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Every Third Canadian Crypto Investor Lost Money in Scams: Study

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• According to a survey, 35% of Canadian crypto owners have been victims of crypto scams.
• The report found that 9% of locals have purchased digital assets such as cryptocurrencies or NFTs, with the share being higher among university graduates.
• Popular scams include charging a fee for “services” from an investment manager, sharing wallet information after requesting additional information, and purchasing digital currencies from mysterious individuals who then disappear with the money.

Crypto Scams in Canada

According to research conducted by contributors of the Toronto Metropolitan University (TMU), approximately 35% of Canadians owning digital assets had fallen victim to crypto fraud. Additionally, it was estimated that around 9% of the locals have purchased cryptocurrencies or NFTs, with this number being higher among those with a university education.

Common Crypto Scams

The study revealed several common types of fraudulent schemes related to cryptocurrencies in Canada. 14% of Canadians said they were contacted by someone posing as an investment manager and taking a fee for their services before disappearing without providing any service at all. 10% admitted giving out their wallet information following a request for additional information, while 7% reported purchasing digital currencies from mysterious individuals who then disappeared with the money.

Financial Losses & Risks

Falling prey to these cryptocurrency scams can result in significant financial losses which could compromise large sums taken from lines of credit, credit cards or life savings. Besides financial losses, there is also the risk of personal and financial information being shared or stolen which could lead to more serious problems down the road.

How To Protect Yourself

To protect yourself against crypto scams it is important to remember never to share your wallet details or private key information with anyone online or via email requests, no matter how convincing they may seem. It is also advisable not to purchase digital currencies from unknown sources and instead purchase them through well-known exchanges which offer buyer protection services such as ID verification procedures and refunds should something go wrong during a transaction.


Cryptocurrency scams are becoming increasingly commonplace in Canada hence it is important for users to take extra caution when dealing with any kind of crypto investments or transactions online if they want to avoid falling victim to fraudsters. By following some simple safety precautions such as verifying IDs and avoiding unknown sellers it will be much easier to stay safe while investing in digital assets like cryptocurrencies and NFTs.

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