Bitcoin scam worth $2 million in Vancouver: What you need to know

Picture courtesy : Master the crypto

Nearly $2 million were stolen in Vancouver in just one week via cryptocurrencies like Bitcoin reported the Vancouver police department. Here is everything we know about the scam:

1. Vancouver police said on Friday that there is an alarming increase in cryptocurrency scams in the Vancouver area which has led to residents losing $2 million in just one week.

2. Police said that many incidents are still unreported because the victims feel embarrassed to come forward.

3. VPD said that scammers are targeting people via two emotions: love and greed.

4. The scammer usually begins a romantic involvement with the victim and over some time extracts money in form of cryptocurrency.

5. Another form that is being used is greed. Scammers lure victims into believing that they can increase their investment multifold. When the victim tries to withdraw the money, scammers end all communications and disappear.

6. Cst. Tania Visintin with the Vancouver Police Department said that these suspects are difficult to track down as they are based overseas and use technologies like VPN to target their victims.