RATE Group | Manitoba Regulator and Police Warn of Increase in Bitcoin Scams
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Manitoba Regulator and Police Warn of Increase in Bitcoin Scams

26 Mar Manitoba Regulator and Police Warn of Increase in Bitcoin Scams

Posted at 07:46h in Bitcoin News by

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The Manitoba Securities Commission (MSC) has issued a public warning against cryptocurrency scams after reports of fraud involving two European firms.

On March 20, the Manitoba securities watchdog published an investor alert regarding Jbcapitals and Halifax & Associated for defrauding a rural Manitoban of more than $5,500. The two firms are affiliated with each other and primarily operate in Switzerland and Denmark.

Crypto scammers target victims on Facebook

Senior MSC investigator Jason Roy stated that the victim was lured by a Facebook ad for Jbcapitals:

“The company, Jbcapitals claimed to invest in Bitcoin/cryptocurrency markets on behalf of their clients with an ‘85% success rate’, but the victim was never able to recover any of his initial investment or supposed returns.”

The MSC warns investors to look out for red flags that suggest fraud. These include the promise of high returns or insider information, and often apply pressure on investors to make decisions…

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