$200K lost during cryptocurrency investing in Red Deer; RCMP urge caution

In 2021, Red Deerians reported losses of approximately $200,000 due to cryptocurrency thefts, frauds and investment scams to RCMP.

In 2021, Red Deerians reported losses of approximately $200,000 due to cryptocurrency thefts, frauds and investment scams to RCMP.

Mounties are asking the public to be cautious when investing in cryptocurrency.

Police are asking investors to do “their homework first” by researching the exchange thoroughly.

Warning signs to look for:

  • Unregistered exchange/broker
  • Excessive fees
  • Online reviews stating they are a scam
  • Little to no collection of personal information
  • High pressure sales tactics

Security features to look for:

  • Exchanges/brokers registered with a provincial securities commission or FINTRAC
  • Multiple positive online reviews from different cryptocurrency news sites

Victims of cryptocurrency related crime are asked to report to their local police department.

“Despite what some reports claim, Bitcoin and other cryptocurrencies are not untraceable,” police said.

"We put hours of research into a new TV, holiday destination or new car. If you are going to trust a company with potentially thousands of dollars, treat it the same as buying a car."