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1. Shard Calculation

Query:

Response:

Calculated Shard: 112 (from laksa058)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa112.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/red-flags-of-crypto-fraud/\')), getAhrefsUnparsedNoserviceFromURL(\'https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/red-flags-of-crypto-fraud/\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/red-flags-of-crypto-fraud\/","crawl_time":1776567107,"first_indexed_time":1738250551,"http_code":200,"src_unparsed":"ca,getsmarteraboutmoney!www,\/learning-path\/crypto-assets\/red-flags-of-crypto-fraud\/ s443","src_root_hash":"7357558722929076712","history_drop_reason":null,"meta_title":"What are the red flags of crypto fraud? | GetSmarterAboutMoney.ca","meta_descriptions":["There has been a significant rise in investor complaints about crypto-related scams. Learn how to identify the warning signs of crypto fraud."],"attrs_boilerpipe_text":"There has been a significant rise in investor complaints about crypto-related scams. Learn how to identify the warning signs of crypto fraud.\nOn this page you’ll find\nWhat are the red flags of crypto fraud?\nWhat are examples of crypto fraud?\nSummary\nYou may have seen news stories about the changing value of various crypto assets. And you may be curious about whether investing in crypto could lead to a high return.\nIf you are considering investing in crypto assets, always work with a \nregistered crypto asset trading platform\n(CTP). These platforms are subject to regulatory requirements that helps protect investors. When you give money to an unregistered CTP, you could be giving your money to a fraudulent CTP and in that case, there is typically no way for anyone to get it back. \nThere has been a significant rise in investor complaints about crypto-related scams. There are several warning signs of crypto fraud, including:\nFake websites: Fraudulent crypto\nasset\ntrading platforms can look very similar to legitimate sites, making it difficult for you to tell the difference. These websites’ polished look may lure you into sharing personal information, financial information, and crypto wallet passwords that end up in the scammer’s hands. Often these websites use a lot of jargon and have no contact details. In some cases, these platforms mimic a legitimate platform by name and appearance but are used to phish information from you.\nFake social media posts: You may see on social media postings from influencers or celebrities endorsing particular crypto assets or legitimate sounding crypto asset trading platforms. These posts may be digitally altered or created using artificial intelligence tools (known as “deepfakes”) to sound like the message is coming from a trusted source to direct you to these assets or platforms.\nCelebrity faces: Just because you see a celebrity’s photo on promotional materials, it does not mean the famous face is knowledgeable or actually endorses the company.\nUnsolicited phone calls, texts, emails and direct messages via social media platforms: You keep getting contacted by someone trying to get your personal information such as your crypto wallet details, banking information or to get you to send money or crypto assets. You may also be contacted by someone pretending to be with law enforcement or the government asking for payment in crypto.\nNo trading experience needed: You’re told not to worry about a lack of trading knowledge. They tell you it’s all done automatically for you, so you don’t need to know anything.\nAsking for access to your computer: You’re told to download an app on your computer or phone (such as AnyDesk, Teamviewer) that actually gives the fraudsters access to your computer (often called a “Trojan horse” tactic).\nToo good to be true: You’re offered an unbelievably low price that’s below \nmarket value\n. And you may be guaranteed unrealistically high returns over a short time frame, such as 50% return on your\ninvestment\nin two months.\nPaying more to get less: You’re told you must provide more money before you can make any withdrawals.\nEarly returns hook: You\ninvest\na small amount that appears to earn a good return, so you invest much more, only to find out later that your entire investment has disappeared.\nDisappearing act: You can’t reach anyone when you make a request to withdraw money.\nIf you are concerned about a crypto \nscam\n,\ncontact the OSC\nusing the\nonline form\n, or call 1-877-785-1555 or email \ninquiries@osc.gov.on.ca\n.\nCrypto assets are generally considered high risk. Purchasing crypto assets is a speculative activity and their value and\nliquidity\nare highly volatile. Learn more about \nthe risks of investing in crypto\n.\nWhat are examples of crypto fraud?\nThe\nOSC Contact Centre\nhas had a large increase in crypto-related complaints. The experiences of people who have lost money in crypto-related frauds include:\nA costly click\n– Warren was intrigued by online ads offering fantastic\nprofits\nin crypto. The dentist clicked on one ad and invested a small amount. He was impressed by how much his offshore online\naccount\nwas making. Being careful, he successfully withdrew $500. Warren then invested $25,000, confident his investment was safe. Later he tried to withdraw $3,000, and he was told to pay $1,500 to cover fees. After paying, the company stopped responding to his emails and Warren never recovered any of his money.   \nA disappearing act\n– Sally met Harry on an online dating app. Harry told Sally he owned properties and traded crypto assets for hundreds of clients. He offered to invest for her too and said he would not charge any commission. On his instruction, she used a bitcoin ATM to send funds directly to his digital wallet. Harry said her investment grew dramatically. Sally sent more money, until all her $300,000 was “invested.” Suddenly, Harry was gone and Sally’s money too — without a trace. \nA famous face\n– Tannis saw an online crypto ad with a picture of someone famous. Intrigued, she clicked the link, provided her contact information and invested. When she tried to withdraw her crypto assets, they told her to pay more money for “taxes and\nmargin\nissues.” She paid but then was unable to reach anyone or access her account. \nIn most cases, when people have had their money taken by a fraudster it’s gone for good. Their money cannot be retrieved. If someone connects with you later promising to help you get your money back, it could be a\nrecovery room scam\n.\nIt’s very difficult to get crypto assets back once they have been transferred to another address outside of your control. Complicating factors include how challenging it is to identify the person(s) in control of blockchain addresses and the use of tools that make tracing the transfer of crypto assets difficult.\nFinancial fraud can be a stressful and time-consuming experience. It can affect you both financially and emotionally. Find out\nwhat to do if you have been defrauded\n.\nSummary\nFraudsters are increasingly using crypto as part of their scams. Protect yourself. Watch out for the red flags of crypto fraud that include:\nFake websites that claim to be registered crypto asset trading platforms or are similar in appearance to legitimately registered crypto asset trading platforms.\nFake or misleading social media posts promoting crypto products or crypto asset trading platforms.\nCelebrity “endorsements” promoting crypto products.\nUnsolicited phone calls, texts, emails and direct messages via social media platforms about crypto investments.\nEquating initial returns on small investments with safety to invest a large amount.