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

On March 20, the Manitoba securities watchdog published an investor warning regarding Jbcapitals and Halifax & Associated for defrauding a rural Manitoban of more than than $5,500. The ii 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 charge per unit', just 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 propose fraud. These include the promise of high returns or insider information, and ofttimes apply pressure level on investors to brand decisions quickly.

Constabulary warn Manitobans of scams involving Bitcoin ATMs

On March 17, the Winnipeg Police Service published an commodity through the Winnipeg Complimentary Press alarm that a big number of Manitobans have fallen victims to scams "where fraudsters are having victims ship them money in the form of Bitcoin."

The scams are executed nether a variety of pretexts, such every bit fake romantic liaisons or task opportunities, with victims often directed to transfer BTC via Bitcoin ATMs.

The police accept urged Manitobans not to transfer funds to individuals they take non met in person or to pay "government utility bills" using a Bitcoin ATM.