SASKATOON - Police are warning the public to be wary of a new cryptocurrency scam.
The Saskatoon Police Service Economic Crime Unit and Cybercrime Detail is advising the public about the rise and increasingly devastating effects of a cryptocurrency-related scam commonly known as “pig butchering.”
This cryptocurrency scam typically begins with an unsolicited text, email, or contact via social media in the form of a message that is intended for someone other than the victim. Slowly over time, after gaining the trust of the victim, the suspects often introduce a website or phone application that appears to be a legitimate investment platform. To ease any apprehension from the victim about the nature of the investments, suspects will get victims to invest a small amount of funds to the fraudulent platform and return a larger amount to their personal account shortly after. This small return, in addition to the appearance of a legitimate website and/or web application, convinces the victim to invest large sums of funds to the fraudulent platform.
Victims will have access to this seemingly legitimate web platform showing what appears to be large returns on their initial investment. This often encourages victims of these scams to continue to put more funds into the fraudulent platform; however, the returns on investment the web platform displays to the victims are not real.
Once the victim is ready to make a withdrawal, the suspects will often solicit more funds by introducing fees, taxes, etc. Once the suspect determines there are no more funds to solicit, they cease contact completely, leaving the victim with a large loss of what can be tens or even hundreds of thousands of dollars.
The Saskatoon Police Service is encouraging members of the public to report if they have been a victim of this scam. If you have any information regarding the scam, contact police at 306-975-8300 or Crime Stoppers.
