OPP launches 'Project Atlas' to fight cryptocurrency fraud

The Ontario Provincial Police has launched a new campaign called Project Atlas, a campaign to tackle cryptocurrency fraud. 

The project is focusing on disrupting organized fraud, supporting victims in the recovery of stolen funds and educating the public about cryptocurrency investment scams.

The Canadian Anti-Fraud Centre reported last year $577 million in fraud losses. Of that, $309 million was crypto investment frauds, according to Const. John Armit of the OPP Anti-Rackets Branch at a news conference on Wednesday.

Project Atlas includes information for the public and victims to know where they can access resources for help if they are scammed. OPP says crypto investment frauds are becoming more sophisticated and are hoping to make it safer for investors to participate in digital currency markets.

"What's happening is these victims are going online and they're dealing directly with the scammers that are teaching them how to open a crypto wallet, how to transfer their crypto. And then, they are shown on these platforms how big their investment gets when actually it's fake," Armit said.

Braeden Keenan, an Ottawa resident who invests in crypto, said his father lost thousands of dollars off cryptocurrency scams.

"My dad actually got scammed on a coin that people were hyping up. He put his money into a virtual wallet, and then it disappeared. All the money is gone. Can't find it, can't get back into it. And I think it was a good $5,000 to $8,000," he said.

Some residents say they'll never touch crypto, while others say just to keep it simple.

"I'm always scared of being scammed because there are scams everywhere. On your phone, on your text, on your emails," said Ottawa resident Andre Dessaint. "There's somebody scamming someone, somewhere all the time."

OPP says it may proactively reach out to individuals have have substained losses to support cryptocurrency recovery efforts and to support the prosecution of offenders.

Anyone who is a victim of a cyptocurrency scam is encouraged to report the incident to both your local police, [e-mail] and to the Canadian Anti-Fraud Centre.

Reports can be filed through the CAFC’s online reporting system or by calling 1-888-495-8501.