FERGUS — Wellington County OPP are investigating an online fraud that resulted in a financial loss of approximately $50,000 for a Fergus resident.
Police were called Tuesday afternoon at approximately 2:30 p.m. after the resident reported being the victim of an online cryptocurrency scam.
According to police, the victim received communications from individuals claiming to be representatives of a cryptocurrency exchange platform. The individuals told the victim there was a security concern involving their cryptocurrency wallet and accounts.
Believing the communications were legitimate, in part because they included professional branding, the victim followed the instructions provided by the alleged representatives. The victim completed a number of actions involving their accounts and cryptocurrency holdings and believed the security issue had been resolved.
The victim later discovered that unauthorized cryptocurrency transactions had taken place. A significant amount of cryptocurrency had been transferred from the victim’s accounts to unknown wallet addresses.
The resulting financial loss is estimated at approximately $50,000.
The investigation remains ongoing.
Police are reminding residents to be cautious when receiving unsolicited communications regarding cryptocurrency accounts or other financial information. Individuals should independently verify the identity of anyone claiming to represent a financial or cryptocurrency service before taking any action involving their accounts or funds.
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