Crypto scam leaves Hagersville resident out $400,000

Police in Haldimand County say an alleged months-long fraud involving cryptocurrency has left a Hagersville resident out $400,000 with no way to get the money back.

According to the OPP, the resident starting investing in cryptocurrency through an online brokerage in September 2021. Over time, the resident invested $400,000 they are now unable to retrieve from the brokerage, police say.

The Haldimand OPP crime unit has taken over the investigation due to the large amount of funds missing," according to a media release.

As interest in cryptocurrency grows, so do scams involving the virtual currency.

In 2021, Canadians reported losses of $75 million to cryptocurrency fraud, according to the Canadian Anti-Fraud Centre.

Over the previous three years combined, that figure was $12.6 million, suggesting a steep rise in the number and value of crypto-based investment scams.

Police remind residents not to give out personal information - including financial details - to strangers and to verify the legitimacy of alleged financial institutions and brokerages before making any investments.

J.P. Antonacci's reporting on Haldimand and Norfolk is funded by the Canadian government through its Local Journalism Initiative. jpantonacci@thespec.com