Cryptocurrency ‘pig butchering’ scams on the rise in Ontario [Video]

With cryptocurrency scams up 37 per cent in Durham Region last year police are warning residents to stay vigilant and research before investing your hard-earned money.

If it sounds too good to be true, Durham Regional Police say, it’s probably a scam.

Cryptocurrency investment scams, or ‘pig butchering’ scams, have become increasingly common in the region, with a reported loss in Durham in 2024 of $18.6 million.

“Recently, we have seen many victims trying to make money quickly and are investing online when they see pop-ups of popular public figures advertising investment opportunities,” Durham Police said on their website. “Victims may be targeted through social media, online ads, fraudulent websites, or even by someone they trust, and are often promised higher-than-normal returns with little to no risk.”

Fraudsters direct victims to fraudulent cryptocurrency websites, giving them an account with a login and password and are then directed to fund their …