$6.4M lost in crypto scams in Strathcona County, prompting RCMP warning

A screen showing the price of various cryptocurrencies against the US dollar including Ether and Dogecoin displayed at a Crypto Panda cryptocurrency store in Hong Kong, China, on Monday, Feb. 3, 2025. Donald Trump's moves to impose tariffs on major US trading partners sparked a selloff in cryptocurrency markets, with an index of smaller tokens on track for the steepest two-day rout in almost three years. Photographer: Lam Yik/Bloomberg (Lam Yik/Bloomberg)

RCMP are warning residents after what they said is a “significant rise” in fraudulent investment schemes that are claiming millions of dollars from local residents each year.

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Mounties said more than $6.4 million has been lost to cryptocurrency scams in Strathcona County in the past two years.

Fake cryptocurrency investment platforms are “preying” on people through professional-looking websites, RCMP said, promising high returns with little-to-no risk.

Officers said they are seeing victims who are being targeted through Facebook ads which often claim their platform has been endorsed by high-profile people.

“These scams are designed to look legitimate, making it even more important for potential investors to verify the authenticity of any platform or individual before engaging in transactions,” RCMP said.

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Victims can report cryptocurrency scams to local police and the Canadian Anti-Fraud Centre, however RCMP said victim’s funds are “very difficult” to recover.

“Cryptocurrency moves quickly and often out of the country to exchanges or countries that Canadian authorities may not be able to work with,” RCMP said. “However, raising awareness can help protect others from falling victim to similar fraud schemes.”

Information on how to spot and avoid scams when investing with cryptocurrency can be found on the RCMP website, and the Strathcona County detachment is holding a free fraud presentation on March 11 at the Strathcona County Library in Sherwood Park.