Cops warn of crypto scam after Winnipegger loses $168,000

The bitcoin logo appears on the display screen of a cryptocurrency ATM,. THE CANADIAN PRESS/AP-Charles Krupa

Police are warning Winnipeggers about investing in cryptocurrency after a local resident was scammed out of the equivalent of $168,000 in bitcoin.

Winnipeg police say they began investigating in October 2022, after they were told the victim had purchased bitcoin over three months and was told to invest it, ostensibly to make more money.

That “investment,” however, was a scam in which the victim’s funds were transferred overseas and changed to another form of cryptocurrency.

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Police said their cyber unit has been able to recover most of the money — $155,000 worth — and return it to the victim, but are urging Winnipeggers to make sure they’re dealing with reputable entities before following through with any online financial transactions.

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Click to play video: 'Winnipeg police Financial Crimes Unit sheds light on crypto scams'
Winnipeg police Financial Crimes Unit sheds light on crypto scams

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