Rise in Crypto Scams in Canada Amid US Trade Tensions

Canadian regulators have alerted citizens to an increase in scams promoting fake cryptocurrency platforms, coinciding with US-imposed trade tariffs on imports.

According to the Alberta Securities Commission, fraudsters fabricated a news article in which then-Prime Minister Justin Trudeau allegedly endorses investment in the CanCap project.

The Financial and Consumer Services Commission of New Brunswick reported a similar scheme.

“The fake Telegraph-Journal article claims that Premier [of New Brunswick Susan Holt] endorses this ‘provincial investment program’ in response to the US tariff increase,” the commission stated.

The article also includes a fabricated transcript of an interview Holt supposedly gave to CBC, promoting CanCap, along with fake photos of her presenting the new platform. Scammers are employing artificial intelligence to lend more legitimacy to their scheme.

Regulators warned that fraudsters exploit the fears of potential victims and can swiftly change the scheme’s name. Previously, they promoted projects like CanCentra and Immediate Flectinium, using at least six websites with different domains.

The current US trade policy is causing uncertainty among Canadians, prompting them to seek alternative income sources. Mark Carney, who succeeded Trudeau as Prime Minister of Canada, criticized US President Donald Trump for “attacking Canadian families” through tariffs.

Back in late 2024, it was reported that the Vancouver City Council would explore the possibility of creating a bitcoin reserve.