A Parksville senior has lost a considerable amount of money after a cryptocurrency scam they were initially alerted to by a friend. (Dreamstime)

By NanaimoNewsNOW Staff

massive loss

Parksville senior loses $200,000 in months-long crypto scam recommended by friend

Oct 7, 2025 | 4:38 PM

PARKSVILLE — A local senior has lost around $200,000 from a fake cryptocurrency investment scheme they were initially alerted to by a friend.

Oceanside RCMP said the individual came to them in early September to report the scam, which began in June after a friend living elsewhere in B.C. advised them of the opportunity to invest in cryptocurrency.

Sgt. Shane Worth told NanaimoNewsNOW everything appeared be as it should at the beginning.

“They did use, from what we believe, to be a legitimate trading platform, and they were promised huge returns on this cryptocurrency fund. The person originally started with a $2,500 investment, they earned the return very quickly, which they were thrilled, and so they increased their investment.”

Multiple payments of around $10,000 were made over the course of several weeks, with the victim depositing the money into the investment platform.

clean-up

Locals plan to remove shoreline hazard in Qualicum Beach

9h ago

Wings Clipped

Seguin-Lescarbeau and Rimmer lead Clippers to Teddy Bear Toss win

13h ago

wanted man

Nanaimo RCMP searching for Alberta man accused of sexually abusing a child

22h ago

Worth said from there, the scammers moved the money into their own accounts without the victim knowing.

During the scam, the victim was being told their investment was growing rapidly, upwards of $35 million in value.

When the victim tried to withdraw some of their earnings, the investment platform told them their account was empty, including the money they’d deposited.

“At this point, the person realized that this was a scam that they didn’t make $35 million on their $200,000 investment, and turns out the friend who made the referral was also scammed.”

Worth said situations like this occur often in multiple jurisdictions, including Oceanside.

A weekly crime report emailed by the detachment to local media and community groups typically features two or three files involving local residents losing five figures or more.

He said everyone in THE community needs to be aware of how prevalent these scams are, and how scammers prey on emotion, urgency and the isolation of their victims.

“You can invest legitimately online, there are lots of legitimate investing portfolios and institutions and platforms out there, but they’re not all legitimate. You need to do your homework, you need to double-check with your bank or some other reputable institution on any investment you’re making.”

He added these cases are nearly impossible for local Mounties to investigate to a satisfying resolution, as the perpetrators are often international in nature and the money is not traceable.

“These are extremely difficult for us to investigate on a local level, especially when they’re communicating via WhatsApp or other communication apps, it’s so hard because people can hide their IP addresses, they can hide their identities, and they just pivot and move, and they’re gone and you can’t track them.”

Worth said anyone considering online investing needs to check with their bank or another reputable financial institution before depositing any money.

“The deal will still be there tomorrow, it’ll be there the next week, just take your time, be smart and make sure it’s legitimate investment.”

Follow us on Facebook. Join Everything Nanaimo on Facebook and stay connected with everything happening on central Vancouver Island.

info@nanaimonewsnow.com

Follow us on: Twitter (X) | Bluesky | Facebook