A victim in a cryptocurrency scam who invested $400,000 was faced with multiple excuses and told to pay large fees when attempting to withdraw the funds, Toronto police say.
In a news release issued Tuesday, police said officers were able to recover a “significant portion” of the funds, but are requesting any other potential victims to contact the investigator and are warning the public to be cautious when investing online.
Police said they were contacted by a complainant who said that he and his wife lost $400,000 in a crypto scam. He was solicited online and asked to invest in an online platform called cryptos-seed.com, police said.
Read more: Law enforcement raises alarm bells, ‘grandparent scam’ cost Ontarians millions last year The victim was persuaded to send funds via a legitimate cryptocurrency exchange to a cryptocurrency wallet and the scammer was able to convince the complainant that the funds would be secure, police said.