Article content
The RCMP has seized $640,000 worth of cryptocurrency in connection with an investment fraud targeting an Ontario resident.
Article content
On July 3, following a Special Warrant for Digital Assets, members of the RCMP’s Federal Policing Criminal Operations – Virtual Assets team recovered approximately 460,000 Tether (USDT), a cryptocurrency pegged to the U.S. dollar. The funds were traced and seized as proceeds of crime.
Article content
According to RCMP Sergeant Ryan Berry, the victim’s quick action was key to the successful recovery.
“In cases of stolen cryptocurrency, timing is everything,” said Berry. “The sooner investigators begin following the transactions, the higher the likelihood of interdiction and seizure during the money laundering process.”
The operation also received cooperation from Tether International, S.A. de C.V., which Berry described as instrumental in recovering the funds. He stressed the importance of collaboration with private companies when dealing with digital currency.
The RCMP advises Canadians to exercise caution when considering online investment offers, especially those involving cryptocurrency. The agency recommends reporting suspicious activity to local police or the Canadian Anti-Fraud Centre.
The seized cryptocurrency has been secured as part of an ongoing investigation. No charges have been announced.
Share this article in your social network