Winnipeg police recover $155K after Bitcoin investment scam

By News Staff

Winnipeg police say they helped a resident recover thousands of dollars lost in a cryptocurrency investment scam.

The WPS says the victim purchased $168,000 in Bitcoin over three months and was told how to invest the funds.

Investigators with the WPS cyber investigation team, who were alerted last October, determined the Bitcoin was transferred overseas without the victim knowing. It was then converted into a steadier cryptocurrency called Tether.

Winnipeg police say they recovered approximately $155,000 in crypto assets and returned it to the victim.

Investigators warn “crypto assets are difficult to track and often impossible to recover. Potential investors should ensure they deal with a reputable entity before making financial transactions.”

It coincides with the Canadian Anti-Fraud Centre launching a new web tool to help create awareness about fraud.

The centre says Manitobans lost more than $10.4 million through various forms of fraud in 2022, with half of those losses in the form of investment scams.

Investment scams reportedly cost Canadians $300 million a year.

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