\nBeing told you don’t need any trading experience to invest.\nRequests to download apps onto your computer or phone.\nMarketing of unrealistically high returns.\nRequests to pay more money to withdraw your investment.\nWhen you can’t reach anyone when you want to withdraw your money.  \nPost navigation\nBack To:\n8 min read\nUp Next:\n7 min read","attrs_markdown":"[Skip to content](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/red-flags-of-crypto-fraud\/#primary)\n\nMenu\n\n- [Français](https:\/\/www.gerezmieuxvotreargent.ca\/chemin-dapprentissage\/cryptoactifs\/alerte-a-la-fraude-arnaques-aux-cryptomonnaies\/)\n- Investing basics\n  - Back to Investing basics\n  - [Getting started](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/getting-started\/)Learn about the stock market, investment types, and how to get started.\n  - [Understanding risk](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/understanding-risk\/)Learn about the risk-return relationship, risk tolerance, and why it matters.\n  - [Building your investing strategy](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/building-your-investing-strategy\/)Your investing strategy is personal. 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[Investing questions](https:\/\/investingquestions.ca\/)Find unbiased answers to your investing questions from a trusted source.\n- [Investing Academy](https:\/\/www.getsmarteraboutmoney.ca\/learn\/)\n\n[![GetSmarterAboutMoney.ca](https:\/\/www.getsmarteraboutmoney.ca\/app\/themes\/gsam\/images\/logo-desktop_1.svg)](https:\/\/www.getsmarteraboutmoney.ca\/)\n\n[Français](https:\/\/www.gerezmieuxvotreargent.ca\/chemin-dapprentissage\/cryptoactifs\/alerte-a-la-fraude-arnaques-aux-cryptomonnaies\/)\n\n[Home](https:\/\/www.getsmarteraboutmoney.ca\/) \/ Types of investments \/ [Crypto assets](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/) \/ What are the red flags of crypto fraud?\n\n[Cryptoassets](https:\/\/www.getsmarteraboutmoney.ca\/topics\/cryptoassets\/) [Fraud](https:\/\/www.getsmarteraboutmoney.ca\/topics\/fraud\/)\n\n# What are the red flags of crypto fraud?\n5 min read\n\nShare this article\n\n# Share\nClose\n\n- [Share to Twitter](https:\/\/twitter.com\/intent\/tweet?text=https%3A%2F%2Fwww.getsmarteraboutmoney.ca%2Flearning-path%2Fcrypto-assets%2Fred-flags-of-crypto-fraud%2F)\n- [Share to Facebook](https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.getsmarteraboutmoney.ca%2Flearning-path%2Fcrypto-assets%2Fred-flags-of-crypto-fraud%2F)\n- [Share to LinkedIn](https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https%3A%2F%2Fwww.getsmarteraboutmoney.ca%2Flearning-path%2Fcrypto-assets%2Fred-flags-of-crypto-fraud%2F)\n- [Share to Reddit](http:\/\/www.reddit.com\/submit?url=https%3A%2F%2Fwww.getsmarteraboutmoney.ca%2Flearning-path%2Fcrypto-assets%2Fred-flags-of-crypto-fraud%2F)\n- [Share via Email](mailto:?body=https%3A%2F%2Fwww.getsmarteraboutmoney.ca%2Flearning-path%2Fcrypto-assets%2Fred-flags-of-crypto-fraud%2F)\n- Copy Link\n\nCancel\n\nThere has been a significant rise in investor complaints about crypto-related scams. Learn how to identify the warning signs of crypto fraud.\n\n## On this page you’ll find\n- [What are the red flags of crypto fraud?](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/red-flags-of-crypto-fraud\/#h-what-are-the-red-flags-of-crypto-fraud)\n- [What are examples of crypto fraud?](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/red-flags-of-crypto-fraud\/#h-what-are-examples-of-crypto-fraud)\n- [Summary](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/red-flags-of-crypto-fraud\/#h-article-takeaways)\n\n## What are the red flags of crypto fraud?\nYou may have seen news stories about the changing value of various crypto assets. And you may be curious about whether investing in crypto could lead to a high return.\n\nIf you are considering investing in crypto assets, always work with a [registered crypto asset trading platform](https:\/\/www.osc.ca\/en\/industry\/registration-and-compliance\/registered-crypto-asset-trading-platforms) (CTP). These platforms are subject to regulatory requirements that helps protect investors. When you give money to an unregistered CTP, you could be giving your money to a fraudulent CTP and in that case, there is typically no way for anyone to get it back.\n\nThere has been a significant rise in investor complaints about crypto-related scams. There are several warning signs of crypto fraud, including:\n\n1. Fake websites: Fraudulent crypto assetAsset Something of value that a company or an individual owns or controls. Examples: buildings, equipment,…[\\+ read full definition](https:\/\/www.getsmarteraboutmoney.ca\/glossary\/#asset) trading platforms can look very similar to legitimate sites, making it difficult for you to tell the difference. These websites’ polished look may lure you into sharing personal information, financial information, and crypto wallet passwords that end up in the scammer’s hands. Often these websites use a lot of jargon and have no contact details. In some cases, these platforms mimic a legitimate platform by name and appearance but are used to phish information from you.\n2. Fake social media posts: You may see on social media postings from influencers or celebrities endorsing particular crypto assets or legitimate sounding crypto asset trading platforms. These posts may be digitally altered or created using artificial intelligence tools (known as “deepfakes”) to sound like the message is coming from a trusted source to direct you to these assets or platforms.\n3. Celebrity faces: Just because you see a celebrity’s photo on promotional materials, it does not mean the famous face is knowledgeable or actually endorses the company.\n4. Unsolicited phone calls, texts, emails and direct messages via social media platforms: You keep getting contacted by someone trying to get your personal information such as your crypto wallet details, banking information or to get you to send money or crypto assets. You may also be contacted by someone pretending to be with law enforcement or the government asking for payment in crypto.\n5. No trading experience needed: You’re told not to worry about a lack of trading knowledge. They tell you it’s all done automatically for you, so you don’t need to know anything.\n6. Asking for access to your computer: You’re told to download an app on your computer or phone (such as AnyDesk, Teamviewer) that actually gives the fraudsters access to your computer (often called a “Trojan horse” tactic).\n7. Too good to be true: You’re offered an unbelievably low price that’s below market valueMarket value The value of an investment on the statement date. The market value tells you what…[\\+ read full definition](https:\/\/www.getsmarteraboutmoney.ca\/glossary\/#market-value). And you may be guaranteed unrealistically high returns over a short time frame, such as 50% return on your investmentInvestment An item of value you buy to get income or to grow in value.[\\+ read full definition](https:\/\/www.getsmarteraboutmoney.ca\/glossary\/#investment) in two months.\n8. Paying more to get less: You’re told you must provide more money before you can make any withdrawals.\n9. Early returns hook: You investInvest To use money for the purpose of making more money by making an investment. Often…[\\+ read full definition](https:\/\/www.getsmarteraboutmoney.ca\/glossary\/#invest) a small amount that appears to earn a good return, so you invest much more, only to find out later that your entire investment has disappeared.\n10. Disappearing act: You can’t reach anyone when you make a request to withdraw money.