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Guelph male loses $100,000 in cryptocurrency scam, say police

Report says it all started when he went online asking for assistance in learning how to invest in cryptocurrency

The Guelph Police Service Fraud Unit is investigating after a male lost nearly $100,000 in an online cryptocurrency scam.

A Guelph male went to the police station Wednesday to report the scam. He was contacted by an unknown individual after posting in an online forum in September that he was looking for assistance learning how to invest in cryptocurrency.

By the end of October he had transferred approximately $50,000 US and was told the investment was now worth more than $210,000 US. The male sought to withdraw the funds, but was asked to pay a tax on the profit and transferred another $21,000 US.

When the male was asked to transfer another $21,000 to cover insurance he became suspicious and contacted police.

Cryptocurrency transactions are not reversible and very difficult to trace. The Guelph Police Service encourages residents to be vigilant when investing in crypto, performing extensive research before transferring any funds and not accepting investment advice from someone you haven’t met.