In a bold move to combat the growing menace of crypto fraud, the British Columbia Securities Commission (BCSC) and the Royal Canadian Mounted Police (RCMP) have issued a stern warning to ten residents in the province, accusing them of being involved in international crypto schemes. The authorities claim that these individuals, known as "money mules," have assisted in illegally transferring funds related to digital assets across borders.

The warning, delivered on May 29, marks a significant step in the ongoing battle against crypto crime in British Columbia. The province has been grappling with the issue for years, with Surrey residents alone losing over $12 million to illicit cryptocurrency scams in 2023.

The RCMP's Integrated Marketing Enforcement Team (IMET) and the BCSC have been working tirelessly to identify and prosecute those involved in these schemes. According to RCMP Superintendent Adam Macintosh, the authorities are determined to hold accountable those who have shown intent and knowledge of their criminal activities.

The warning comes amid a surge in crypto fraud reports in the Vancouver metropolitan area, with over 50 cases reported in January and February 2024, resulting in losses of over $3.2 million.

The scams typically involve spoofed websites and mobile applications that promise high returns on investments. Victims are then asked to invest more money, claiming it is for taxes and fees, only to be left with nothing.

The Canadian Anti-Fraud Centre (CAFC) has also sounded the alarm, warning citizens about the rise of crypto-related frauds that often result in investors losing their entire investment.

While no arrests have been made yet, the BCSC and IMET's latest warning may signal the final step before formal criminal charges are filed against the accused.