Canadians lost $103 million to various cryptocurrency investment scams in the first half of this year, according to the Canadian Anti-Fraud Centre (CAFC).
The losses in 2025 build on the $224 million in money lost to crypto scams during 2024 as more Canadians try to invest in digital assets such as Bitcoin (BTC) and Ethereum (ETH).
A growing number of Canadians are falling for scams that involve fake videos generated with artificial intelligence (A.I.) that feature politicians or celebrities promoting fake websites.
According to the Canadian Anti-Fraud Centre, in 2024, crypto investments represented over 70% of reported losses to investment fraud.
Most of those frauds involved altered videos that used A.I. to make it appear as if someone was saying to invest in a platform that was completely fake.
The centre warns people that when watching videos online, it’s important to remain skeptical and do their own research.
The anti-fraud centre also urges Canadians to exercise caution when viewing videos that show public figures saying something out of character, like giving investment advice.
Canadians aren’t alone in being duped by sophisticated cryptocurrency scams.
Worldwide, crypto scams and hacks cost investors $2.5 billion U.S. in the first half of this year, according to a recent report from security firm Certik.
Losses due to crypto scams are a growing problem globally as criminals perpetrate sophisticated thefts that increasingly use A.I. and deepfakes to fool and confuse investors.
Crypto wallet hacks and phishing scams remain the two most common forms for hackers and scammers to steal people’s money, says the Certik report.
Bitcoin, the largest cryptocurrency by market capitalization, is currently trading at $118,855 U.S., having risen 27% so far this year.
