Nearly 2,000 Victims Identified in Multi-Country Crypto Fraud Investigation
Ontario Provincial Police (OPP) have uncovered a widespread cryptocurrency investment scam, affecting nearly 2,000 victims across Canada, the United States, and 12 other countries. Dubbed Project Atlas, the investigation aims to combat these organized frauds and recover stolen funds.
How the Scam Works: “Approval Phishing” Explained
The scam involves a sophisticated technique called “Approval Phishing,” where victims unknowingly grant scammers access to their cryptocurrency wallets. Fraudsters mimic legitimate apps and services, sending fake requests that appear authentic. By clicking “approve,” victims inadvertently hand over control of their funds to the scammers.
These schemes often begin with enticing ads on social media, dating sites, or search engines, promising quick returns on investments. Victims typically start with a small amount, only to realize later that they can’t access or withdraw their funds.
What Police Are Doing
The OPP has secured 25 judicial authorizations in the operation so far and is urging anyone affected to immediately stop communicating with fraudsters. Victims are encouraged to:
- Contact police.
- Use tools like the Etherscan Token Approval Tool to review and revoke suspicious approvals.
How to Protect Yourself
To avoid falling victim to cryptocurrency scams:
- Be cautious of unsolicited investment opportunities.
- Verify the legitimacy of apps and services before approving wallet access.
- Avoid clicking on links from unknown sources or ads promising quick profits.
Contact Information
Anyone with information about the scam can contact the OPP at 1-888-310-1122 or submit anonymous tips through Crime Stoppers at 1-800-222-8477 or ontariocrimestoppers.ca. Crime Stoppers guarantees anonymity and offers rewards of up to $2,000.
For further resources and advice on protecting yourself, visit www.OPP.ca.