Deepfake crypto scams cost two Canadians $2.3 million
The post Deepfake crypto scams cost two Canadians $2.3 million appeared on BitcoinEthereumNews.com.
Two Canadians from Ontario and Charlottetown lost a combined $2.3 million to a deepfake crypto scam. According to an investigation by W5, Canadians are being heavily targeted by cryptocurrency scams that rely on artificial intelligence. Many victims realize it is a scam only after their life savings are gone. Crypto scammers target Canadians with deepfake videos A 51 year old woman from Markham, Ontario, lost $1.7 million, and a man from Prince Edward Island lost $600,000. Both believed they were investing through legitimate crypto platforms. The Ontario woman said she first saw a video on Facebook that appeared to show Elon Musk speaking about a crypto investment. The video promised fast profits from a small initial deposit. But the clip wasn’t real and Musk’s image and voice had been digitally altered. The victim sent $250 and, after two days, earned a profit of $30. That return convinced her that the platform was real. She was encouraged to invest more and was shown documents that appeared to confirm her money was growing. “I applied for almost a million dollars on the equity of my home. I took it out and I started sending it to them. Right? Like $350,000 and then $350,000,” said the victim. After sending the amount, the scammers told the victim her account was worth $3 million. But to withdraw any funds, she had to pay taxes and fees. To cover those costs, she borrowed $500,000 from family and friends and maxed out her credit cards. She lost a total of $1.7 million. The man from Prince Edward Island followed a similar path. He saw an online video that appeared to promote a crypto investment linked to the TV show Dragon’s Den. The video claimed people could start investing with $250. He sent small amounts and slowly increased…
