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RCMP Shuts Down Bogus Cryptocurrency Platforms in Response to Complaints

Scams involving cryptocurrency have been rising, with Canadians losing about $11 million in 2020.

People should be aware of phony cryptocurrency sites, according to the RCMP.

Quick take:

  • RCMP said it has shut down eight websites connected with cryptocurrency scams.
  • As per the reports, these scammers have been flourishing in Canada in recent years.
  • RCMP warns users to stay vigilant amidst rising scams.

Royal Canadian Mounted Police in the province of British Columbia, Canada's westernmost province, said that they have closed down eight bogus websites that are said to be associated with cryptocurrency scams. These scams seem to be spreading like wildfire in Canada.

But looking through the statistics, global cryptocurrency scams have been rising. According to a report by CNBC, scammers have looted a staggering $14 billion in 2021 alone.

RCMP warns users to stay vigilant

The scammy platforms put up luring advertisements that are too good to be true. They promise high rates of interest on investments and quick returns. Sadly, a lot of users fall prey to these false claims.

The advertisements would lead the interested investor to an exchange site. After that, a firm representative would contact them and persuade or coax them into investing money. 

Scammers achieve this either through a third-party investment platform or an app downloaded onto their home computer or mobile phone that provides criminals access to their financial accounts.

Officials at RCMP said that “even though some users were skeptical, repeated phone calls made them fall for these scams.

DYOR and avoid falling for scams

Shutting down a few scammy websites won't halt new ones from emerging. The police ensured that they would regularly monitor suspicious activities and warned users to stay cautious and do their own research.

RCMP Supt. Bert Ferreira said in a statement, “While law enforcement agencies adapt and navigate through the often uncharted and unregulated territory of combating cybercrime, prevention continues to be the most important first course of action.”

With the crypto bubble expanding exponentially, scams and fake projects are catching up. Experts suggest users be careful with their money because it doesn't justify losing your hard-earned cash to scammers. 

It will neither hurt to do your own research nor think twice before investing in a coin.

The information provided on DecentReviews does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Do not treat any of the websites content as such. DecentReviews does not recommend that any cryptocurrency or blockchain asset should be bought, sold, or held by you. Conduct your own due diligence and consult your financial advisor before making any investment decisions.

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