• Crypto Fraud Victim in Canada Gets a Lot of Money Back
• The victim lost more than $168,000 to a crypto investment scam
• Police were able to return about $155,000 of the stolen funds

Crypto Scam Victim in Canada

A fraud victim in Winnipeg, Canada has lost more than $168,000 to a digital currency scam. Fortunately, much of the money was returned thanks to police intervention.

The Loss

The loss occurred last October when the person invested more than 5.8 units of bitcoin into an alleged crypto investment scam and had it transferred overseas and converted into Tether without their knowledge.

Police Intervention

Constable Dani McKinnon from the public information office in Winnipeg explained that police use various techniques to trace crypto assets as they are moved and sometimes this can provide opportunities for law enforcement intervention.

Canada’s Regulatory Action

Following the collapse of FTX – one of the world’s top digital currency trading enterprises – Canada is taking action against crypto fraud by implementing stricter regulatory tactics. This comes after founder Sam Bankman-Fried misused customer funds to purchase real estate and pay off loans for his other company Alameda Research.

Conclusion

It’s fortunate that this particular victim was able to get some of their money back and it highlights just how important effective policing is when it comes to tackling cryptocurrency crime. Hopefully we will continue to see similar successes in the future as authorities work hard to clamp down on any fraudulent activity within the sector.