Three Ottawa locals got scammed in a global crypto fraud. OPP froze $24M, traced wallets, but arrests are tricky abroad.
Three Ottawa folks just got hit by a massive global crypto scam, according to the Ottawa Police Service (OPS). The Ontario Provincial Police (OPP) stepped up with Project Atlas to fight crypto fraud, freezing $24M in fake losses and stopping scammers from stealing over $70M. But here’s the catch—no arrests yet because the culprits are abroad, outside Canadian jurisdiction.
Detective Constable John Armit explained how the OPP used blockchain tech to trace stolen crypto to shady wallets. But tracking down these scammers is tough since crypto is mostly anonymous. The cops followed the victims’ transactions on the public blockchain and flagged dodgy wallets to exchanges worldwide, saving future victims from falling for the same trap.
Turns out, scammers tricked people with fake platforms showing fake profits, luring them to invest more. When they tried withdrawing funds, they were slapped with a bogus “crypto tax.” One victim lost six figures, another $10K, but thankfully, one person got an early heads-up and dodged a huge loss.
Mike Bickerton from the OPP Cyber-Enabled Fraud Team warned that scammers are using crypto for global money laundering. His advice? Learn the red flags before diving into crypto investments. Stay sharp, folks—don’t get played!
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