• A fraud victim in Winnipeg, Canada has lost more than $168,000 to a digital currency scam.
• Police were able to intervene and return about $155,000 of the stolen funds to the original owner.
• Canada is eager to end all crypto fraud and implement strict regulatory tactics following the collapse of FTX.
Victim Loses Over $168,000
A fraud victim in Winnipeg, Canada has lost more than $168,000 to a digital currency scam. Without this person’s knowledge, the money they invested wound up getting transferred overseas and converted into Tether, a popular stable asset.
Police Intervene & Return Funds
Police discovered this and were able to interfere with future activity and thus return about $155,000 of the stolen funds to the original owner. Constable Dani McKinnon from the public information office in Winnipeg explained: „Police utilize certain techniques to trace crypto assets as they are moved.“
Canada Implements Regulations
Canada is eager to end all crypto fraud and implement strict regulatory tactics following the collapse of FTX. This was one of the world’s top digital currency trading enterprises until its founder Sam Bankman-Fried said it was suddenly in need of fast cash due to a liquidity crunch last November. He allegedly misused customer funds which led him awaiting trial after his company entered bankruptcy and he resigned from his post.
Crypto Is Unregulated
One major problem with cryptocurrency is that it’s unregulated so there are no federal offerings such as FDIC that can protect traders from becoming potential victims of scams or theft. Nine times out of ten if someone loses their money or has it taken from them, they can usually kiss it goodbye since crypto is generally gone for good once stolen.
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