Key Takeaways
- A sophisticated Ontario Premier Doug Ford crypto scam tricked a Guelph woman into investing $90,000 USD (over $125,000 CAD).
- The fraud started with a social media advertisement claiming the Ontario Premier was launching a cryptocurrency to help Canadians.
- Guelph police warn that cryptocurrency scams are notoriously difficult to investigate, with victims having almost no chance of recovering their funds.
Table of Contents
A Costly Deception Using a Prominent Name
A Guelph, Ontario woman has lost over $90,000 (around $125,000 CAD) in a sophisticated Doug Ford crypto scam. The scheme started when the victim saw an advertisement on social media, then presumably believed it to be genuine. The ad claimed that Ontario’s Prime Minister Doug Ford was launching a new crypto investment opportunity geared toward helping Canadians. Believing it was a good opportunity, the victim made an initial, apparently low-risk investment of $350, a typical tactic scammers use to build trust before increasing their demands.
Read also: Ontario Kidnapper Gets 13 Years for $1M Bitcoin Ransom Plot
The Escalation and Harsh Reality
Once the victim made her initial deposit, a person representing an investment firm called her asking her to “increase her investing.” After a while, she was persuaded to send a total of $90,000 USD. The Doug Ford crypto scam followed the usual playbook: When the woman attempted to withdraw her supposed profits, she was hit with demands for thousands of dollars in additional “fees,” a final red flag that revealed the entire operation as a fraud.
Read also: Crypto Social Engineering Scam Costs Victim $91M in 783 Bitcoin Heist
A Sobering Reminder for All Investors
The Guelph Police Service has given a serious warning to remember that online investment scams like this are frequent and harmful. To this point, authorities said that the chance of recovering any loss from a Doug Ford crypto scam is “close to zero.” This incident is a significant reminder to the public to do their research and remain highly skeptical of any online opportunities utilizing the name of a public figure to promote financial gain, particularly in the – for the moment unregulated – crypto space.
FAQs
How did the Doug Ford crypto scam start?
It all started with a fraudulent social media ad that misused Premier Doug Ford’s name to promote a fake crypto project claiming it was for helping Canadians.
What was the total amount lost?
The victim lost $90,000 USD, which is approximately $125,000 Canadian.
What should I do if I encounter a similar scam?
Report it immediately to your local police and, if you are located in Canada, to the Anti-Fraud Centre, even if you haven’t lost any money.
For more crypto scam stories, read: Crypto Scammer Impersonates UK Police Officer, Steals $2.8M BTC in Sophisticated Cold Wallet Threat
