Crypto Scam Victims in Calgary, Canada Lose Over $22.5 Million This Year

According to Decrypt: Canadian citizens in Calgary, Alberta have lost over $22.5 million to crypto scams this year, marking a significant increase compared to 2022 when losses amounted to $14 million. Officials reported that since the start of the year, residents have fallen prey to 340 reported crypto scams, up from the 321 reported scams in 2022. Police believe these figures are still “vastly underreported”.Notably, Calgary has been ranked the third most livable city in the Economist Intelligence Unit's (EIU) annual ranking of the world's livable cities. But now the rise in crypto scams pose a threat to the city's reputation.Employment scams, romance scams, and investment scams rank among the most common frauds. Increasingly, scammers have demanded full payment upfront, promising lucrative returns but leaving victims bereft. One prominent example includes instances of phishing videos where fraudsters pose as Bitcoin billionaires like Michael Saylor and promise to double victims' Bitcoin holdings if they send their BTC to the scammer's wallet.The police have advised residents to be wary of large return promises in the crypto markets and cautioned against believing any social media or online dating app messages regarding crypto investments.In a survey from Toronto Metropolitan University, a third of digital asset owners in Canada reported falling victim to crypto scams. Further challenges come from individuals posing as "delivery persons or persons of authority" stealing crypto directly from residents' homes, as warned by the RCMP in July.According to Chainalysis, scams continue to comprise the bulk of crypto-related crimes. However, the global trend for crypto crime has seen a decrease since last year, contrary to the trends observed for Calgary.