British Columbia Authorities and RCMP Alert International Crypto “Money Mules”
British Columbia Securities Commission (BCSC) and Royal Canadian Mounted Police (RCMP) officials revealed in a press conference on Monday that they have issued a warning to ten B.C. residents for their suspected involvement in international crypto fraud schemes.
The warnings were hand-delivered on May 29 by both the RCMP’s Integrated Marketing Enforcement Team (IMET) and the BCSC. The authorities claim that these residents assisted in unlawfully transferring funds related to digital assets across borders, effectively making them crypto “money mules.”
RCMP Superintendent Adam Macintosh stated, “We are going to identify individuals who are clearly showing the intent and knowledge as it relates to their activity, which is going to be required in order to be able to substantiate a charge and ultimate conviction in criminal court.”
The province has been struggling with a rise in crypto crime, with Surrey residents losing over $12 million to illicit cryptocurrency scams in 2023 alone. In the first two months of 2024, police in the Vancouver metropolitan area received over 50 reports of crypto fraud, resulting in over $3.2 million stolen.
Authorities explained that scammers often use fake websites and mobile applications to lure victims into investing money. When victims try to withdraw their investments, they are asked for more money for taxes and fees, eventually leading to the loss of all their invested funds.
Concerns over digital asset scams are growing across North America. The U.S. Federal Trade Commission (FTC) recently advised consumers to avoid contact with potential crypto fraudsters. Additionally, the Canadian Anti-Fraud Centre (CAFC) warned citizens about the increase in crypto-related frauds that have resulted in investors losing significant amounts of money.
The BCSC and IMET are intensifying their efforts to combat illicit digital asset activity. While no arrests have been made regarding the B.C. crypto “money mules,” the recent warning signals a potential move towards formal criminal charges against the residents.