Ontario Resident Loses $50,000 in Bitcoin ATM Scam

Learn about a recent scam involving telephone impersonators and a Bitcoin ATM in Ontario, Canada, where a resident lost $50,000.

Posted 8 months ago in Security


Illustration of a person answering a phone call and a Bitcoin ATM in the background.

An Ontario resident has fallen victim to a particularly insidious scam involving telephone impersonators and a Bitcoin ATM. The victim received multiple spoofed phone calls, with the callers claiming to be reaching out on behalf of federal agencies and the police. They told the victim that there was a problem requiring them to convert money to Bitcoin and send it via a Bitcoin ATM. The victim made the grave mistake of converting the funds and sending them to the scammers.

This incident highlights the importance of being cautious when receiving calls claiming problems with personal information or intercepted packages. No government agency will ever call someone to discuss such matters over the phone, and it is crucial not to provide any payments to unknown parties claiming to be law enforcement.

Unfortunately, this is not an isolated incident in Canada. In April, it was revealed that a British Columbia resident lost over $7.5 million in a similar scam. The perpetrator gained the victim's trust and encouraged them to trade crypto through a fake app. When the victim tried to withdraw their investment, they couldn't, and another scammer took advantage and stole more money.

The fraud crisis in Canada is concerning, with losses to these types of scams reaching $24 million in 2022. These incidents not only harm individuals who lose their life savings but also tarnish digital currency's reputation in the country.

It is crucial for individuals to remain vigilant and skeptical of unsolicited calls and demands for payments via cryptocurrencies. Educating the public about these scams and promoting awareness is essential in combating this ongoing issue.

Last updated 9/25/2023, 8:59:57 PM

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