Calgarians Lost $22.5 Million in 340 Reported Crypto Scams Thi | Crypto LVL

Calgarians Lost $22.5 Million in 340 Reported Crypto Scams This Year

Citizens of the Canadian city of Calgary have fallen victim to 340 crypto-related scams, losing over $22.5 million in this year alone.

The Calgary city police service said in a report Monday that the city residents have so far lost more than $22.5 million in cryptocurrency scams, up from approximately $14 million last year.

In 2022, the city reported 321 scams related to digital assets and this year, there is an increase to 340 reported cases, the release said. There are still more underreported cases of crypto scams, despite these staggering losses, it added.

“We are educating citizens about the red flags of these scams during the third week of Cyber Security Awareness Month.”

The police said that though cryptos are largely “legitimate,” scammers find it an easy way to connect it to various frauds, as it is “a deregulated marketplace.”

“It is important for citizens to know that while cryptocurrency can be used legitimately, fraudsters often lure victims with promises of a quick way to make money,” Staff Sergeant Graeme Smiley of the Calgary Police Service Cyber Forensics Unit, noted.