Canadians Lost Millions in Crypto Scams: Study

• 35% of Canadian crypto owners have been conned by crypto scammers.
• The study found that 9% of Canadians have purchased cryptocurrencies or NFTs.
• Fraudulent schemes related to cryptocurrencies are a serious problem in the country.

The Problem With Crypto Scams In Canada

According to research conducted by contributors of the Toronto Metropolitan University (TMU), fraudulant schemes related to cryptocurrencies are a serious problem in Canada. A survey of 2,000 Canadian residents showed that over a third of those who have invested in digital assets have been lured into some sort of scam.

Who Is Vulnerable To These Scams?

The results indicated that individuals with higher education levels were more likely to invest in digital currencies and non-fungible tokens (NFTs). However, it was those with less education who seemed to be more vulnerable when it comes to crypto scams – 14% reported they had been contacted by someone pretending to be an investment manager and then stealing the fees for their „services“. 10% admitted sharing their wallet information following a request for additional information, while 7% have purchased digital currencies from a mysterious individual who then disappeared.

The Financial Impact Of Crypto Scams

When users fall prey to these cryptocurrency scams, significant financial losses can result – sometimes compromising large amounts of money from lines of credit, credit cards, and life savings. Not only are there financial losses, but also the risk of personal and financial information being compromised as well.

Prevention Of Crypto Scams

In order to prevent falling victim to these fraudulent schemes, TMU suggests educating users on how they can protect themselves against them. This includes verifying any services offering cryptocurrency investments before engaging with them and being careful when sharing wallet details or other sensitive information online. Additionally, people should always double check all payment details before going through with any transaction involving cryptocurrency or NFTs.


Cryptocurrency scams are an ever-growing threat in Canada – emphasizing the importance of taking measures for prevention such as educating users on how they can protect themselves against them and double checking all payment details before making any transaction involving cryptocurrency or NFTs..