Saskatchewan RCMP are warning the public of an unusually high number of scam calls involving cryptocurrency being reported across the province in 2022.
Swift Current reported 105 reports of victims of cryptocurrency fraud losses totalling more than $361,000.
Maidstone RCMP only reported 37 calls, but the losses totalled more than $570, 000.
Saskatchewan crypto co-ordinator Const. Tyson Maxwell said the scammers are often located at international locations or hiding behind nearly untraceable IP addresses, making investigating the reports extremely difficult.
“There are thousands of different cryptocurrencies and cryptocurrency companies in the market today. Some are legitimate companies, while others may have weak online security or are completely fraudulent,” Maxwell said in an RCMP statement.