Crypto Cautionary Tale: How a Man Lost $180,000 in a Scam

In Guelph Police’s report, they warn people to be careful when investing online after a local man lost $180,000, much of it after failing to heed warnings from bank staff that he was being scammed by an online investment scammer. 

Police were notified of the fraudulent activity on Friday when a sixty-year-old man in Guelph contacted them to report the fraud, occurring since November when he responded to a fake online advertisement for a Bitcoin investment company. Since then, he has transferred over $34,000 through e-transfers and more than $151,000 by wire transfer.

He reported last November a fraud involving a Bitcoin investment firm after responding to a fake ad he found on the internet claiming to be a Bitcoin investment firm. 

The man contacted police on Friday to report the fraud. He has already transferred over $34,000 through e-transfers and more than $151,000 through wire transfers since then. The man told police that staff at his bank told him he was being scammed but he did not believe them and still decided to go ahead and transfer the money. 

A resident of the city is advised to be cautious of any online contact and to investigate thoroughly before sending money to anyone, as he became suspicious when he was contacted and asked for another $60,000 to cover administrative costs. 

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