RATE Group | BCSC warns investors about cryptocurrency ‘smart wallets’
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BCSC warns investors about cryptocurrency ‘smart wallets’

04 Oct BCSC warns investors about cryptocurrency ‘smart wallets’

Posted at 02:33h in Cryptocurrency News by

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Ian Holliday, CTV News Vancouver


Published Thursday, October 3, 2019 6:05PM PDT


Last Updated Thursday, October 3, 2019 6:27PM PDT

VANCOUVER – The British Columbia Securities Commission is warning investors about cryptocurrency “smart wallet” applications that purport to use automated trading to improve returns.

The commission issued an “investor alert” Wednesday that mentioned two specific apps it says make claims that are “too good to be true.”

One app, WoToken Wallet, claims users will earn six to 20 per cent per month by activating the automated trading software, the BCSC said. Another, Cloud Wallet, claims users will earn six to 15 per cent in the same way.

The apps claim to use artificial intelligence software to find and execute high-frequency cryptocurrency trades, which are not controlled by the…

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