Canadian supervisory authority warns: crypto fraudsters use the citizens of the citizens of a trade war
- The Canadian stock market supervision warns of a new cryptoc fraud stitch, in which the fraudsters specify to be supported by government officials.
- The fraudsters produce with the help of AI fake news to manipulate the fears of investors, although they constantly change topics and websites.
The securities supervisory authorities of the Canadian provinces Alberta and New Brunswick warned recently the public before Cancap, a new kind of crypto fraud. The perpetrators pretend to be supported by government representatives and use people’s fear of a trade war.
The Alberta securities supervisory authority has also revealed that Cancap fought a recommendation from the former Prime Minister of Canada. The fraud was an article with a text that was similar to a news article that could come from Canada’s State Broadcasting Institute (CBC). In this article it was later claimed that Trudeau supported a crypto -based investment program in response to the tariffs of the United States.
The ASC is warning the public about a recently reported crypto investment scam called CanCap. Visit https://t.co/pgSeA5fcCz for more information on how you can spot the signs of fraud and protect yourself https://t.co/977V8mhMCi pic.twitter.com/MIz8ckOkbj
— Alberta Securities Commission (@ASCUpdates) March 7, 2025
Likewise, the Financial and Consumer Services Commission of New Brunswick found that Cancap misleaded the public and was associated with Prime Minister Susan Holt. He revealed that the fraudsters had developed a fake Telegraph Journal article and an interview in which Holt advocated the plan. Other pictures were also shown to give the fake to the fake reports an authentic appearance.
The fear of the trade war lets the fraud escalated
Officials also reported that criminals are now using artificial intelligence to create fake fears and generate fake content. This makes it difficult to combat fraudsters because they often change both the name and the website address. Cancap has used other names such as Cantera and Immediate Flectinium to operate over several domains.
The current worldwide instability causes various fraudsters to actively contact people who are affected by economic instability. The US tariffs introduced in February have had an impact on finances and opened new opportunities for all types of snowball systems that attract people who are looking for opportunities to save money.
The authorities emphasize the need to examine and understand investment offers which signals you have to pay attention to, namely on offers that you receive without prior contact, and on guarantees for high income at low risk.
Crypto fraud on the advance
The blockchain analysis company Chainalysis recently found that in 2024 $ 9.9 billion were sent to these crypto wallets associated with the fraud. The company estimated the value of $ 12.4 billion and believes that the number will increase if more fraud is uncovered.
The report also reports on the increase in frauds with love relationships that are known locally as “pork slaughter”, and a fraudster takes contact with the victim about social media or a dating app and encourages to invest in fake cryptocurrencies.
The use of artificial intelligence has also increased regularly in crypto frauds. Similarly, the data from Chainalysis showed that some AI service providers like Houione were able to increase their sales by 1900 % in the year.
According to the North American Securities Administrators Association (NASAA), crypto fraud and social media fraud are among the numerous risks that small investors will be exposed to in 2025. As part of the survey, state and provincial supervisory authorities stated in both the USA and Canada that fraudsters use AI and crypto to increase the effectiveness of fraud. Leslie van Buskirk, President of Nasaa, said that Fraudsters take advantage of the fear, to miss something (FOMO), which makes investors invest without informing themselves.
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