Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»VicPD recovers $80k in stolen cryptocurrency to 84-year-old man
    Cryptocurrency

    VicPD recovers $80k in stolen cryptocurrency to 84-year-old man

    June 4, 20254 Mins Read


    Victoria Police say new federal digital asset seizure legislation helped recover and return $80,000 in stolen cryptocurrency funds to its owner, an 84-year-old man in Victoria.

    Following an investigation, VicPD says the senior was targeted by a sophisticated tech support scam where $110,000 in cryptocurrency funds was stolen from his accounts.

    The investigation began in December 2024, when Victoria Police received a report from the 84-year-old about unauthorized transfers from his cryptocurrency accounts. 

    According to VicPD, “while experiencing technical issues with his cell phone, the victim used a voice assistant to locate the phone number for TELUS Tech Support and initiated a call.”

    The person on the line claimed he was with TELUS and gained remote access to the man’s phone to assist with a technical issue. According to police, the suspect “actually resolved the initial technical issue.”

    After the call, the man realized that $110,000 from his cryptocurrency accounts had fraudulently been transferred through the same device. 

    Following an investigation, VicPD identified a suspect in South Africa. Police traced the funds to the suspect through several accounts on a cryptocurrency exchange. The tracing chart is provided by VicPD here.

    In May 2025, $80,000 of the $110,000 in funds were seized and returned to the victim by VicPD.

    “This case marks the first time newly enacted digital asset seizure legislation has been utilized in British Columbia, showcasing VicPD’s commitment to innovation in combating cyber crime,” read VicPD’s statement on Wednesday.

    New legislation: Special Warrant to Seize Digital Assets

    VicPD say the success of the investigation is due to new federal legislation introduced in 2024, which allowed them to gain a Special Warrant to Seize Digital Assets. 

    The special warrant allowed investigators to freeze the assets as well as the cryptocurrency accounts where fraudulent activity had taken place.

    The federal legislation under Bill C-47, Clause 212 introduces new section 462.321 to the Criminal Code, giving police authority to search for and seize digital assets such as cryptocurrency.

    The new section allows for the search of “digital assets” by the use of a computer program, as well as the seizure, detention and return of those assets. These powers are limited in scope to the proceeds of crime and mirror the existing provisions concerning general powers of search, seizure and detention, states the Criminal Code. 

    “We are proud to be the first police agency in B.C. to utilize this new legislation, demonstrating our commitment to staying ahead of emerging cybercrime trends and protecting our community,” said Sgt. Simon de Wit, supervisor of VicPD’s Cyber Crime Unit.

    “This legislation provides us with a crucial tool to pursue and recover stolen digital assets and aids us in our fight against these increasingly sophisticated scams.”

    Cryptocurrency fraud among British Columbians led to $35M losses in fall 2024

    Police say that on Sept. 16 and 17, 2024, VicPD officers took part in a joint event with Delta Police and blockchain analytics company Chainalysis called “Operation DeCloak.”

    READ ALSO: VicPD says scammers using AI in some cryptocurrency scams

    During that operation, police say they identified 1,100 victims of cryptocurrency fraud across the globe, including “a significant number of potential Canadian victims,” accounting for approximately $35 million in losses among British Columbians.

    VicPD encourages the public to report any incidents of fraud as soon as it occurs, as “time is of the essence when dealing with cryptocurrency fraud,” adding, “Reporting incidents to police immediately increases the likelihood of successfully recovering stolen funds before they are moved beyond reach.”

    Watch VicPD speak about the investigation in the video below:

    VicPD recovered $80,000 in cryptocurrency funds stolen from an 84-year-old Victoria resident. This case marks the first time newly enacted digital asset seizure legislation has been utilized in British Columbia showcasing our commitment to innovation.

    Read more:… pic.twitter.com/khVYlMqfKn

    — Victoria Police (@vicpdcanada) June 4, 2025

    If you have been a victim of cryptocurrency fraud, report it to the E-Comm Report Desk at (250) 995-7654, extension 1, and the Canadian Anti-Fraud Centre.

    Learn more by visiting vicpd.ca/fraud.

    READ ALSO: B.C. operation by police, regulators finds losses of $4M in assets to crypto fraud





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Digital Currency Coming to Pakistan: SBP Confirms Pilot Launch Plan

    Cryptocurrency

    Pakistan to launch digital currency? Here’s all you need to know

    Cryptocurrency

    SBP plans pilot for digital currency – Newspaper

    Cryptocurrency

    Cryptocurrency News Live: Bitcoin, Ethereum, Solana prices today; memecoin updates

    Cryptocurrency

    Pakistan plans digital currency pilot

    Cryptocurrency

    RBA pushes ahead with stablecoin and digital currency trials — Capital Brief

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Cryptocurrency

    SEC moves to tax cryptocurrency transactions in Nigeria with new rules  

    Commodities

    Morgan: Metal Detective is a cosy Steam Next Fest game that I hope can match my favourite BBC dramedy

    Cryptocurrency

    BBB reveals Cryptocurrency and investment scams at top con in 2024, what you need to look out for

    Editors Picks

    “Cryptocurrency Bill of Rights” introduced in Michigan House

    May 28, 2025

    Elizabeth Warren Challenger Joins Others In Opposing Michael Saylor’s Bitcoin Storage Stance: Nothing More American Than The Right To Self Custody

    October 23, 2024

    VIDÉO – “On vient là pour le goût et la santé”. Quand le consommateur plébiscite l’agriculture vivante

    June 16, 2025

    The UK’s best (and worst) areas for property value in 2025

    April 27, 2025
    What's Hot

    A Pivotal Case Shaping Cryptocurrency Regulation

    June 16, 2025

    Justin Bieber hit with $380K bill for unpaid property taxes

    October 31, 2024

    FIP Silver Las Palmas – Campagnolo et Gala trop forts pour Leygue et Gil

    May 3, 2025
    Our Picks

    Pakistan seeks $300 million panda bonds investment from China to stem economic crisis – Firstpost

    July 27, 2024

    Private Members’ Bill blames pandemics on animal agriculture says Ag Critic – CentralAlbertaOnline.com

    October 21, 2024

    B. Riley Co-Founder Proposes To Buyout Investment Bank For $212 Mln

    August 16, 2024
    Weekly Top

    Cryptocurrency News Live: Bitcoin, Ethereum, Solana prices today; memecoin updates

    July 9, 2025

    Kamoa Copper lance un centre d’excellence pour former des ingénieurs locaux

    July 9, 2025

    This 6.1% Monthly Dividend Stock is a Cash Flow Machine

    July 9, 2025
    Editor's Pick

    This smallcase manager predicts a 7%–20% swing in gold prices by FY26

    April 29, 2025

    Mark Wiseman appointed Chairman of Alter Domus

    March 18, 2025

    Stock market today: Dow, S&P 500, Nasdaq futures surge as markets cheer US-China trade talks – Yahoo Finance

    May 12, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.