Cryptocurrency Scams on the Rise in Canada Amid U.S. Trade Tariffs
Date: 2025-03-11 Author: Henry Casey Categories: IN WORLD
In response to the economic instability that has come with it, scammers have stepped up their efforts by creating fake cryptocurrency platforms and manipulating public opinion.
The Alberta Securities Commission says scammers have faked a news story claiming that Prime Minister Justin Trudeau has encouraged Canadians to invest in the CanCap project. The article was posted to make the project look like it was officially supported.
New Brunswick is in a similar situation. The Financial and Consumer Services Commission has reported another fake article claiming that New Brunswick Premier Susan Holt is supporting a cryptocurrency project in response to U.S. tariff hikes. The article not only featured a fake quote from Holt, but also doctored photos of her speaking and a fictitious transcript of an interview with CBC. The scammers are using artificial intelligence technology to enhance the credibility of their schemes and lure investors.
The scams, according to regulators, are targeting people who are in a state of uncertainty due to the worsening economic situation. The schemes are not new — scammers have previously used projects called CanCentra and Immediate Flectinium, spreading across several websites with different domains.
With tariffs rising from the U.S., many Canadians have begun to look for alternative ways to invest, making them more vulnerable to scams. The situation has been criticized by new Prime Minister Mark Carney, who has called Donald Trump’s tariff hikes “an attack on Canadian families.”
Additionally, in late 2024, it was revealed that the City of Vancouver is considering creating a Bitcoin reserve, which also speaks to the growing interest of Canadians in cryptocurrencies and digital assets in the face of economic instability.
This rise in crypto scams in Canada is becoming a serious problem that requires government efforts and regular warnings to protect investors from scams.
