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Montreal Woman Scammed $25,000 in Fake Cryptocurrency Scheme Linked to Elon Musk Video

A woman from Montreal recently fell victim to a cryptocurrency scam, losing over $25,000 due to a fraudulent website misusing Elon Musk’s image. Often, victims only realize they’re dealing with a scammer when attempting to withdraw funds, as scams become increasingly sophisticated.

This is where deepfake technology comes into play in such scams, serving as a reminder for individuals to exercise caution online. Investment scams have become more complex and pose a significant threat to unsuspecting individuals.

The Montreal woman came across a video of Elon Musk on Facebook, promoting a new trading platform he allegedly launched. Musk claimed in the video that he created the trading platform to help people improve their financial situation. The woman found the video convincing, especially with the presence of CNBC News channel icon.

Driven by financial desperation, the woman clicked on the link in the video, leading her to be contacted shortly after by a broker associated with the trading platform. Encouraged by promising returns and financial improvement, she deposited nearly $25,000 on the platform.

Doubt arose when she attempted to withdraw her savings. In an attempt to delay withdrawal processes, the company demanded fees and deposit guarantees for withdrawal operations, pushing her further into debt. Despite her efforts to recover her funds, she ended up being one of the few who fell victim to the scam network.

Widespread Impact of Investment Fraud
Investment fraud remains a serious problem affecting many Canadians, just like the rest of the world. Reported losses to victims of investment fraud, according to the Canadian Anti-Fraud Centre (CAFC), reach up to $314 million compared to the previous year alone. Alarmingly, a significant portion of these losses stems from schemes involving cryptocurrencies.

“These platforms appear very realistic and legitimate, but unfortunately, often months later, victims realize they have been scammed when it comes to withdrawing funds.”

Jeff Horncastle, Communications and Awareness Officer at CAFC:

The Role of Deepfake Technology in Fraudulent Operations
Technical analyst Carmi Levy focuses on deepfake technology and its use in such scams. He suggests that a fake video was likely created using artificial intelligence, with Elon Musk endorsing the fake trading platform. Levy advises against blind belief in online content but recommends instead to exercise skepticism until the content’s authenticity is verified.

Read more Angola Enacts Law Prohibiting Cryptocurrency Mining

Subsequently, Levy states that the fundamental check for any investor is to use reputable trading platforms registered with regional securities commissions. He also advises the necessity of checking URL links and being cautious of unwanted sources leading to investment opportunities.

Important Notice: The content of this article is for informational purposes only and should not be construed as financial advice. assumes no responsibility for any investment decisions made based on the information provided herein. It is strongly advised to seek the guidance of a qualified specialist or financial advisor before making any investment choices.

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