Guelph man loses nearly $100K in cryptocurrency scheme

Guelph police say a man lost nearly $100,000 in an online cryptocurrency scheme.

Officials said in a news release that the man reported the incident at the police station on Wednesday. The victim said an unknown person contacted him after he’d posted in an online forum in September, saying he wanted to learn more about investing in cryptocurrency.

The man told police he’d transferred around US$50,000 by the end of October. He said he was told the investment was now worth more than US$210,000. When he tried to withdraw the money, he was asked to transfer another US$21,000 to “pay a tax on the profit.”

Police said the man was suspicious after he was asked to pay another $21,000 for insurance and contacted police.

“Cryptocurrency transactions are not reversible and very difficult to trace,” the news release said. “The Guelph Police Service encourages residents to be vigilant when investing in crypto, performing extensive research before transferring any funds and not accepting investment advice from someone you haven’t met.”

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