A Parksville man has lost over $150,000 after a multi-year cryptocurrency scam, which started with a single $2,000 "investment". (Dreamstime)

By Alex Rawnsley

massive loss

Oceanside senior out $160,000 after multi-year crypto scam

Apr 17, 2025 | 5:28 AM

PARKSVILLE — A local senior lost a considerable amount of money after falling victim to a convincing, and long-term cryptocurrency investment scam.

The Parksville resident in his 70’s alerted Oceanside RCMP to the situation in late March, which began several years ago with a $2,000 payment made through a cryptocurrency machine in the community.

Sgt. Shane Worth told NanaimoNewsNOW he wasn’t sure whether the man was randomly solicited, or had his own curiosity about cryptocurrency investment, but payments continued over several months and years.

“They estimate that they sent nearly $160,000 through cryptocurrency machines, which they believed was being legitimately invested. Unfortunately, when they tried to retrieve their money, they were stonewalled and were forced to pay ‘taxes’ and ‘fees’ to try and get their money. They kept on giving them more and more money, and at that point, they realized, that the entire investment that they were making was a fraud”

Worth said the victim had told officers his banking institution didn’t offer crypto investment, and he wanted to be involved.

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The nature of cryptocurrency means it is largely untraceable in scams such as this which Worth said involved companies going by different names.

He said it’s a complex operation and there’s little police can do once money is gone.

“Use extreme caution when investing, particularly over the internet, if they’re doing their own research on where to invest or looking for a new investment opportunity, or as a result of receiving unsolicited phone calls or emails offering extraordinary investment opportunities and returns.”

Work continues to help educate the Oceanside population, which features an older demographic, about the dangers of online investment, scams and common frauds.

Worth said he and a volunteer at the detachment are in community regularly, presenting information on trending scams they see.

“We speak to local groups probably once or twice a month, alerting them to these scams and frauds, so they don’t become victims, and so they can tell their friends what to look for, what to watch out for, because people work hard for the money we don’t want to see them lose it.”

Worth added investing of any scale should be done through a reputable financial advisor, bank, firm, broker or company you can meet with in person.

In most cases, scams like this and other more local and niche operations, are able to exist because victims don’t talk about their situation, or trust blindly through the internet.

“You don’t need to make investment decisions quickly. Take the time to make sure you’re making that smart investment, because if you make an investment that’s not traceable and it’s a fraud, you’re going to be losing your money. If it’s too good to be true, it probably is.”

Information on current scams, as well as a comprehensive list of what to watch for, is available through the Canadian Anti-Fraud Centre.

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