\n\nIf you are concerned about a crypto scamScam When someone tries to make money by misleading or tricking another person.[\\+ read full definition](https:\/\/www.getsmarteraboutmoney.ca\/glossary\/#scam), [contact the OSC](mailto:contact%20the%20OSC) using the [online form](mailto:online%20form), or call 1-877-785-1555 or email [inquiries@osc.gov.on.ca](mailto:inquiries@osc.gov.on.ca).\n\n> Crypto assets are generally considered high risk. Purchasing crypto assets is a speculative activity and their value and liquidityLiquidity Refers to how easy it is to change an investment or asset into cash, without…[\\+ read full definition](https:\/\/www.getsmarteraboutmoney.ca\/glossary\/#liquidity) are highly volatile. Learn more about [the risks of investing in crypto](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/what-are-the-risks-of-investing-in-crypto\/).\n## What are examples of crypto fraud?\nThe [OSC Contact Centre](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/making-a-complaint\/how-to-reach-the-osc-inquiries-and-contact-centre\/) has had a large increase in crypto-related complaints. The experiences of people who have lost money in crypto-related frauds include:\n\n- **A costly click** – Warren was intrigued by online ads offering fantastic profitsProfits A financial gain for a person or company. Equals the money left over after you…[\\+ read full definition](https:\/\/www.getsmarteraboutmoney.ca\/glossary\/#profits) in crypto. The dentist clicked on one ad and invested a small amount. He was impressed by how much his offshore online accountAccount An agreement you make with a financial institution to handle your money. You can set…[\\+ read full definition](https:\/\/www.getsmarteraboutmoney.ca\/glossary\/#account) was making. Being careful, he successfully withdrew \\$500. Warren then invested \\$25,000, confident his investment was safe. Later he tried to withdraw \\$3,000, and he was told to pay \\$1,500 to cover fees. After paying, the company stopped responding to his emails and Warren never recovered any of his money.\n- **A disappearing act** – Sally met Harry on an online dating app. Harry told Sally he owned properties and traded crypto assets for hundreds of clients. He offered to invest for her too and said he would not charge any commission. On his instruction, she used a bitcoin ATM to send funds directly to his digital wallet. Harry said her investment grew dramatically. Sally sent more money, until all her \\$300,000 was “invested.” Suddenly, Harry was gone and Sally’s money too — without a trace.\n- **A famous face** – Tannis saw an online crypto ad with a picture of someone famous. Intrigued, she clicked the link, provided her contact information and invested. When she tried to withdraw her crypto assets, they told her to pay more money for “taxes and marginMargin A way to buy investments by borrowing money from a stockbroker. You must also invest…[\\+ read full definition](https:\/\/www.getsmarteraboutmoney.ca\/glossary\/#margin) issues.” She paid but then was unable to reach anyone or access her account.\n\nIn most cases, when people have had their money taken by a fraudster it’s gone for good. Their money cannot be retrieved. If someone connects with you later promising to help you get your money back, it could be a [recovery room scam](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/types-of-fraud\/recovery-room-scams\/).\n\nIt’s very difficult to get crypto assets back once they have been transferred to another address outside of your control. Complicating factors include how challenging it is to identify the person(s) in control of blockchain addresses and the use of tools that make tracing the transfer of crypto assets difficult.\n\n> Financial fraud can be a stressful and time-consuming experience. It can affect you both financially and emotionally. Find out [what to do if you have been defrauded](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/reporting-fraud\/what-to-do-if-you-are-defrauded\/).\n\n## Summary\nFraudsters are increasingly using crypto as part of their scams. Protect yourself. Watch out for the red flags of crypto fraud that include:\n\n- Fake websites that claim to be registered crypto asset trading platforms or are similar in appearance to legitimately registered crypto asset trading platforms.\n- Fake or misleading social media posts promoting crypto products or crypto asset trading platforms.\n- Celebrity “endorsements” promoting crypto products.\n- Unsolicited phone calls, texts, emails and direct messages via social media platforms about crypto investments.\n- Equating initial returns on small investments with safety to invest a large amount.\n- Being told you don’t need any trading experience to invest.\n- Requests to download apps onto your computer or phone.\n- Marketing of unrealistically high returns.\n- Requests to pay more money to withdraw your investment.\n- When you can’t reach anyone when you want to withdraw your money.\n\nLast updated\n\nSeptember 9, 2025\n\n![](https:\/\/www.getsmarteraboutmoney.ca\/app\/uploads\/2023\/07\/Crypto_Chameleon_Simplified_2x.png)\n\n## Crypto assets\n## Articles in this section\nShow articles in this section Hide articles in this section\n\nArticles read\n\n[What are crypto assets?](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/what-are-crypto-assets\/)  8 min read\n\n[How are crypto assets regulated?](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/how-are-crypto-assets-regulated\/)  5 min read\n\n[Understanding crypto asset trading platforms](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/understanding-crypto-asset-trading-platforms\/)  8 min read\n\nWhat are the red flags of crypto fraud? 5 min read\n\n[What are the risks of investing in crypto?](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/what-are-the-risks-of-investing-in-crypto\/)  7 min read\n\n[The unsteady truth about stablecoins](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/the-unsteady-truth-about-stablecoins\/)  9 min read\n\n[Check your crypto knowledge](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/check-your-crypto-knowledge\/)  1 min read\n\n[Digital coin basics](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/digital-coin-basics\/)  6 min read\n\n[Canadian crypto survey results for 2023](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/canadian-crypto-survey-results-for-2023\/)  4 min read\n\n[Digital tokens: A reality check](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/digital-tokens-a-reality-check\/)  4 min read\n\n[Ontarians and cryptocurrencies: A first look](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/ontarians-and-cryptocurrencies-a-first-look\/)  2 min read\n\n[Taking caution: Financial Consumers and the Cryptoasset Sector](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/taking-caution-financial-consumers-and-the-cryptoasset-sector\/)  4 min read\n\nFeedback\n\n## Feedback Survey\nClose\n\n## Post navigation\nBack To:\n\n[Previous: Understanding crypto asset trading platforms](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/understanding-crypto-asset-trading-platforms\/)\n\n8 min read\n\nUp Next:\n\n[Next: What are the risks of investing in crypto?](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/what-are-the-risks-of-investing-in-crypto\/)\n\n7 min read\n\n## Sign up for Investor News\nJoin 18,000+ subscribers and stay informed with timely articles, the latest investor warnings and financial literacy resources like videos, calculators and quizzes.