Canadian regulators have identified a crypto scam using fake news and the likeness of notable political figures to capitalize on fears from trade wars.
Fake News and Celebrities
The scam framework includes using fake news and doctored images of well-known political figures such as former Prime Minister Justin Trudeau and Premier of New Brunswick Susan Holt. These figures were falsely claimed to endorse a crypto investment program called CanCap.
Regulators' Response
The Alberta Securities Commission and the Financial and Consumer Services Commission of New Brunswick released warnings about the scheme. Regulators noted scammers are leveraging current events and false information to give legitimacy to their actions.
Global Impact
Global losses from crypto scams, hacks, and exploits totaled nearly $1.53 billion in February, attributed to the increasing use of fake news and technology aimed at deceiving potential victims.
Regulators emphasize the importance of vigilance and fact-checking to avoid falling victim to scammers using such schemes.
