Edmonton man claims he was scammed out of $450K on crypto deal
A resident of south Edmonton fought back tears Thursday as he described how he lost hundreds of thousands of dollars on a cryptocurrency investment that he is now certain was a scam.
The man, who CTV News Edmonton has agreed not to identify because he claims to be the victim of a crime, said he thought he was investing $450,000 on a site called Cryptos-Circus.
"At this point, I don't have too much confidence in recovering anything. The police have basically told me that once a crypto scam is completed, you'll never see your money again," he said.
In April, he used the site to make an initial deposit. Shortly after, he says someone claiming to be an independent broker in charge of the account started asking for more money.
“We would do a trade together, it was very comfortable and convenient. Everything was going well. I saw huge returns, so it gave me the impact of wanting to do more,” he said.
After making his final deposit of more than $200,000 dollars he says the broker told him that one of the letters in the wire transfer was not capitalized, and for that reason, all of his funds were gone.
The man chose to get a second opinion from an investment firm he had used previously.
“The company reported back that (the capital letter) did not make a difference, and the place that I had the wallet address from, the money did go into that account. That’s when I got red flags and I knew immediately that’s when I got scammed,” he said.
He said he filed a complaint with Edmonton Police Service but has little hope it will result in an arrest or getting his money back.
The Ontario Securities Commission issued an investor warning about Cryptos-Circus on Aug. 22, 2022.
'HIGH RETURNS…IS THE NUMBER ONE RED FLAG'
This week, police announced that more than $5.6 million dollars of cryptocurrency have been stolen from Edmontonians through various scams since 2019.
Scammers are capitalizing on the recent spike in crypto popularity with a number of tactics, according to the Alberta Securities Commission (ASC).
“High returns, no matter what, is the number one red flag. There’s not an investment on this earth that is guaranteed to give you a high return," said Hilary McMeekin with ASC.
She added that where investors get information is crucial.
“When they're trying to pitch you from ads on dating apps and social media sites, those are not places where legitimate investors are looking to advertise,” McMeekin said.
In the case of the man who claims to have lost $450,000, he said his broker still calls him multiple times a week for more deposits.
The ASC has information on cryptocurrencies and safe investing tips on its website.
With files from CTV News Edmonton's Marek Tkach
CTVNews.ca Top Stories
'A step forward': New screening criteria for sperm donors takes effect
Canadians looking to grow their families with the assistance of sperm or egg donations should soon have more options for donors as the federal health agency does away with longstanding restrictions criticized as discriminatory.
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.
Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
'Summer of discontent': Federal unions vow to fight new 3-day a week office mandate
Federal unions are launching legal challenges and encouraging public sector workers to file "tens of thousands" of grievances over the new mandate requiring federal workers to return to the office at least three days a week in the fall.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Watch fighter jet pilots pummel fake enemy ship off coast of Philippines
The United States and Philippines held annual joint-training drills just off the Southeast Asian nation’s western coast on Wednesday. Military forces sunk a 'mock' enemy warship – the BRP Lake Caliraya, which was a decommissioned tanker made in China.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his head more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.
'Ozempic babies': Reports of surprise pregnancies raise new questions about weight loss drugs
Numerous women have shared stories of 'Ozempic babies' on social media. But the joy some experience in discovering pregnancies may come with anxiety about the unknowns.
Rookie goalie Arturs Silovs to start for Canucks in Game 1 vs. Oilers
Rookie goalie Arturs Silovs will start in net for the Canucks as Vancouver kicks off a second-round series against the Edmonton Oilers Wednesday night.