\n\nPast issues\n\n- [April 18, 2026](http:\/\/eepurl.com\/jD3zI2)\n- [April 14, 2026](http:\/\/eepurl.com\/jDEvuA)\n- [March 24, 2026](http:\/\/eepurl.com\/jB6P9M)\n\n![GetSmarterAboutMoney.ca](https:\/\/www.getsmarteraboutmoney.ca\/app\/themes\/gsam\/images\/OSC-ON-White_1.svg)\n\n## Connect with us\n[Facebook](https:\/\/www.facebook.com\/GetSmarterAboutMoney\/)\n\n[Twitter](https:\/\/twitter.com\/smarter_money)\n\n[YouTube](https:\/\/www.youtube.com\/GetSmarterAboutMoney)\n\n[Instagram](https:\/\/www.instagram.com\/getsmarteraboutmoney\/)\n\n- [About Us](https:\/\/www.getsmarteraboutmoney.ca\/about-us\/)\n- [Contact Us](https:\/\/www.getsmarteraboutmoney.ca\/contact-us\/)\n- [Investor News](https:\/\/www.getsmarteraboutmoney.ca\/investor-news\/)\n- [Media](https:\/\/www.osc.ca\/en\/news-events\/media-resources)\n- [Glossary](https:\/\/www.getsmarteraboutmoney.ca\/glossary\/)\n- [OSC in the community](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/community-outreach\/)\n- [OSC Website](https:\/\/www.osc.ca\/en)\n- [Terms of use](https:\/\/www.getsmarteraboutmoney.ca\/terms-of-use\/)\n- [Privacy Policy](https:\/\/www.getsmarteraboutmoney.ca\/privacy-policy\/)\n- [Accessibility policy](https:\/\/www.getsmarteraboutmoney.ca\/accessibility-policy\/)\n\n## Brought to you by the OSC Investor Office\nThis website is provided for informational purposes only and is not a source of official OSC policy or a substitute for legal or financial advice. We recommend that you consult with a qualified professional advisor before acting on any information appearing on this website. For details, please see our full [Terms of Use](https:\/\/www.getsmarteraboutmoney.ca\/terms-of-use\/) and [Privacy policy](https:\/\/www.getsmarteraboutmoney.ca\/privacy-policy\/)\n\n© Ontario Securities Commission 2026\n\nGo back to top","attrs_readable_markdown":"There has been a significant rise in investor complaints about crypto-related scams. Learn how to identify the warning signs of crypto fraud.\n\n## On this page you’ll find\n- [What are the red flags of crypto fraud?](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/red-flags-of-crypto-fraud\/#h-what-are-the-red-flags-of-crypto-fraud)\n- [What are examples of crypto fraud?](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/red-flags-of-crypto-fraud\/#h-what-are-examples-of-crypto-fraud)\n- [Summary](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/red-flags-of-crypto-fraud\/#h-article-takeaways)\n\nYou may have seen news stories about the changing value of various crypto assets. And you may be curious about whether investing in crypto could lead to a high return.\n\nIf you are considering investing in crypto assets, always work with a [registered crypto asset trading platform](https:\/\/www.osc.ca\/en\/industry\/registration-and-compliance\/registered-crypto-asset-trading-platforms) (CTP). These platforms are subject to regulatory requirements that helps protect investors. When you give money to an unregistered CTP, you could be giving your money to a fraudulent CTP and in that case, there is typically no way for anyone to get it back.\n\nThere has been a significant rise in investor complaints about crypto-related scams. There are several warning signs of crypto fraud, including:\n\n1. Fake websites: Fraudulent crypto asset trading platforms can look very similar to legitimate sites, making it difficult for you to tell the difference. These websites’ polished look may lure you into sharing personal information, financial information, and crypto wallet passwords that end up in the scammer’s hands. Often these websites use a lot of jargon and have no contact details. In some cases, these platforms mimic a legitimate platform by name and appearance but are used to phish information from you.\n2. Fake social media posts: You may see on social media postings from influencers or celebrities endorsing particular crypto assets or legitimate sounding crypto asset trading platforms. These posts may be digitally altered or created using artificial intelligence tools (known as “deepfakes”) to sound like the message is coming from a trusted source to direct you to these assets or platforms.\n3. Celebrity faces: Just because you see a celebrity’s photo on promotional materials, it does not mean the famous face is knowledgeable or actually endorses the company.\n4. Unsolicited phone calls, texts, emails and direct messages via social media platforms: You keep getting contacted by someone trying to get your personal information such as your crypto wallet details, banking information or to get you to send money or crypto assets. You may also be contacted by someone pretending to be with law enforcement or the government asking for payment in crypto.\n5. No trading experience needed: You’re told not to worry about a lack of trading knowledge. They tell you it’s all done automatically for you, so you don’t need to know anything.\n6. Asking for access to your computer: You’re told to download an app on your computer or phone (such as AnyDesk, Teamviewer) that actually gives the fraudsters access to your computer (often called a “Trojan horse” tactic).\n7. Too good to be true: You’re offered an unbelievably low price that’s below market value. And you may be guaranteed unrealistically high returns over a short time frame, such as 50% return on your investment in two months.\n8. Paying more to get less: You’re told you must provide more money before you can make any withdrawals.\n9. Early returns hook: You invest a small amount that appears to earn a good return, so you invest much more, only to find out later that your entire investment has disappeared.\n10. Disappearing act: You can’t reach anyone when you make a request to withdraw money.\n\nIf you are concerned about a crypto scam, [contact the OSC](mailto:contact%20the%20OSC) using the [online form](mailto:online%20form), or call 1-877-785-1555 or email [inquiries@osc.gov.on.ca](mailto:inquiries@osc.gov.on.ca).\n\n> Crypto assets are generally considered high risk. Purchasing crypto assets is a speculative activity and their value and liquidity are highly volatile. Learn more about [the risks of investing in crypto](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/crypto-assets\/what-are-the-risks-of-investing-in-crypto\/).\n## What are examples of crypto fraud?\nThe [OSC Contact Centre](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/making-a-complaint\/how-to-reach-the-osc-inquiries-and-contact-centre\/) has had a large increase in crypto-related complaints. The experiences of people who have lost money in crypto-related frauds include:\n\n- **A costly click** – Warren was intrigued by online ads offering fantastic profits in crypto. The dentist clicked on one ad and invested a small amount. He was impressed by how much his offshore online account was making. Being careful, he successfully withdrew \\$500. Warren then invested \\$25,000, confident his investment was safe. Later he tried to withdraw \\$3,000, and he was told to pay \\$1,500 to cover fees. After paying, the company stopped responding to his emails and Warren never recovered any of his money.\n- **A disappearing act** – Sally met Harry on an online dating app. Harry told Sally he owned properties and traded crypto assets for hundreds of clients. He offered to invest for her too and said he would not charge any commission. On his instruction, she used a bitcoin ATM to send funds directly to his digital wallet. Harry said her investment grew dramatically. Sally sent more money, until all her \\$300,000 was “invested.” Suddenly, Harry was gone and Sally’s money too — without a trace.