Wellington County OPP Alerts Public to Cryptocurrency Scams After Heavy Losses Reported

It was reported that a Fergus resident recently lost over $60,000 to a cryptocurrency investment fraud. In a separate incident, a Guelph man reported on October 5 that he lost more than $110,000 in a similar fraud. 

The incidents prompted Wellington County OPP officials to warn residents about ongoing scams. 

The Guelph man had clicked on a Facebook ad for a cryptocurrency firm in July, provided his contact information, and set up an account with an initial payment of $350. Over the next five weeks, he deposited $112,000, only to find his account showing a zero balance in early September. An email then demanded an additional $25,000 for recovery, which he declined before contacting police.

The Canadian Anti-Fraud Centre (CAFC) has reported that Ontario residents lost approximately $284 million to various frauds in 2024, with another $569 million reported in 2023. The OPP said that only 5-10% of frauds are reported.

Investment scam reports include initial coin offerings, Ponzi schemes, franchise opportunities, futures trading, multi-level marketing, mortgage investments, and pump-and-dump schemes. 

Wellington County OPP offered warning signs to watch for, including unsolicited investment offers, unknown individuals on social media and dating apps, high returns, urgency to invest, “friend”-recommended crypto investment via social media/email, calls from crypto investment firms, requests for transferring cryptocurrency, and fraudulent ads.