A 400% Jump in Crypto Scams in Canada

e_abrams

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According to a recent report by the Canadian police cryptocurrency scams in the countries spiked by a shocking 400% between 2017 and 2020.

In the first 8 months of 2020 alone Canadian citizens lost CAD $11 million, or some USD $8.73 million to a disturbing number of cryptocurrency scams. Sgt. Kris Clark, a federal organized crime officer in the Royal Canadian Mounted Police (RCMP) commented on the matter and said that scammers would pressure or even extort their victims to deposit, going as far as to threaten them with violence if they don’t pay.

“They will often identify themselves as a government official or police officer to increase the level of jeopardy if immediate action is not taken by the target to pay” he added.
Source

I am not surprised that crypto scams have increased in number so much in recent years, considering cryptos increased popularity, but I am shocked that the scammers would resort to threats of violence. Wouldn’t that give up the scam?