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
Ontario gave parents more than $1B in cash over 2 years. Here's where the money went
During the pandemic, the Ontario government started to hand out cash to parents to help offset the cost of at-home learning while schools were shuttered.
One dead, 26 wounded in overnight shooting in Ohio: reports
A shooting on a street in Akron, Ohio, killed one man and wounded 26 other people early Sunday morning, according to reports by local news outlets.
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.
Ambassador says interactions with Russia 'quite limited' but 'not unfriendly'
Canada's ambassador to Russia says while Ottawa has 'grave concerns' about the Kremlin's 'longer-term trends,' the war in Ukraine is 'a primary barrier to a change in the relationship.'
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.
Mass parachute jump over Normandy kicks off commemorations for the 80th anniversary of D-Day
Parachutists jumping from Second World War-era planes hurled themselves Sunday into now peaceful Normandy skies where war once raged, heralding a week of ceremonies for the fast-disappearing generation of Allied troops who fought from D-Day beaches 80 years ago.
Lanny McDonald and a few old Flames take the Stanley Cup on a surprise visit to the man who saved his life
The Stanley Cup was passing through town Friday, and Lanny Legend took it upon himself to take it for a surprise visit.
South Korea vows 'unbearable' retaliation against North Korea over its launch of trash balloons
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.
Chad Daybell sentenced to death for killing wife and girlfriend’s two children in jury decision
Jurors resumed deliberations Saturday on whether a man should be sentenced to death after being convicted days earlier of the murders of his wife and his girlfriend’s two youngest children in Idaho.