Ontario couple lost more than $370K in crypto scam: police

Ontario Provincial Police (OPP) say they’re investigating after a couple lost more than $370,000 in a cryptocurrency scam.

Police said that they launched an investigation on June 14 after a scam that occurred in the Killaloe OPP Detachment area.

Killaloe, Ont., is a town in Renfrew County, south of Algonquin Provincial Park.

Police said the the couple invested “a large sum of money” in order to purchase cryptocurrency from an “alleged reputable investment company.”

“Once the request was made to withdraw the alleged investment gains, the investment company made multiple excuses as to why the couple could not receive payment and provided no monies back to the couple,” OPP said.

“Cryptocurrency scams and fraud attempt to steal your money, and your personal and financial information. Fraudsters will offer you cryptocurrency buy-ins promising a high rate of return and in a short amount of time. Instead, the victim will lose their investment, and sometimes their personal and financial information.”

OPP are warning individuals to always check with a reputable, accredited financial advisor or their financial institution.