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>>Canada issues alert regarding widespread pig butchering and crypto investment scams.

Canada issues alert regarding widespread pig butchering and crypto investment scams.

crypthub

1/24/2025, 11:46:53 AM

Warning from the Canadian Anti-Fraud Centre: Surge in Cryptocurrency Scams

The Canadian Anti-Fraud Centre (CAFC) has sounded an alarm regarding a growing trend of cryptocurrency scams targeted at Canadians, highlighting two primary types: pig butchering or romance scams, and investment scams.

Types of Scams and Fraudster Tactics

Fraudsters employ sophisticated strategies, often building trust with victims through prolonged online communication, posing as legitimate advisors or friends. They introduce investment opportunities in crypto assets, promising substantial returns. This manipulation leads victims to fraudulent platforms where they are encouraged to sign up, ultimately compromising their identities and funds.

Impact and Reporting of Fraud

The CAFC has emphasized the severity of these scams, citing $309.4 million in losses from investment fraud alone in 2023, with social media-related frauds accounting for a significant portion. To combat this, they urge Canadians to report suspected fraudulent activities to relevant authorities, including the CIRO and local law enforcement.

Canadian Government's Response: Adopting International Crypto-Asset Reporting Framework

In response to these concerns, the Canadian government has announced its intention to adopt the international Crypto-Asset Reporting Framework (CARF) by 2026. This framework will bring new reporting obligations for crypto asset service providers, including exchanges and brokers, to facilitate taxation.

Romance Scams and International Connections

The text also draws attention to cryptocurrency romance scams affecting US citizens, with a notable case involving a Philadelphia tech professional who lost a substantial sum. Investigations reveal that scam funds often traverse international borders, with trafficked individuals exploited as virtual slaves for illegal pig butchering activities.