\n- **A famous face** – Tannis saw an online crypto ad with a picture of someone famous. Intrigued, she clicked the link, provided her contact information and invested. When she tried to withdraw her crypto assets, they told her to pay more money for “taxes and margin issues.” She paid but then was unable to reach anyone or access her account.\n\nIn most cases, when people have had their money taken by a fraudster it’s gone for good. Their money cannot be retrieved. If someone connects with you later promising to help you get your money back, it could be a [recovery room scam](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/types-of-fraud\/recovery-room-scams\/).\n\nIt’s very difficult to get crypto assets back once they have been transferred to another address outside of your control. Complicating factors include how challenging it is to identify the person(s) in control of blockchain addresses and the use of tools that make tracing the transfer of crypto assets difficult.\n\n> Financial fraud can be a stressful and time-consuming experience. It can affect you both financially and emotionally. Find out [what to do if you have been defrauded](https:\/\/www.getsmarteraboutmoney.ca\/learning-path\/reporting-fraud\/what-to-do-if-you-are-defrauded\/).\n\n## Summary\nFraudsters are increasingly using crypto as part of their scams. Protect yourself. Watch out for the red flags of crypto fraud that include:\n\n- Fake websites that claim to be registered crypto asset trading platforms or are similar in appearance to legitimately registered crypto asset trading platforms.\n- Fake or misleading social media posts promoting crypto products or crypto asset trading platforms.\n- Celebrity “endorsements” promoting crypto products.\n- Unsolicited phone calls, texts, emails and direct messages via social media platforms about crypto investments.\n- Equating initial returns on small investments with safety to invest a large amount.\n- Being told you don’t need any trading experience to invest.\n- Requests to download apps onto your computer or phone.\n- Marketing of unrealistically high returns.\n- Requests to pay more money to withdraw your investment.\n- When you can’t reach anyone when you want to withdraw your money.\n\n## Post navigation\nBack To:\n\n8 min read\n\nUp Next:\n\n7 min read","meta_canonical":null}

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Meta Description	There has been a significant rise in investor complaints about crypto-related scams. Learn how to identify the warning signs of crypto fraud.
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Boilerpipe Text	There has been a significant rise in investor complaints about crypto-related scams. Learn how to identify the warning signs of crypto fraud. On this page you’ll find What are the red flags of crypto fraud? What are examples of crypto fraud? Summary You may have seen news stories about the changing value of various crypto assets. And you may be curious about whether investing in crypto could lead to a high return. If you are considering investing in crypto assets, always work with a registered crypto asset trading platform (CTP). These platforms are subject to regulatory requirements that helps protect investors. When you give money to an unregistered CTP, you could be giving your money to a fraudulent CTP and in that case, there is typically no way for anyone to get it back. There has been a significant rise in investor complaints about crypto-related scams. There are several warning signs of crypto fraud, including: Fake websites: Fraudulent crypto asset trading platforms can look very similar to legitimate sites, making it difficult for you to tell the difference. These websites’ polished look may lure you into sharing personal information, financial information, and crypto wallet passwords that end up in the scammer’s hands. Often these websites use a lot of jargon and have no contact details. In some cases, these platforms mimic a legitimate platform by name and appearance but are used to phish information from you. Fake social media posts: You may see on social media postings from influencers or celebrities endorsing particular crypto assets or legitimate sounding crypto asset trading platforms. These posts may be digitally altered or created using artificial intelligence tools (known as “deepfakes”) to sound like the message is coming from a trusted source to direct you to these assets or platforms. Celebrity faces: Just because you see a celebrity’s photo on promotional materials, it does not mean the famous face is knowledgeable or actually endorses the company. Unsolicited phone calls, texts, emails and direct messages via social media platforms: You keep getting contacted by someone trying to get your personal information such as your crypto wallet details, banking information or to get you to send money or crypto assets. You may also be contacted by someone pretending to be with law enforcement or the government asking for payment in crypto. No trading experience needed: You’re told not to worry about a lack of trading knowledge. They tell you it’s all done automatically for you, so you don’t need to know anything. Asking for access to your computer: You’re told to download an app on your computer or phone (such as AnyDesk, Teamviewer) that actually gives the fraudsters access to your computer (often called a “Trojan horse” tactic). Too good to be true: You’re offered an unbelievably low price that’s below market value . And you may be guaranteed unrealistically high returns over a short time frame, such as 50% return on your investment in two months. Paying more to get less: You’re told you must provide more money before you can make any withdrawals. Early returns hook: You invest a small amount that appears to earn a good return, so you invest much more, only to find out later that your entire investment has disappeared. Disappearing act: You can’t reach anyone when you make a request to withdraw money. If you are concerned about a crypto scam , contact the OSC using the online form , or call 1-877-785-1555 or email inquiries@osc.gov.on.ca . Crypto assets are generally considered high risk. Purchasing crypto assets is a speculative activity and their value and liquidity are highly volatile. Learn more about the risks of investing in crypto . What are examples of crypto fraud? The OSC Contact Centre has had a large increase in crypto-related complaints. The experiences of people who have lost money in crypto-related frauds include: A costly click – Warren was intrigued by online ads offering fantastic profits in crypto. The dentist clicked on one ad and invested a small amount. He was impressed by how much his offshore online account was making. Being careful, he successfully withdrew $500. Warren then invested $25,000, confident his investment was safe. Later he tried to withdraw $3,000, and he was told to pay $1,500 to cover fees. After paying, the company stopped responding to his emails and Warren never recovered any of his money. A disappearing act – Sally met Harry on an online dating app. Harry told Sally he owned properties and traded crypto assets for hundreds of clients. He offered to invest for her too and said he would not charge any commission. On his instruction, she used a bitcoin ATM to send funds directly to his digital wallet. Harry said her investment grew dramatically. Sally sent more money, until all her $300,000 was “invested.” Suddenly, Harry was gone and Sally’s money too — without a trace. A famous face – Tannis saw an online crypto ad with a picture of someone famous. Intrigued, she clicked the link, provided her contact information and invested. When she tried to withdraw