January 23,2026
RED FM News Desk
Vancouver Police are alerting the public about cryptocurrency scams, which led to $1.3 million in losses for two victims in January.
On December 24, a 55-year-old woman reported being scammed after meeting someone she believed was an investor promising high returns through an investment pool. Over several months, the two mainly communicated via WhatsApp and WeChat. Trusting the suspect, she invested $565,000 across multiple fake opportunities before the suspect ceased all communication and vanished.
On January 10, an 82-year-old man reported responding to an online ad featuring a picture of former Bank of Canada Governor Mark Carney, which encouraged him to invest in cryptocurrency. Believing the advertisement was genuine, he communicated via the encrypted app Telegram and invested $800,000 over six months through a Canadian cryptocurrency exchange, only realizing later that he had been defrauded.
“Cryptocurrency crimes are difficult to investigate because scammers exploit trust and promise high returns,” said Constable Megan Lui. “The chance of recovering money after these scams is very low.”
In 2025, Vancouver Police received reports of $27 million in fraud.
Constable Lui urged victims to report scams promptly so investigations can begin quickly and warned the public that cryptocurrency scams are on the rise.
Tips to avoid scams:
Verify requests with a trusted family member or friend before sending money.
Research any investment thoroughly; many scams are documented online.
Be cautious of promises of high returns with minimal effort — if it sounds too good to be true, it usually is.
Victims who haven’t yet reported can contact the VPD non-emergency line at 604-717-3321. Crimes in progress should be reported to 9-1-1.
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