New project to combat crypto fraud launched by Canadian Authorities 🇨🇦

Empowerment Against Crypto Fraud: $96,000 Challenge Unveiled in Canada

The Alberta Securities Commission (ASC) collaborates with the Edmonton Foundation (EPF) and Edmonton Police Service (EPS) to introduce a groundbreaking initiative combatting crypto fraud in Canada.

What is the New $96,000 Challenge Targeting Crypto Fraud?

The project aims to reward innovative proposals with a prize pool of up to 130,000 CAD (~$96,000) that enhance investor protection and address the escalating issue of crypto-related scams in Alberta.

The Crypto Fraud Landscape: A Growing Concern

More than 50% of reported investment fraud in Canada since 2019 is linked to fraudulent crypto trading websites, underscoring the urgency of solutions to protect investors.

The Challenge Ahead: Seeking Effective Solutions

Participants from diverse backgrounds are encouraged to submit proposals until November 4, with a focus on academia, technology, and innovation to combat crypto investment fraud effectively.

Protecting Investors and Strengthening Markets

Data from the ASC reveals that over 60% of the $309 million in reported investment frauds in Canada last year involved crypto assets, necessitating robust measures to safeguard investors and enhance local capital markets.

Police Deputy Chief’s Warning Against Rising Schemes

Deputy Chief Devin Laforce of the Edmonton Police Service underscores the dynamic evolution of online fraud tactics, with fraudsters leveraging technology and public unfamiliarity with crypto to deceive investors.

Building a Collaborative Response to Combat Crypto Fraud

Online crypto investment fraud poses a significant risk, exploiting the public’s limited experience with cryptocurrency as a high-risk investment avenue and the complexities of tracing crypto transactions.

Hot Take: Joining Forces for Investor Protection

Now is the time to unite against crypto fraud by leveraging innovation and collaboration to safeguard investors and fortify the integrity of financial markets.

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