Fake Cryptocurrency Investment Firm Operates for Years, Investor Scammed for Nearly $160,000

Investors from Parksville, British Columbia, Canada, lost nearly $160,000 in a long-running cryptocurrency investment scam.

The investor transferred $2,000 to a fake cryptocurrency investment company via a Bitcoin machine and began the investment. It's worth noting that transactions made through such machines cannot be traced.

Police said that the victims chose this investment company because traditional banks do not offer cryptocurrency investment services. Over the years, investors mistook it for a legitimate investment opportunity and transferred nearly $160,000 to the scammers via Bitcoin. When the victims found they couldn't get their funds back, it became clear that they had fallen victim to a scam.

Police revealed that the investment company perpetrating the scam had changed its name several times and was located overseas. This kind of investment scam is so sophisticated that it is almost impossible to trace the money's destination.

“Residents are urged to use extreme caution when investing, particularly over the internet or as a result of unsolicited phone calls or emails offering extraordinary investment opportunities and returns,” police cautioned. “Always use a trusted and reputable financial advisor, company or broker when investing.”