The Manitoba Securities Fee (MSC) has issued a public warning in opposition to cryptocurrency scams after experiences of fraud involving two European corporations.

On March 20, the Manitoba securities watchdog revealed an investor alert relating to Jbcapitals and Halifax & Related for defrauding a rural Manitoban of greater than $5,500. The 2 corporations are affiliated with one another and primarily function in Switzerland and Denmark.

Crypto scammers goal victims on Fb

Senior MSC investigator Jason Roy acknowledged that the sufferer was lured by a Fb advert for Jbcapitals:

“The corporate, Jbcapitals claimed to put money into Bitcoin/cryptocurrency markets on behalf of their shoppers with an ‘85% success price’, however the sufferer was by no means capable of get well any of his preliminary funding or supposed returns.”

The MSC warns buyers to look out for crimson flags that recommend fraud. These embrace the promise of excessive returns or insider data, and sometimes apply strain on buyers to make choices shortly.

Police warn Manitobans of scams involving Bitcoin ATMs

On March 17, the Winnipeg Police Service revealed an article by way of the Winnipeg Free Press warning that numerous Manitobans have fallen victims to scams “the place fraudsters are having victims ship them cash within the type of Bitcoin.”

The scams are executed underneath quite a lot of pretexts, corresponding to pretend romantic liaisons or job alternatives, with victims usually directed to switch BTC by way of Bitcoin ATMs. 

The police have urged Manitobans to not switch funds to people they haven’t met in particular person or to pay “authorities utility payments” utilizing a Bitcoin ATM.

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