Cryptocurrency: customers would have lost $750,000 in a scam

(Photo: The Canadian Press)

Halifax — The Nova Scotia Securities Commission is warning the public about a cryptocurrency scam that has so far cost citizens hundreds of thousands of dollars.

According to commission spokesman David Harrison, more than 20 Nova Scotians have said they’ve lost a total of about $750,000 since the fall.

The regulator says victims of the scam had received advertisements for the cryptocurrency in text messages, emails or social media posts.

Victims were encouraged to open and deposit money into a cryptocurrency account; victims then received fake bank statements showing large earnings.

Scammers also allegedly ask victims to download commercial apps or file-sharing software, which then gives them access to victims’ personal and financial information, which can be used to steal even more money.

When victims tried to withdraw money, the scammers demanded additional fees and then stopped responding to messages. However, the Securities and Exchange Commission warns that there is little you can do to recover the funds lost in this type of scam.

This broadcast was made with financial assistance from Meta Exchanges and The Canadian Press for the news.

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