Maureen Ward talks with CBC News about the rise in cryptocurrency scams in Nova Scotia. The province's Securities Commission says citizens have lost more than $1 million to crypto fraud since the fall of 2022.
Maureen said cryptocurrency scams are on the rise across Canada. She said people are often enticed by cryptocurrency because there are real stories of people making millions from it—but the industry is changing.
"Now the industry is really rife with fraud, sadly, and I think that's really why it's growing. It's a perfect opportunity for a fraudster," Maureen said. "The cryptocurrency industry and that decentralized network is an ideal environment within which a fraudster can operate."
She said she's not surprised by the loss in Nova Scotia. "I would have thought it was more, and it probably is more and people aren't reporting it because there's a bit of hopelessness when it comes to being a victim of crypto fraud".
She said some people may not pursue criminals through the courts because they're hesitant to spend more money legal fees to recover their assets.
Still, Maureen said she doesn't want to sway people from the industry. "It's just really a matter of having a level of confidence [and] doing your due diligence and being careful with your money and not sort of putting all your eggs in one basket, if you will."
"You have to assume you're going to lose it, frankly, if you're going to put money into it."
Bennett Jones