Toronto couple loses $400k in Bitcoin scam; police recover portions of funds

Police say they recovered a “significant portion” of money lost in a recent cryptocurrency scam in Toronto.

Toronto Police Service says they were contacted by someone who alleges he and his wife had fallen victim to a Bitcoin scam.

The victim told police he was solicited online and was persuaded to invest in an online platform called ‘crypto-seed.com,’ sending funds through a legitimate cryptocurrency exchange.

Police say the communication between the scammer and victim was conducted over the phone, with the victim alleging the “scammer presented as professional and knowledgeable in the field.”

“The scammer was able to convince the complainant that the funds would be secure on their online platform,” reads a police release.

The victim alleges he was provided with credentials for the website which allowed him to check on his investment, saying it appeared to grow significantly.

When he went to withdraw the funds he was asked to invest more, or pay large fees, in order to have the money released. Additional funds were sent directly to the scammer.

Police believe the suspect may have been located in another country,

Investigators say they were able to recover a significant portion of the money and return it to the victim. The seizure was made with the assistance of the Toronto Police Cyber Unit and the Financial Crimes Unit.

The investigation is ongoing and police are working to identify other parties involved. Anyone who believes they may have been victim to a similar scam is being asked to contact police.