Victims Lose $2M in Cryptocurrency Frauds, Vancouver Police Warn Scams More Frequent

A sign advertises a Bitcoin automated teller machine, ATM, at a shop in Halifax on February 4, 2020. Bitcoin is a cryptocurrency which isn’t controlled by a central bank or agency. Bitcoin is created, distributed, traded and stored with the use of a decentralized ledger system known as blockchain. These transactions are transparent and secure. Andrew Vaughan / The Canadian Press

VANCOUVER—Police say cryptocurrency scams cost victims in the Vancouver-area about $2 million in just one week and investigators believe the frauds are becoming more common.

Vancouver police Const. Tania Visintin says she knows of at least four active cases where large amounts of money have been lost.