Nearly $1M lost in cryptocurrency scams in Swift Current, Maidstone in 2022: Sask. RCMP

Saskatchewan RCMP reported an increase of cryptocurrency frauds last year, leading to nearly $1 million lost in the communities of Swift Current and Maidstone alone.

Saskatchewan RCMP reported an increase of cryptocurrency frauds last year, leading to nearly $1 million lost in the communities of Swift Current and Maidstone alone.

RCMP in Swift Current received 105 reports of residents being victimized by fraudulent calls, many involving cryptocurrency.

In total, victims collectively lost $361,000 to the scams, according to the RCMP’s weekly report.

Maidstone RCMP received 37 reports of scams involving cryptocurrency. Victims lost a total of $570,000, according to police.

The scams involved a number of tactics including authoritative fraud, false advertising and fake “learn to trade in crypto” programs.

According to Sask. RCMP, some warning signs of cryptocurrency fraud are: (LIST)

“There are thousands of different cryptocurrencies and cryptocurrency companies in the market today. Some are legitimate companies, while others may have weak online security or are completely fraudulent,” Cst. Tyson Maxwell, a crypto coordinator for Saskatchewan RCMP, explained in a news release.