#CryptoScamSurge CryptoScamSurge fraudsters often use emotions to attract people, making them feel afraid of missing an opportunity that others are profiting from. With all the hype surrounding cryptocurrencies in the media and online, it's no surprise that scammers are paying attention and trying to profit from investors' interest in digital currencies.

Cryptocurrency is a virtual currency created as an alternative to fiat money. Cryptocurrencies have no inherent value and are not considered legal tender in Canada; their perceived value is primarily based on supply and demand in the market. The first cryptocurrency, Bitcoin, was launched in 2007, and today there are thousands of other digital coins. However, it was only in 2021 that the first cryptocurrency trading platform was legally registered in Canada. Today, the list of registered cryptocurrency trading platforms is growing as more companies seek registration.

Unfortunately, there are many unregistered platforms and fake websites that mimic legitimate companies and deceive people, stealing their money. In 2021, residents of New Brunswick reported losses of more than US$ 1.9 million solely from investment scams.

The best way to protect yourself from scams is to recognize the warning signs and tactics that scammers use to lure people into their fake online cryptocurrency trading platforms.