A Fruitvale man lost $190,000 in a cryptocurrency scam, prompting the Trail and Greater District RCMP to issue a public fraud alert.
According to police, the 47-year-old man was defrauded after months of online communication with someone he met through social media.
The individual convinced him to invest in cryptocurrency using a publicly accessible website.
The victim told police he had gradually invested a total of $190,000.
Over time, he discovered that his funds had been transferred to a third-party electronic location beyond his control.
By then, the investment and his money were gone.
Investigators confirmed the funds are not recoverable.
“This is a significant loss, and sadly it’s becoming more common,” the RCMP warn.
“These types of scams often involve someone gaining the trust of a victim over time before pushing them to invest large sums.”
Cryptocurrency is a form of digital money that uses encryption technology to secure transactions. It operates independently of traditional banks and governments.
Bitcoin, Ethereum, and other cryptocurrencies are traded online, often through platforms that are lightly regulated, or not regulated at all.
While cryptocurrency has legitimate uses, its anonymity and lack of oversight have made it a common tool for fraudsters.
Scammers often use fake websites or impersonate investment advisors to lure victims into sending money that becomes impossible to trace or retrieve.