Residents of Victoria and Esquimalt reported 46 cryptocurrency crimes last year, with more cases expected in 2025
The Victoria Police Department is advising crypto investors to exercise extra caution this year.
In a joint initiative with police agencies throughout B.C. and with crypto stakeholders, VicPD assisted in identifying a collective loss of approximately $35 million CAD worldwide.
The localized initiative, Operation Spincaster, was aimed at disrupting cryptocurrency fraud and identified more than 1,100 victims of cryptocurrency fraud worldwide, including potential Canadian victims.
Through 2024, residents of Victoria and Esquimalt reported 46 cryptocurrency crimes, with investigators saying most of the high-value cases were related to investment fraud.
“Cryptocurrency scams are using AI technology where a victim can interact with an AI chatbot who can provide misleading information or use fake celebrity endorsements,” says Sgt. Simon de Wit, supervisor of the Cyber Crime Unit.
Considering these recent events, VicPD is advising crypto investors to proceed with extra caution, as investment, extortion, employment, romance, and bank frauds are anticipated to reappear in 2025.
The department recommends that people defend themselves from fraud through the following steps:
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Never share your cryptocurrency wallet logins, passkeys, or seed phrases with anyone, and consider keeping that data separate from your computer.
They add that legitimate businesses and governments do not accept cryptocurrency.
“If someone requests cryptocurrency, it should raise an immediate red flag indicating that something is wrong and that someone is attempting to defraud you.” adds de Wit.
“Once you have sent cryptocurrency out, there is no ability to cancel the payment or get those funds back.”
If you have been a victim of cryptocurrency fraud you can report it to the police by calling 250-995-7654, or by contacting the Canadian Anti-Fraud Centre.
