British Columbia Officials and RCMP Issue Alert About International Crypto “Money Mules”
British Columbia Securities Commission (BCSC) and Royal Canadian Mounted Police (RCMP) have jointly issued a warning to ten residents of British Columbia for their suspected involvement in global cryptocurrency fraud schemes, as disclosed in a press briefing on Monday.
The RCMP’s Integrated Marketing Enforcement Team (IMET) and BCSC delivered the warnings in person on May 29. Authorities claim that these individuals facilitated the illegal transfer of funds related to digital assets internationally, essentially acting as crypto “money mules.”
BCSC and RCMP IMET Take Action Against Illicit Crypto Activities
RCMP Superintendent Adam Macintosh stated, “We will identify individuals who clearly demonstrate intent and knowledge in their actions, which are essential to substantiate charges and secure convictions in criminal court.”
The region has been struggling to combat the rising trend of crypto-related crimes, with Surrey residents alone losing more than $12 million to fraudulent cryptocurrency schemes in 2023.
In the first two months of 2024, authorities in the Vancouver metropolitan area received over 50 reports of crypto fraud, resulting in a total of $3.2 million being stolen.
“Scammers utilize deceptive websites and mobile applications that display fictitious trades and profits to entice victims to invest in the platform. Once the victim tries to withdraw their funds, they are often asked for additional money for taxes and fees,” the RCMP explained in a statement from March 2024. “Eventually, the scammer cuts off communication with the victim, who then realizes they have been swindled out of their entire investment.”
Growing Concerns About Digital Asset Scams in North America
The recent press conference held by Canadian officials highlights the increasing concerns surrounding crypto scams in North America. The U.S. Federal Trade Commission (FTC) recently advised consumers to cease all contact with potential cryptocurrency fraudsters.
Moreover, the Canadian Anti-Fraud Centre (CAFC) cautioned the public about the surge in crypto-related scams that frequently result in investors losing a significant portion, if not all, of their funds.
“These sophisticated scams exploit the public’s interest in and limited understanding of crypto assets through social manipulation and financial grooming techniques,” the CAFC mentioned in a statement. “Victims are coerced into transferring larger sums of money.”
It appears that BCSC and IMET are taking decisive action against unlawful digital asset activities.
Although no arrests have been made yet in connection with B.C. crypto “money mules,” the recent warning from BCSC and IMET may signal the imminent filing of criminal charges against the implicated individuals.
