Nova Scotia warns public of crypto scam resulting in ‘unrecoverable’ losses
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It said the final part of the scam is a “recovery scam,” when the victim is contacted by someone who says they can get their lost money back for a fee. “If you are victimized, it is unlikely you will recover your money,” the province said. Officials advise Nova Scotians to not respond to unsolicited requests or ads that ask for money to recover losses.“While the Commission is interested in receiving reports of losses by crypto investors from these scams, from experience there typically is little that can be done to recover these funds,” read the release.
Paul Radford, chair of the Nova Scotia Securities Commission, said in the release these scams have become very prevalent and claim many victims.“Everyone should be very wary for themselves and their friends and family members of unsolicited messages or advertisements recommending investment in crypto assets,” Radford said.
“Canadians who wish to trade crypto assets should do so only with Canadian-registered crypto trading platforms or dealers.”But, the commission warns that crypto asset trading is “highly risky” from scams, volatility and hacking. It advises the public to never use credit cards or lines of credit to invest, as “losses from scams are often significant and unrecoverable.”
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