A big win for Victoria Police in the fight against cryptocurrency fraud.
Investigators have recovered approximately $80,000 in cryptocurrency funds stolen from an 84-year-old Victoria resident following a complex tech support scam.
This case marks the first time newly enacted digital asset seizure legislation has been utilized in BC showcasing VicPD’s commitment to innovation in combating cyber crime.
The investigation began in December, when the victim contacted police after discovering unauthorized transfers from his cryptocurrency accounts.
The investigation revealed the senior had been targeted by a sophisticated tech support scam.
While experiencing technical issues with his cell phone, the victim used a voice assistant to locate the phone number for TELUS Tech Support and initiated a call.
The individual who answered claimed to be with TELUS, gained remote access to the victim’s phone under the guise of providing assistance, and actually resolved the initial technical issue.
Subsequently, the victim discovered $110,000 had been fraudulently transferred from his cryptocurrency accounts, which he accessed through the same device.
VicPD investigators quickly traced the funds through several accounts on a cryptocurrency exchange, identifying a suspect in South Africa.
Leveraging new federal legislation enacted in 2024, VicPD investigators obtained a Special Warrant to Seize Digital Assets.
This allowed officers to freeze the compromised cryptocurrency accounts and seize a significant portion of the funds, returning them to the victim in May.
The diagram above show the key steps in the investigation.
VicPD reminds the public that time is of the essence when dealing with cryptocurrency fraud.
Reporting incidents to police immediately increases the likelihood of successfully recovering stolen funds before they are moved beyond reach.
If you have been a victim of cryptocurrency fraud, report it to the E-Comm Report Desk at (250) 995-7654, extension 1, and the Canadian Anti-Fraud Centre.