The man, to whom CTV News Toronto has granted anonymity and is calling John, said he started investing in cryptocurrency after connecting with someone on social media – at first, with a few hundred dollars, but then thousands more.
The cryptocurrency market has lost more than a trillion dollars in value this year, but the OPP has issued a warning saying that some investors may see now as a good time to get into the market. "The websites are actually very legitimate looking and when you reach out to the people through the website you're actually speaking with the fraudsters themselves," Armit said."It's absolutely devastating. We are seeing people have to go to food banks, move in with other family members and sell properties, it's devastating for them,” he said.
But Elon says social media should have no filters for disinformation or fraud. This poor fellah was separated from $150K of his money. Even the guy that's running for PM says crypto is where the smart money is going. Truth is, the crypto world is full of sharks and scheisters.
😂😂😂😂😂😂😂😂
amys_here See how bad it is, or will you help him out PierrePoilievre ? It's just a Ponzi scheme, and money laundering Haven anyway, right?
Lol. Maybe don't still be stupid about crypto in 2022.
Well, when you invest in the ether…
He should sue PP for his crappy financial advice!!
Did he take the advice of Poilievre?
'John' needs to call 613-992-2772 for assistance or if he owns a truck head to Ottawa.
Anyone out there believes PierrePoiIievre will one day become Prime Minister of Canada 🇨🇦 I have some cryptocurrency to sell them. Bitcoin BitcoinCrash cryptocurrency Cryptocurrencies Alberta yyc yeg
He did not lose his money to a cryptocurrency scam. He lost it when he decided to buy cryptocurrency. The head line could have read 'Man devastated after losing $50,000 trying to invest in magic beans' Kids please stay away from cryptocurrency. Crypto is the scam. Bitcoin
Is he a candidate for PM?
Make believe money so make believe it’s still profitable?
People don’t understand that when they deal with unregulated / unlicensed firms, there is little recourse when things go bad. That is the risk they take. Live with it or risk an amount they can lose.
What does 'trying' to invest mean? 🙄
oh wow guess this is PierrePoilievre s fault 😂
Welp...fell for the quick dollar ponzi scheme...invest smarter if you have anything left
This is very sad. Also very sad that we have the likes of PierrePoilievre promoting sketchy, poorly thought-out fiscal policy.
Stupid games, stupid prizes
Nothing works better than cold hard fiat currency.
Why is it news when people try stupid investment scams. If he made millions no one would hear about it
What's that old expression about a fool and his money?
That's it? Pussy.
This is absolutely not news . This is why people don’t respect you.
Lol
Cryptocurrency Is GARBAGE 🗑
He invested with some online Instagram page. Most of those are scams.
Nothing wrong with crypto if you know what you're doing. I still love my crypto and haven't lost anything. But this isn't about crypto, it's about a scam enticing people with crypto. Never give anyone money without knowing who they are, what they do and where your money is going.
Only greedy ppl get scam :)
you'll be no investigation 1 billion dollars went to the Democratic party
My Bitcoin and oher crypto are doing just fine. Trying to find a better way( right in the story) is greed. My advice, don't invest in trudeau Ukraine bonds. You will lose more money, even tho Trudeau is pumping them.
If he had invested that same 50,000 10 years ago in btc , kept it in cold storage. Today at current prices with btc down aprox 75% from ath he would be worth 1,700,000,000.
Bernie Madoff was highly regulated and people lost millions. In the last 10 years Bitcoin obtained 108.89 percent compound annual return, with a 181.52 percent standard deviation. Facts are facts. Holding btc has been the best investment in the last 10 years.
E-diot.
Liberal news at its finest. Doesn't leave the main fact he invested in a SCAM in the title. Crypto is volatile but safe, a scam could happen to anyone without proper research.
The advise should be do not buy crypto is all a scam.
Lol nobody cares. Everyone who invested is devastated. He was trying to get rich quick and he lost. Only himself to blame. This shouldn't be an article
And ftx ? Total conspiracy
its called dont gamble on it😭
Greed has consequences as well
No idea why people keep falling for this crap way too many thieves out there now
Ask PierrePoilievre to pay him back
I feel you man
I’m honestly sorry for this person but anyone who invests a lot of money in crypto is crazy.
What's the big deal? Stocks are more down than that if you exclude big stocks like Apple, Microsoft, etc.
“Binance Canada”? Watch out, folks! Binance gave Ontario Residents days to withdraw their crypto currency from their platform, knowing full well that was impossible and most importantly prevented selling, all because, Ontario Securities Commission may come after them. Trust No1!
Sue the influencer, PeePoilièvre.
There are people out millions in the FTX fraud scheme and this is the best story we could get about crypto losses from CTV?
Too bad. Same ad tulips in Holland during the 1600's
It is a scam!! Once you have money, a lot, in your account, your account disappears without reason, and you have to prove you had an account, or any money within, otherwise, you didn't remove it yourself.
Designed by criminals to enable criminals. Someone has to be the patsy.
You only loose if you sell. It will rebound after the economy settles
This is peanuts with the stuff to hit the 99% 🇨🇦s$800k to $1 million plus mortgages home condo owners will be jumping off roofs…some will lose $300k to $1 million on family homes condos with real estate agents bankers putting them in low teaser rates.thx trudeau shtt show on 🇨🇦s
Better to mine it !
Lol, lmao
What, are ponzi schemes risky? Who knew.
I feel so bad for these people to get sucked into this crypto nonsense. It’s such a scam
'We are seeing a lot of bad actors taking advantage of cryptocurrencies” Ummm…
So someone invested in a highly risky unregulated money making scheme and lost his money? How is this news?
Check out Warren Buffets take on crypto, it does nothing, also produces nothing, just sits, but the more people buy it the more valuable it becomes, so then you sell, Ponzi anyone ?
'said he started investing in cryptocurrency after connecting with someone on social media – at first, with a few hundred dollars, but then thousands more.' If you take financial advice from random people on social media you will lose all your money.