to regain the office it lost in 2019.
Over 170,000 elementary and high school students weighed in on the Alberta election and the NDP had to hope the real voters were listening, because they won the kids' vote.
In Alberta today, the United Conservative Party is looking to win a second consecutive majority government while the NDP is fighting to regain the office it lost in 2019.
Over 170,000 elementary and high school students weighed in on the Alberta election and the NDP had to hope the real voters were listening, because they won the kids' vote.
The union representing the majority of Quebec's daycare workers is criticizing the government's decision to launch a skimpy 90-hour training program for people who want to be daycare workers but have no prior experience.
A Quebec driver who caused the death of another motorist when he swerved his truck to avoid hitting a family of ducks on the road has been sentenced to eight months in jail and a three-year driving ban.
A Winnipeg family is asking for help to find their missing teenage son whom they haven't seen since he left for school in the Fort Richmond area last Wednesday morning.
The body of a Winnipeg boy who fell into Sturgeon Falls on Saturday has been found following a desperate underwater search that lasted more than a day.
In a province where there are vast distances between cities and towns, one local group is hoping to get public support for an idea to bridge those gaps with a rail line.
The first twister of 2023 in the country touched down near Regina over the weekend, according to an analysis from the Northern Tornadoes Project (NTP).
One person from Estevan, Sask. is dead and another is seriously injured following a collision between a pickup truck and a motorcycle on May 28 near Fortuna, North Dakota.
The body of a Winnipeg boy who fell into Sturgeon Falls on Saturday has been found following a desperate underwater search that lasted more than a day.
The rural Oxford County intersection where an OPP officer and a school bus driver were killed Monday was less than a month away from becoming a four-way stop when the deadly crash happened.
It was a night of indecision at Waterloo region's catholic school board as trustees went back and forth trying to find the best approach to fill a vacant seat.
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)
