On March 10, the securities regulator in Alberta and New Brunswick, Canada, warned that crypto scammers are using fake news articles and portraits of government figures to capitalize on trade war scares. In an alert on March 7, the Alberta Securities Commission said that a crypto investment scam called "CanCap" faked an endorsement from then-Prime Minister Justin Trudeau by faking a news article from Canada's National Public Broadcasting Corporation (CBC). "The fake article claimed that the Prime Minister was responding to U.S. tariffs by supporting an investment scheme involving digital currencies," the regulator said.
The New Brunswick Financial and Consumer Services Commission also warned on March 5 that CanCap had used fake news articles claiming that New Brunswick Premier Susan Holt supported the platform, including fake interviews and doctored photos of Holt with CBC.
The regulator noted that scammers are increasingly using current events to target the fears of potential victims and using artificial intelligence to fake endorsements and generate content to make the scam appear legitimate. They added that scammers can quickly change the name and appearance of the scheme, already using names such as "CanCentra" and "Immediate Flectinium" and linking it to at least six other websites with different domains.
Canadian regulators: Be wary of crypto scams that lure victims through fake news articles and trade war scares
2025-03-10 06:31:47
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