Canadians lost over $103 million due to cryptocurrency investment scams in 2025.
These schemes often exploit deepfake videos impersonating famous figures to deceive investors, causing them to lose substantial savings through fraudulent investment projects.
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Canadians lost over $103 million in 2025 due to cryptocurrency scams, mainly through deepfake videos.
Scammers impersonate videos of famous politicians to persuade investments, causing many people to lose all their savings.
CAFC warns about suspicious cryptocurrency investment platforms online, encouraging the public to be cautious and to research thoroughly.
How much did Canadians lose from cryptocurrency scams in 2025?
According to a report from the Canadian Anti-Fraud Centre (CAFC), the total amount lost due to cryptocurrency investment fraud is $103,172,872. CTV News also confirms that reports of cryptocurrency scams are received weekly, with most victims losing money after viewing AI-generated ads and deepfake videos.
This is a sign that the scale of losses is becoming increasingly severe, while also warning users to raise awareness of the sophisticated tricks used by scam groups.
How are deepfake videos used in scams?
Scammers often use deepfake technology to create fake videos of reputable figures like former Finance Ministers or Prime Ministers to persuade investors to put money into fake projects.
A prime example is the case of Mr. Don and Ms. Guylaine Perkins in Ontario, who believed in a deepfake video impersonating former Finance Minister Chrystia Freeland, resulting in the loss of $42,600 of the family’s savings. This video called for investment with assurances of safety from the impersonated figure, causing them to fall into the trap severely.
"We were scammed out of a large sum of money and do not want anyone else to face a similar situation."
Don Perkins, scam victim, Ontario, 2025
What are the common forms of cryptocurrency scams in Canada?
In addition to deepfake videos, scammers also trick victims into providing bank information, thereby stealing all the money from their accounts. Brenda Dionne, another resident of Ontario, lost $16,000 after providing information to the perpetrator through a fake video of Prime Minister Mark Carney.
The CAFC report for 2024 also shows that 62% of the total $310 million lost due to investment fraud is directly related to cryptocurrency, leading to losses of up to $190 million.
How does CAFC and experts warn the public?
The spokesperson for CAFC emphasized that when searching for cryptocurrency investments online, the first platforms that appear may be fraudulent. Videos that seem 'too good to be true', especially those featuring public figures saying unusual things, are warning signs to be highly cautious.
"Always be skeptical and cautious, and research thoroughly before engaging in cryptocurrency investment transactions."
Representative of the Canadian Anti-Fraud Centre (CAFC), 2025
How to recognize and avoid being deceived by deepfake videos?
First, users need to verify the reliability of sources, not trust unofficial videos that contain promises of high returns or absolute safety. It is advisable to seek information through official channels and reputable experts. CAFC advises Canadians to maintain a skeptical attitude and not to transfer money to individuals or projects that have not been verified.
Frequently Asked Questions
1. What is CAFC and what is its role?
CAFC is the Canadian Anti-Fraud Centre, specializing in monitoring and handling fraud cases nationwide, providing information to alert the public, and coordinating with law enforcement agencies.
2. What is deepfake and why is it easy to be scammed?
Deepfake is a technology that creates fake videos of real people's images and voices, making the words and images appear realistic, which makes it easy for investors to be deceived.
3. How to protect yourself from cryptocurrency scams?
Do not trust investment ads from unclear sources, verify information through reputable channels, and do not provide sensitive information to strangers or non-transparent platforms.
4. Why are scammers targeting cryptocurrency?
Cryptocurrency has low transparency, is easily transferable, and is harder to trace compared to traditional financial forms, facilitating fraud.
5. If I suspect I have been scammed in cryptocurrency, what should I do?
Immediately report to authorities such as CAFC, while ceasing all related transactions and keeping evidence and transaction records for investigation.
Source: https://tintucbitcoin.com/lua-dao-tien-dien-tu-canada-mat-103-trieu/
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