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.
Donald Trump said Thursday that he has been indicted on charges of mishandling classified documents at his Florida estate, igniting a federal prosecution that is arguably the most perilous of multiple legal threats against the former U.S. president as he seeks to reclaim the White House.
The Supreme Court of Canada will not hear the appeal of an Alberta woman who was unwilling to be vaccinated in order to get a life-saving organ transplant.
What happens to the brain when you take gravity away? According to a new study looking at astronauts both before and after space travel, that experience causes physical changes that researchers believe requires at least three years between longer missions to recover from.
As wildfires rage across Canada in what’s being called an unprecedented season, one expert says there’s more that individuals and communities can do to adapt and prevent forest fires from causing widespread devastation.
Rescuers in Washington state are praising the resourcefulness of a 10-year-old girl who survived on her own for more than 24 hours in the rugged terrain of the Cascade mountains after getting lost while out with her family.
Air pollution from wildfires remained well above healthy levels across much of southern and northern Ontario and several communities in British Columbia and Alberta on Thursday.
The mayor of Port Alberni says she does not expect the highway to reopen for several days at least, and she is asking the province to open more forestry roads to truck in much-needed supplies to communities west of the wildfire.
The Supreme Court of Canada will not hear the appeal of an Alberta woman who was unwilling to be vaccinated in order to get a life-saving organ transplant.
Donald Trump said Thursday that he has been indicted on charges of mishandling classified documents at his Florida estate, igniting a federal prosecution that is arguably the most perilous of multiple legal threats against the former U.S. president as he seeks to reclaim the White House.
Premier Danielle Smith says the government is bringing in arson investigators from outside the province to trace the cause of some wildfires during an unprecedented season in Alberta.
Video has surfaced showing a Mississauga, Ont. transit bus plowing into stopped traffic in a crash that left one person dead and at least eight injured on Thursday morning.
Quebec's precarious wildfire situation is expected to remain stable over the next 48 hours but residents displaced by the raging forest fires likely won't be able to return home until early next week, Premier Francois Legault said Thursday.
An Ontario man charged Wednesday with first-degree murder in the death of Claudia Iacono, the daughter-in-law of the late Montreal Mafia associate Moreno Gallo, was arrested the day after the killing in Ontario on unrelated drug charges, public records show.
Donald Trump said Thursday that he has been indicted on charges of mishandling classified documents at his Florida estate, igniting a federal prosecution that is arguably the most perilous of multiple legal threats against the former U.S. president as he seeks to reclaim the White House.
A man who killed his ex-wife’s cousin will spend life in prison with no chance of parole for 15 years, a judge decided on Thursday at Saskatoon’s Court of King’s Bench.
Regina's mayor says the city's fire department had growing concerns about the health, safety and well-being of those living in a homeless camp that was dismantled on Wednesday morning.
New Brunswick students under the age of 16 who identify as trans and non-binary won't be able to officially change their names or pronouns in school without parental consent.
The Halifax Regional Municipality says it will announce Thursday when more residents can return to their homes in communities impacted by the Tantallon wildfires.
Donald Trump said Thursday that he has been indicted on charges of mishandling classified documents at his Florida estate, igniting a federal prosecution that is arguably the most perilous of multiple legal threats against the former U.S. president as he seeks to reclaim the White House.
The debate over firework displays is returning to city hall with two options for updating the fireworks by-law. A staff report recommends holding a public participation meeting later this summer to receive feedback on tightening backyard firework rules — or instituting an outright ban.
A $100 million class action lawsuit launched on behalf of alleged victims of sexual abuse by Catholic clergy on Manitoulin Island has been abandoned after the victims reached individual settlements with the church.
An 18-year-old woman riding a bike was taken to an out-of-region hospital with what police call “possible serious injuries” after a crash involving a sedan in Kitchener.
Waterloo region and Wellington County remain under a special air quality statement for the fourth straight day Thursday with pollution levels expected to worsen into the evening before potential rainfall and shifting winds could bring some reprieve.
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)
