Guelph man loses nearly $100,000 in cryptocurrency scam: police

Guelph police are investigating after an online cryptocurrency scam resulted in a man losing nearly $100,000.

Police said the man was contacted by an unknown individual after posting in an online forum in September that he was looking for assistance learning how to invest in cryptocurrency.

By the end of October he had reportedly transferred approximately US$50,000 and was told the investment was now worth more than $210,000.

After being asked to make two separate transfers of $21,000 to pay a tax on the profit, investigators said he became suspicious and contacted police.

Get daily National news

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Sign up for daily National newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Police encourage residents to be vigilant when investing in cryptocurrency — to perform extensive research before transferring any funds and not accept investment advice from someone you haven’t met.

The investigation continues, however, police said cryptocurrency transactions are not reversible and are very difficult to trace.