Elon Musk cryptocurrency scam on the rise in Hamilton


Published October 26, 2023 at 2:00 pm

cryptocurrency scam ontario
Photo: Crypto Crow

A cryptocurrency scam featuring a fictitious announcement from a fictitious Elon Musk has been making the rounds in Hamilton, police warn.

The scam has been around for a while, Hamilton Police said, but has seen a recent spike in victims. Over the past few months, the scam’s victims have lost substantial funds prompting several Fraud investigations.

Most victims find the scam through a YouTube or social media advertisement for a new venture from Musk, the billionaire owner of Tesla, Starlink, SpaceX, and Twitter. The ad claims Musk has launched a new blockchain cryptocurrency, like Bitcoin, usually called Quantum AI or similar. The ad claims a $250 investment can earn the investor $100,000 a month.

If a viewer clicks the ad they are brought to a website similar to CBC or other media outlets full of fake news stories about the cryptocurrency. This article coerces the reader to accept a hpone call about registering with the program.

The con artists then call up the mark and convince them to allow the scammer remote access to the victim’s computer. The fraudster sets up a digital wallet on the computer and transfers all the funds into it. The site will indicate the victim is making money but in fact, the scammers have moved the money abroad.

As a result, the victim hemorrhages thousands of dollars until they realize they’ve been duped. Sometimes months later, the victim gets another call. This time the caller says they represent a recovery service which has found the victim’s lost cryptocurrency. The victim can then be fooled again into sending additional payments believing they can cut their losses.

“Avoid becoming a victim of these fraudulent schemes. We strongly advise the public to exercise vigilance and prudence when contemplating cryptocurrency investments and to verify the authenticity of investment opportunities,” police said, “It is essential to consult with financial experts and conduct comprehensive research before making any financial decisions.”

To avoid falling victim to tricksters police recommend several tips;

  • Never allow remote access to your computer
  • Thoroughly research before investing
  • Verify the credentials of the person or company offering the investment. Go to CSA | ACVM (aretheyregistered.ca) to check.
  • Be skeptical of high returns If it sounds too good to be true, it probably is.
  • Avoid pressure sales tactics used to force you into making quick decisions.
  • Don’t share personal or financial information, especially if you’re contacted out of the blue.
  • Watch for red flags such as unsolicited offers, unprofessional communication, and vague or secretive investment details.
  • Use secure and reputable platforms, cryptocurrency exchanges and wallets. Beware of fake or phishing websites.
  • Don’t send money to unknown people without thoroughly verifying their legitimacy.
  • Seek professional advice from a qualified financial advisor before making any significant investments.
  • Trust your instincts and walk away if it doesn’t feel right.
  • Report suspected scams to local authorities or regulatory agencies

“Remember that being cautious and conducting due diligence can go a long way in protecting your financial well-being and avoiding investment scams,” police concluded. Victims can report fraud online or at 905-546-4925.

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