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Crypto scams causing "unrecoverable" losses, commission warns

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The Nova Scotia Securities Commission is warning residents of a crypto scam, which it says is often cruelly referred to as a “pig butchering” scheme.

The commission said in a Monday morning release that the scam is causing “individual losses of hundreds of thousands of dollars,” across Canada and the U.S. It’s estimated more than $1 billion has been lost to these scams in North America since 2021.

According to the release, the scam starts with an unsolicited message over text, email or social media, or when a victim clicks on a crypto trading ad online.

The victim is then often asked to communicate through another messaging platform, such as WhatsApp, Telegram or SMS, which “make tracing the scammer difficult, if not impossible,” the province said.

Global's Alicia Draus has more on how the scams work and what you can do to avoid becoming a victim.

For more info, please go to https://globalnews.ca/news/9396271/nova-scotia-securities-commission-crypto-scam/

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Category
U.S. & Canada
Tags
global news, Nova Scotia, Canada
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