Guelph woman loses US$90,000 in crypto scam
Posted Oct 2, 2025 11:39:08 AM.
Last Updated Oct 2, 2025 11:49:18 AM.
Guelph police are issuing a warning to be extremely cautious when making online investments.
They say the woman noticed a social media advertisement that appeared to be offering a new cryptocurrency from Premier Doug Ford that was intended to help Canadians.
She made the initial US$350 investment but was soon contacted by people claiming to be from the investment firm who encouraged her to invest more. In the end, she invested a total of US$90,000.
When she attempted to withdraw her money, she was told she’d have to pay thousands of dollars in fees.
Guelph police are reminding people to be very cautious when thinking about investing online and to be sure to do independent research before handing over any money.
They also say cryptocurrency scams are difficult to investigate, and the likelihood of recouping lost funds is almost nil.
Anyone who thinks they might have fallen victim to a scam to contact the Canadian Anti-Fraud Centre’s online reporting system or by phone at 1-888-495-8501. Even if no financial loss has been sustained, interactions can still be reported to the CAFC.
The organization notes a pattern of scams involving cyptocurrent:
- Fraudsters use social media ads, text messages, emails, and fake trading platforms to lure Canadians into sending money.
- They may impersonate politicians, celebrities, financial advisors, or government agencies to gain trust.
- Once money is sent, it’s often transferred overseas and is very difficult to recover.
