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By rdnewsNOW Staff

Do Your Homework

Red Deer RCMP urge caution after $200,000 in bitcoin taken

Jun 30, 2021 | 10:20 AM

Red Deer RCMP would like to remind people to be cautious when making investments in cryptocurrencies.

In 2021, local Mounties say Red Deerians have reported to the RCMP, losses of approximately $200,000 to cryptocurrency thefts, frauds and/or investment scams.

Police offer these tips to safe guard your identity and keep your money safe:

• Do your homework first. Research the company or exchange you are about to trust your money with. Some red flags are unregistered exchange/broker, excessive fees, online reviews stating they are a scam, little to no collection of personal information, high pressure sales tactics.
• Some positive things to look for: exchanges/brokers registered with a provincial securities commission or FINTRAC, and multiple positive online reviews from different cryptocurrency news sites.

RCMP also encourage you to be aware of Initial Coin Offerings. While there are frequently ICO’s (there are currently over 10,000 different cryptocurrencies) some of which are simply scams, according to police.

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Mountie note there are a number of reputable Canadian based exchanges, as well as International based exchanges, but there are also some that are outright scams. Do not trust everything you see on the internet. If something feels off about the company or exchange, look into it more before trusting them with money.

“We put hours of research into a new TV, holiday destination or new car. If you are going to trust a company with potentially thousands of dollars, treat it the same as buying a car. Read up on the exchange, the cryptocurrency you are buying and in general, educate yourself about what you are doing before committing to it,” reads a release from Red Deer RCMP.

If you are the victim of a cryptocurrency related crime, report it to your local police department.

Mounties say despite what some reports claim, Bitcoin and other cryptocurrencies are not “untraceable”.

The Red Deer RCMP Fraud/Cybercrime unit have officers experienced in these complex investigations.