The Calgary Police Service issued a warning to residents to beware of fraudsters who promise high returns on crypto investments, noting that Calgary victims have lost more than $22 million mostly to investment scams so far in 2023.
Meanwhile, authorities believe crypto scams are still underreported despite huge losses.
Calgary Police Receive More Crypto Scam Reports in 2023
Residents in the city of Calgary, Alberta, Canada, have lost over $22.5 million to crypto-related scams in 2023, a significant increase from around $14 million recorded in 2022, according to a report from the Calgary Police Service (CPS).
The CPS said there were 321 reported cases of cryptocurrency scams in 2022, followed by an increase to 340 cases so far in 2023. However, the police believe these figures do not represent the total loss suffered by victims, stating that crypto scams are underreported.
With the steady rise in fraud cases, the CPS has asked Canadian investors to exercise caution, asking them to be wa

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