her crypto assets, they told her to pay more money for “taxes and margin issues.” She paid but then was unable to reach anyone or access her account. In most cases, when people have had their money taken by a fraudster it’s gone for good. Their money cannot be retrieved. If someone connects with you later promising to help you get your money back, it could be a recovery room scam . It’s very difficult to get crypto assets back once they have been transferred to another address outside of your control. Complicating factors include how challenging it is to identify the person(s) in control of blockchain addresses and the use of tools that make tracing the transfer of crypto assets difficult. Financial fraud can be a stressful and time-consuming experience. It can affect you both financially and emotionally. Find out what to do if you have been defrauded . Summary Fraudsters are increasingly using crypto as part of their scams. Protect yourself. Watch out for the red flags of crypto fraud that include: Fake websites that claim to be registered crypto asset trading platforms or are similar in appearance to legitimately registered crypto asset trading platforms. Fake or misleading social media posts promoting crypto products or crypto asset trading platforms. Celebrity “endorsements” promoting crypto products. Unsolicited phone calls, texts, emails and direct messages via social media platforms about crypto investments. Equating initial returns on small investments with safety to invest a large amount. Being told you don’t need any trading experience to invest. Requests to download apps onto your computer or phone. Marketing of unrealistically high returns. Requests to pay more money to withdraw your investment. When you can’t reach anyone when you want to withdraw your money. Post navigation Back To: 8 min read Up Next: 7 min read
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[Cryptoassets](https://www.getsmarteraboutmoney.ca/topics/cryptoassets/) [Fraud](https://www.getsmarteraboutmoney.ca/topics/fraud/) # What are the red flags of crypto fraud? 5 min read Share this article # Share Close - [Share to Twitter](https://twitter.com/intent/tweet?text=https%3A%2F%2Fwww.getsmarteraboutmoney.ca%2Flearning-path%2Fcrypto-assets%2Fred-flags-of-crypto-fraud%2F) - [Share to Facebook](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.getsmarteraboutmoney.ca%2Flearning-path%2Fcrypto-assets%2Fred-flags-of-crypto-fraud%2F) - [Share to LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fwww.getsmarteraboutmoney.ca%2Flearning-path%2Fcrypto-assets%2Fred-flags-of-crypto-fraud%2F) - [Share to Reddit](http://www.reddit.com/submit?url=https%3A%2F%2Fwww.getsmarteraboutmoney.ca%2Flearning-path%2Fcrypto-assets%2Fred-flags-of-crypto-fraud%2F) - [Share via Email](mailto:?body=https%3A%2F%2Fwww.getsmarteraboutmoney.ca%2Flearning-path%2Fcrypto-assets%2Fred-flags-of-crypto-fraud%2F) - Copy Link Cancel There has been a significant rise in investor complaints about crypto-related scams. Learn how to identify the warning signs of crypto fraud. ## On this page you’ll find - [What are the red flags of crypto fraud?](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/red-flags-of-crypto-fraud/#h-what-are-the-red-flags-of-crypto-fraud) - [What are examples of crypto fraud?](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/red-flags-of-crypto-fraud/#h-what-are-examples-of-crypto-fraud) - [Summary](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/red-flags-of-crypto-fraud/#h-article-takeaways) ## What are the red flags of crypto fraud? You may have seen news stories about the changing value of various crypto assets. And you may be curious about whether investing in crypto could lead to a high return. If you are considering investing in crypto assets, always work with a [registered crypto asset trading platform](https://www.osc.ca/en/industry/registration-and-compliance/registered-crypto-asset-trading-platforms) (CTP). These platforms are subject to regulatory requirements that helps protect investors. When you give money to an unregistered CTP, you could be giving your money to a fraudulent CTP and in that case, there is typically no way for anyone to get it back. There has been a significant rise in investor complaints about crypto-related scams. There are several warning signs of crypto fraud, including: 1. Fake websites: Fraudulent crypto assetAsset Something of value that a company or an individual owns or controls. Examples: buildings, equipment,…[\+ read full definition](https://www.getsmarteraboutmoney.ca/glossary/#asset) trading platforms can look very similar to legitimate sites, making it difficult for you to tell the difference. These websites’ polished look may lure you into sharing personal information, financial information, and crypto wallet passwords that end up in the scammer’s hands. Often these websites use a lot of jargon and have no contact details. In some cases, these platforms mimic a legitimate platform by name and appearance but are used to phish information from you. 2. Fake social media posts: You may see on social media postings from influencers or celebrities endorsing particular crypto assets or legitimate sounding crypto asset trading platforms. These posts may be digitally altered or created using artificial intelligence tools (known as “deepfakes”) to sound like the message is coming from a trusted source to direct you to these assets or platforms. 3. Celebrity faces: Just because you see a celebrity’s photo on promotional materials, it does not mean the famous face is knowledgeable or actually endorses the company. 4. Unsolicited phone calls, texts, emails and direct messages via social media platforms: You keep getting contacted by someone trying to get your personal information such as your crypto wallet details, banking information or to get you to send money or crypto assets. You may also be contacted by someone pretending to be with law enforcement or the government asking for payment in crypto. 5. No trading experience needed: You’re told not to worry about a lack of trading knowledge. They tell you it’s all done automatically for you, so you don’t need to know anything. 6. Asking for access to your computer: You’re told to download an app on your computer or phone (such as AnyDesk, Teamviewer) that actually gives the fraudsters access to your computer (often called a “Trojan horse” tactic). 7. Too good to be true: You’re offered an unbelievably low price that’s below market valueMarket value The value of an investment on the statement date. The market value tells you what…[\+ read full definition](https://www.getsmarteraboutmoney.ca/glossary/#market-value). And you may be guaranteed unrealistically high returns over a short time frame, such as 50% return on your investmentInvestment An item of value you buy to get income or to grow in value.[\+ read full definition](https://www.getsmarteraboutmoney.ca/glossary/#investment) in two months. 8. Paying more to get less: You’re told you must provide more money before you can make any withdrawals. 9. Early returns hook: You investInvest To use money for the purpose of making more money by making an investment. Often…[\+ read full definition](https://www.getsmarteraboutmoney.ca/glossary/#invest) a small amount that appears to earn a good return, so you invest much more, only to find out later that your entire investment has disappeared. 10. Disappearing act: You can’t reach anyone when you make a request to withdraw money. If you are concerned about a crypto scamScam When someone tries to make money by misleading or tricking another person.