Most popular Canadian bitcoin scams you should beware of

As we are advancing more and more due to technological advancements and emerging concepts of cryptocurrency, the troubles associated with them are becoming a matter of great concern too. In Canada itself, the frauds related to bitcoin has more than doubled in past year and thus it is important to stay updated with the latest and most popular bitcoin scams to stay safe from them. Once a bitcoin transfer is complete it becomes almost impossible to recover the money back. Since there is no regulatory authority like a government operated team or a bank, the risks become high for anyone dealing in bitcoin. Here are some of the most popular Canadian bitcoin scams we have come across from various sources. Make sure to stay safe from these!

1. Bitcoin phishing

Bitcoin phishing is no different from other forms of phishing where the email sender with a malicious intent tries to get you into a trap. This can be an email demanding urgent attention or a very lucrative offer on the hand. Its primary aim is to get you enter the important data like the secret key. In case the user is not using a two factor authentication with the bitcoin storage service, the risks of his/her account becoming compromised increases further.

2. Scam by self-proclaimed bitcoin experts and traders

There are many self-proclaimed bitcoin experts and agencies that promise you to get high returns or guaranteed benefits if you invest your bitcoins with them. They usually say they made millions for their customers and they have a waiting list.   They also list some famous companies as their partners. Some of the companies might not even exist and be merely a shell company. The good news is that there are some websites that tells and differentiates a scam website from genuine ones. For example, you can read warning on the Crypto Genius and find open threads and discussions about authenticity of CryptoGenius website. The Company CryptoGenius claims to provide guaranteed amount of money to its prospects, claiming self to be a cryptocurrency trader.

3. Cryptocurrency exchanges

Sometimes hackers go to an extent of having a fake exchange open where they ask you to do the bitcoin transaction. While you may think your money is safe and encrypted using a hash algorithm running in background, the exchange itself might not be available next day. Thus it is important to first check the credibility of the exchange and how old and reliable it is. Similarly there can be fake bitcoin wallets where you can be asked to deposit your bitcoin only to realize later that you have lost it forever.

4. Impersonating as someone else

There are many cases in Canada where the hacker impersonates himself as some bitcoin authority or in some cases hackers call and describe themselves as an important authority. In both cases the demand is made to send bitcoins to another account in lieu of something that doesn’t even exist. These scam calls and impersonations are similar to the online fraud that happens where the transaction once done cannot be reversed.

5. Malwares

Malwares are unwanted and malicious software that gets downloaded to your machine when you browse a potentially harmful site. Such softwares have the ability to reside on your computer and gather data about your email addresses and even ability to hack your data. By compromising the email or any computer feature the inventor of the malware gets an upper hand and creates trouble. Many users were demanded bitcoin in exchange of data and some computers were hacked and bitcoin threats were made to the owners. The best approach in such case should be to check the certificates of sites and trust sites that are secured by a layer of SSL.


There might be many more ways a scammer can device to gain access to bitcoin. The awareness about ongoing scams and a good amount of commonsense can keep you safe.

David Jackson

David is a personal finance expert, a professional male model, and an entertainment writer.