Man ignores warnings, loses more than $180,000 in cryptocurrency scam

A Guelph man is probably regretting his stubbornness after losing more than $180,000 in a cryptocurrency scam.

The Guelph Police Service was contacted by a man in his 60s on Friday.

Investigators say he responded to an online ad from a supposed bitcoin investment firm in November 2023.

They say he e-transferred $34,000 and another $151,000 in wire transfers.

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Investigators say the man’s bank at the time warned him that he was being scammed. But they say the man ignored their warnings and proceeded to send the money.

It was not until he was contacted recently asking for another $60,000 to cover administrative costs that he realized that it was indeed a scam.

Police are asking residents to be wary of any online contact and to investigate thoroughly before sending money to anyone.

They add that cryptocurrency scams are very difficult to investigate and the odds of recovering lost funds are very low.

Anyone who may be a victim of fraud or cybercrime should report it to the Canadian Anti-Fraud Centre at 1-888-495-8501.