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
Bathroom break nearly derails $22 million project at city council meeting
A brief break during Wednesday's city council meeting in Saskatoon nearly cost the city dearly.
Do this once a month and extend your life by up to 10 years. No gym required
Research shows that art experiences, whether as a maker or a beholder, transform our biology by rewiring our brains and triggering the release of neurochemicals, hormones and endorphins.
Mackenzie Hughes 'gutted' after falling short at RBC Canadian Open
Mackenzie Hughes had the dream scenario of winning the RBC Canadian Open in his hometown within reach but then it all slipped away.
Motorcycle doing wheelies, weaving in, out of traffic caught on Highway 417
A motorcycle driver is facing charges after being caught on Highway 417 doing wheelies and weaving in and out of traffic, the Ontario Provincial Police (OPP) says.
Oilers advance to Stanley Cup final by beating Stars in Game 6
The Edmonton Oilers rode their special teams and goaltender to victory on Sunday, beating the Dallas Stars 2-1 to win the National Hockey League's Western Conference and earn a berth in the Stanley Cup final against the Florida Panthers.
'Rotten rock': Climate change altering the face of Canadian mountaineering
The Abbot Pass hut stood for decades in a rugged saddle between two iconic peaks, overlooking the limpid turquoise of Banff National Park's Lake Louise — a destination for alpinists from around the world until the ground melted beneath it and forced its closure.
North Korea says it will stop sending trash balloons as South Korea vows strong retaliation
South Korea said Sunday it’ll soon take retaliatory steps against North Korea over its launch of trash-carrying balloons across the border and other provocations.
'The legacy I want to leave:' Mother with Stage 4 cancer advocates for survivors
People around the world are observing National Cancer Survivor Day, an annual celebration held to honour patients who have been through the often difficult and traumatic experience of living with cancer.
Driver missing after vehicle plunges into the Riviere-des-Prairies between Montreal and Laval
Emergency response crews are on the scene Sunday morning after a vehicle plunged into the Riviere des Prairies in Montreal.