How This Ontario Man Lost Everything In Crypto Scam?

Ontario Man Lost Everything In Crypto Scam

January 25, 2023 Story: Divya Sinha

As per CTV News Toronto reports, a man named Stephen Carr of Meaford, Ontario almost lost everything in a cryptocurrency scam.

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Carr said he is "devastated" after investing his life's savings in a crypto scam which he got involved in through a YouTube video he saw.

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The YouTube video promised to make large profits in trading commodities, foreign currencies and cryptocurrencies.

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He contacted the company and said it started with an initial investment of $250. Then he pocketed another $2,500.

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At one point, Carr demanded and received $1,000, giving him confidence that the site was legitimate. Then, from October 2022 until January 2023, Carr invested his $498,000 savings.

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Carr thought his funds had grown to 1.3 million and wanted to withdraw some, but he was told to pay a $150,000 liquidation fee to get the money.

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Canada recorded $379 million in fraud losses in 2021, with cryptocurrency scam being the leading cause of losses as per the Canadian Anti-Fraud Centre.

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