[\+ read full definition](https://www.getsmarteraboutmoney.ca/glossary/#scam), [contact the OSC](mailto:contact%20the%20OSC) using the [online form](mailto:online%20form), or call 1-877-785-1555 or email [inquiries@osc.gov.on.ca](mailto:inquiries@osc.gov.on.ca). > Crypto assets are generally considered high risk. Purchasing crypto assets is a speculative activity and their value and liquidityLiquidity Refers to how easy it is to change an investment or asset into cash, without…[\+ read full definition](https://www.getsmarteraboutmoney.ca/glossary/#liquidity) are highly volatile. Learn more about [the risks of investing in crypto](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/what-are-the-risks-of-investing-in-crypto/). ## What are examples of crypto fraud? The [OSC Contact Centre](https://www.getsmarteraboutmoney.ca/learning-path/making-a-complaint/how-to-reach-the-osc-inquiries-and-contact-centre/) has had a large increase in crypto-related complaints. The experiences of people who have lost money in crypto-related frauds include: - A costly click – Warren was intrigued by online ads offering fantastic profitsProfits A financial gain for a person or company. Equals the money left over after you…[\+ read full definition](https://www.getsmarteraboutmoney.ca/glossary/#profits) in crypto. The dentist clicked on one ad and invested a small amount. He was impressed by how much his offshore online accountAccount An agreement you make with a financial institution to handle your money. You can set…[\+ read full definition](https://www.getsmarteraboutmoney.ca/glossary/#account) was making. Being careful, he successfully withdrew \$500. Warren then invested \$25,000, confident his investment was safe. Later he tried to withdraw \$3,000, and he was told to pay \$1,500 to cover fees. After paying, the company stopped responding to his emails and Warren never recovered any of his money. - A disappearing act – Sally met Harry on an online dating app. Harry told Sally he owned properties and traded crypto assets for hundreds of clients. He offered to invest for her too and said he would not charge any commission. On his instruction, she used a bitcoin ATM to send funds directly to his digital wallet. Harry said her investment grew dramatically. Sally sent more money, until all her \$300,000 was “invested.” Suddenly, Harry was gone and Sally’s money too — without a trace. - A famous face – Tannis saw an online crypto ad with a picture of someone famous. Intrigued, she clicked the link, provided her contact information and invested. When she tried to withdraw her crypto assets, they told her to pay more money for “taxes and marginMargin A way to buy investments by borrowing money from a stockbroker. You must also invest…[\+ read full definition](https://www.getsmarteraboutmoney.ca/glossary/#margin) issues.” She paid but then was unable to reach anyone or access her account. In most cases, when people have had their money taken by a fraudster it’s gone for good. Their money cannot be retrieved. If someone connects with you later promising to help you get your money back, it could be a [recovery room scam](https://www.getsmarteraboutmoney.ca/learning-path/types-of-fraud/recovery-room-scams/). It’s very difficult to get crypto assets back once they have been transferred to another address outside of your control. Complicating factors include how challenging it is to identify the person(s) in control of blockchain addresses and the use of tools that make tracing the transfer of crypto assets difficult. > Financial fraud can be a stressful and time-consuming experience. It can affect you both financially and emotionally. Find out [what to do if you have been defrauded](https://www.getsmarteraboutmoney.ca/learning-path/reporting-fraud/what-to-do-if-you-are-defrauded/). ## Summary Fraudsters are increasingly using crypto as part of their scams. Protect yourself. Watch out for the red flags of crypto fraud that include: - Fake websites that claim to be registered crypto asset trading platforms or are similar in appearance to legitimately registered crypto asset trading platforms. - Fake or misleading social media posts promoting crypto products or crypto asset trading platforms. - Celebrity “endorsements” promoting crypto products. - Unsolicited phone calls, texts, emails and direct messages via social media platforms about crypto investments. - Equating initial returns on small investments with safety to invest a large amount. - Being told you don’t need any trading experience to invest. - Requests to download apps onto your computer or phone. - Marketing of unrealistically high returns. - Requests to pay more money to withdraw your investment. - When you can’t reach anyone when you want to withdraw your money. Last updated September 9, 2025 ![](https://www.getsmarteraboutmoney.ca/app/uploads/2023/07/Crypto_Chameleon_Simplified_2x.png) ## Crypto assets ## Articles in this section Show articles in this section Hide articles in this section Articles read [What are crypto assets?](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/what-are-crypto-assets/) 8 min read [How are crypto assets regulated?](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/how-are-crypto-assets-regulated/) 5 min read [Understanding crypto asset trading platforms](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/understanding-crypto-asset-trading-platforms/) 8 min read What are the red flags of crypto fraud? 5 min read [What are the risks of investing in crypto?](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/what-are-the-risks-of-investing-in-crypto/) 7 min read [The unsteady truth about stablecoins](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/the-unsteady-truth-about-stablecoins/) 9 min read [Check your crypto knowledge](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/check-your-crypto-knowledge/) 1 min read [Digital coin basics](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/digital-coin-basics/) 6 min read [Canadian crypto survey results for 2023](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/canadian-crypto-survey-results-for-2023/) 4 min read [Digital tokens: A reality check](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/digital-tokens-a-reality-check/) 4 min read [Ontarians and cryptocurrencies: A first look](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/ontarians-and-cryptocurrencies-a-first-look/) 2 min read [Taking caution: Financial Consumers and the Cryptoasset Sector](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/taking-caution-financial-consumers-and-the-cryptoasset-sector/) 4 min read Feedback ## Feedback Survey Close ## Post navigation Back To: [Previous: Understanding crypto asset trading platforms](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/understanding-crypto-asset-trading-platforms/) 8 min read Up Next: [Next: What are the risks of investing in crypto?](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/what-are-the-risks-of-investing-in-crypto/) 7 min read ## Sign up for Investor News Join 18,000+ subscribers and stay informed with timely articles, the latest investor warnings and financial literacy resources like videos, calculators and quizzes. 