The Canadian government has shut down a number of cryptocurrency scam platforms that have been tricking unsuspecting people into parting with their money.
According to The Vancouver Sun, the Royal Canadian Mounted Police has cracked down on some cryptocurrency scams. A series of complaints from victims prompted the crackdown, which has been in the works for several years.
Flashy adverts promising excessive profits would draw users to the bogus websites in question. After being continuously targeted with forceful adverts, some of the victims who were sceptical of the credibility of such an offer eventually fell into the trap.
Due to the prevalence of such scams, the police have advised investors to exercise caution while dealing with cryptocurrencies.
Last month, the Alberta Securities Commission (ASC) issued a cryptocurrency-related advisory, advising investors to disregard any unsolicited cryptocurrency investment proposals.
According to the Canadian Anti-Fraud Centre, the number of cryptocurrency-related frauds has increased by more than 5,600% since 2015.
Local media reports claimed earlier this month that an Ontario man had lost his whole life savings after falling victim to a cryptocurrency fraud.
