Bitcoin scammers have thus far proven to be unstoppable in Canada.
Waterloo, Ontario is the first Canadian city to issue a general warning after 78 residents were duped by crypto scammers in 2020.
According to Global News, Waterloo residents have lost more than $430,000 so far this year, with 29 of the 78 falling victim in July alone.
As previously reported, fraudsters have been impersonating government officials, asking victims to deposit money in various Bitcoin (BTC) ATMs under the threat of legal ramifications.
Scammers told one resident that more than 25 bank accounts had been opened under his name, and then used to launder money.