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Readable Markdown	There has been a significant rise in investor complaints about crypto-related scams. Learn how to identify the warning signs of crypto fraud. ## On this page you’ll find - [What are the red flags of crypto fraud?](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/red-flags-of-crypto-fraud/#h-what-are-the-red-flags-of-crypto-fraud) - [What are examples of crypto fraud?](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/red-flags-of-crypto-fraud/#h-what-are-examples-of-crypto-fraud) - [Summary](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/red-flags-of-crypto-fraud/#h-article-takeaways) You may have seen news stories about the changing value of various crypto assets. And you may be curious about whether investing in crypto could lead to a high return. If you are considering investing in crypto assets, always work with a [registered crypto asset trading platform](https://www.osc.ca/en/industry/registration-and-compliance/registered-crypto-asset-trading-platforms) (CTP). These platforms are subject to regulatory requirements that helps protect investors. When you give money to an unregistered CTP, you could be giving your money to a fraudulent CTP and in that case, there is typically no way for anyone to get it back. There has been a significant rise in investor complaints about crypto-related scams. There are several warning signs of crypto fraud, including: 1. Fake websites: Fraudulent crypto asset trading platforms can look very similar to legitimate sites, making it difficult for you to tell the difference. These websites’ polished look may lure you into sharing personal information, financial information, and crypto wallet passwords that end up in the scammer’s hands. Often these websites use a lot of jargon and have no contact details. In some cases, these platforms mimic a legitimate platform by name and appearance but are used to phish information from you. 2. Fake social media posts: You may see on social media postings from influencers or celebrities endorsing particular crypto assets or legitimate sounding crypto asset trading platforms. These posts may be digitally altered or created using artificial intelligence tools (known as “deepfakes”) to sound like the message is coming from a trusted source to direct you to these assets or platforms. 3. Celebrity faces: Just because you see a celebrity’s photo on promotional materials, it does not mean the famous face is knowledgeable or actually endorses the company. 4. Unsolicited phone calls, texts, emails and direct messages via social media platforms: You keep getting contacted by someone trying to get your personal information such as your crypto wallet details, banking information or to get you to send money or crypto assets. You may also be contacted by someone pretending to be with law enforcement or the government asking for payment in crypto. 5. No trading experience needed: You’re told not to worry about a lack of trading knowledge. They tell you it’s all done automatically for you, so you don’t need to know anything. 6. Asking for access to your computer: You’re told to download an app on your computer or phone (such as AnyDesk, Teamviewer) that actually gives the fraudsters access to your computer (often called a “Trojan horse” tactic). 7. Too good to be true: You’re offered an unbelievably low price that’s below market value. And you may be guaranteed unrealistically high returns over a short time frame, such as 50% return on your investment in two months. 8. Paying more to get less: You’re told you must provide more money before you can make any withdrawals. 9. Early returns hook: You invest a small amount that appears to earn a good return, so you invest much more, only to find out later that your entire investment has disappeared. 10. Disappearing act: You can’t reach anyone when you make a request to withdraw money. If you are concerned about a crypto scam, [contact the OSC](mailto:contact%20the%20OSC) using the [online form](mailto:online%20form), or call 1-877-785-1555 or email [inquiries@osc.gov.on.ca](mailto:inquiries@osc.gov.on.ca). > Crypto assets are generally considered high risk. Purchasing crypto assets is a speculative activity and their value and liquidity are highly volatile. Learn more about [the risks of investing in crypto](https://www.getsmarteraboutmoney.ca/learning-path/crypto-assets/what-are-the-risks-of-investing-in-crypto/). ## What are examples of crypto fraud? The [OSC Contact Centre](https://www.getsmarteraboutmoney.ca/learning-path/making-a-complaint/how-to-reach-the-osc-inquiries-and-contact-centre/) has had a large increase in crypto-related complaints. The experiences of people who have lost money in crypto-related frauds include: - A costly click – Warren was intrigued by online ads offering fantastic profits in crypto. The dentist clicked on one ad and invested a small amount. He was impressed by how much his offshore online account was making. Being careful, he successfully withdrew \$500. Warren then invested \$25,000, confident his investment was safe. Later he tried to withdraw \$3,000, and he was told to pay \$1,500 to cover fees. After paying, the company stopped responding to his emails and Warren never recovered any of his money. - A disappearing act – Sally met Harry on an online dating app. Harry told Sally he owned properties and traded crypto assets for hundreds of clients. He offered to invest for her too and said he would not charge any commission. On his instruction, she used a bitcoin ATM to send funds directly to his digital wallet. Harry said her investment grew dramatically. Sally sent more money, until all her \$300,000 was “invested.” Suddenly, Harry was gone and Sally’s money too — without a trace. - A famous face – Tannis saw an online crypto ad with a picture of someone famous. Intrigued, she clicked the link, provided her contact information and invested. When she tried to withdraw her crypto assets, they told her to pay more money for “taxes and margin issues.” She paid but then was unable to reach anyone or access her account. In most cases, when people have had their money taken by a fraudster it’s gone for good. Their money cannot be retrieved. If someone connects with you later promising to help you get your money back, it could be a [recovery room scam](https://www.getsmarteraboutmoney.ca/learning-path/types-of-fraud/recovery-room-scams/). It’s very difficult to get crypto assets back once they have been transferred to another address outside of your control. Complicating factors include how challenging it is to identify the person(s) in control of blockchain addresses and the use of tools that make tracing the transfer of crypto assets difficult. > Financial fraud can be a stressful and time-consuming experience. It can affect you both financially and emotionally. Find out [what to do if you have been defrauded](https://www.getsmarteraboutmoney.ca/learning-path/reporting-fraud/what-to-do-if-you-are-defrauded/). ## Summary Fraudsters are increasingly using crypto as part of their scams. Protect yourself. Watch out for the red flags of crypto fraud that include: - Fake websites that claim to be registered crypto asset trading platforms or are similar in appearance to legitimately registered crypto asset trading platforms. - Fake or misleading social media posts promoting crypto products or crypto asset trading platforms. - Celebrity “endorsements” promoting crypto products. - Unsolicited phone calls, texts, emails and direct messages via social media platforms about crypto investments. - Equating initial returns on small investments with safety to invest a large amount. - Being told you don’t need any trading experience to invest. - Requests to download apps onto your computer or phone. - Marketing of unrealistically high returns. - Requests to pay more money to withdraw your investment. - When you can’t reach anyone when you want to withdraw your money. ## Post navigation Back To: 8 min read Up Next: 7 min read
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