In Canada, rising cryptocurrency adoption has coincided with an increase in crypto-related crimes. Investment scams hit a record high in 2022, with $308.6 million lost, almost double the previous year. Home invasions targeting crypto holdings have also occurred. A Calgary man experienced a violent home invasion where armed men forced him to reveal his crypto wallet keys. Stolen funds were traced, leading to recovery. Another case involved a senior losing $7.5 million to a sophisticated scam. Authorities have issued warnings about such crimes, leading to a decline in crypto ownership. Bitcoin ownership dropped from 13% (2021) to 9% (August 2022). Despite some decline in crypto crime this year, Canada's adoption ranks 22nd globally, below the US and the UK.
In Canada, rising cryptocurrency adoption has coincided with an increase in crypto-related crimes. Investment scams hit a record high in 2022, with $308.6 million lost, almost double the previous year. Home invasions targeting crypto holdings have also occurred.
A Calgary man experienced a violent home invasion where armed men forced him to reveal his crypto wallet keys. Stolen funds were traced, leading to recovery. Another case involved a senior losing $7.5 million to a sophisticated scam.
Authorities have issued warnings about such crimes, leading to a decline in crypto ownership. Bitcoin ownership dropped from 13% (2021) to 9% (August 2022). Despite some decline in crypto crime this year, Canada's adoption ranks 22nd globally, below the US and the UK.