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Bitcoin Fraud

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On 18th of January 2022, Aylmer Police received a report of a fraud involving Bitcoin crypto currency. Police investigation revealed that Between January 2021 and July 2021, 60 year old male from Aylmer set up an account through an SPX Markets investment company. Over the course of the 7 months, the victim invested approximately $141,000. Two male suspects continued to pressure the victim into investing more money at which point he became suspicious of the investment. In December 2021, victim learned that the investment was a scam and as a result incident was reported to police for investigation. The address used for the initial investment was traced to Europe. Investigation is on-going and anyone with information is asked to call Aylmer Police at 519-773-3146 or Crimestoppers at; 1-800-222-8477.

 

Tips to public:

Bitcoin has become a popular investment strategy for some investors. With that, various scams have been developed by fraudsters and include;

  • Blackmail – fraudsters send an e-mail indicating that they have hacked into your computer and captured images of you doing something that you would not want others to see or know about you. They then request payments in bitcoin or threaten to disseminate the images they captured.
  • Fake Exchanges – Fraudsters set up fake exchanges and then offer very competitive market prices causing victim’s to think they are getting extremely generous return rates for their investment. Remember; If it sounds too good to be true… it generally is!
  • Free Giveaways – Fraudsters contact victims and offer free giveaways of bitcoin to register. When you see these offers on social networks, report them as fraudulent so others don’t fall victims to the scam.
  • Malware – Hackers have become creative in ways to steal from people. When sending bitcoin, always ensure that the address you are sending the transaction to is correct. Some malware programs, once installed, will change bitcoin addresses when passed from user’s clipboard and your transaction, may end up in the hacker’s accounts instead. To protect against malware, ensure that your computer has reputable virus scanner installed. Although not 100% fool proof it does help.
  • Scam Coins – Be careful when investing in alternative coins (altcoins). Amongst altcoins there may be scam coins, enticing users to invest via private sales, or with presale discounts. Scam coins may feature a flashy website and/or boast a large community to create a fear of missing out effect on people who discover it. This helps early holders pump up the price so that they can dump and exit their positions for a profit.