Canada has joined India in issuing warnings about Bitcoin-related Ponzi schemes targeting vulnerable consumers.
A report by police in Ontario released Friday states that “fraudsters send cheques to the victims and ask them to use the money to purchase Bitcoins” using local Bitcoin ATMs.
The report explains:
“The victims deposit the cheque (or sometimes e-transfer) into their accounts then use the funds to buy online currency and deposit the Bitcoins into someone else's account. For doing this, they are told they can keep a certain amount of the money that was originally sent to them. However, a short time after the victim uses their own money to purchase the Bitcoins, the original cheque or e-transfer bounces.”
Full story at http://bit.ly/2nCuAAO
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