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Canadian Police Ring Alarm Over Elaborate Bitcoin (BTC) Scam

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Thu, 01/16/2020 - 14:11
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  • CRA scams are becoming increasingly popular but there are some surefire ways to not become a victim of fraudsters

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Contents

Royal Canadian Mounted Police (RCMP) have made an announcement about an upsurge of a new scam that involves crypto. Bad actors impersonate Canada Revenue Agency (CRA) employees to coax their victims into making Bitcoin payments.

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Not your debt

While phone scams might seem trite, anyone who has failed to file tax returns on time might easily fall prey to impostors. Even those who diligently pay their taxes could be persuaded into believing they have a fake debt on their hands that has to be paid immediately.

Scammers usually pressure the person on the other end of the line into transferring coins with threats. Eventually, unfortunate victims give in and make a hasty decision to send the required amount of money to get rid of the unnecessary problem.   

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Avoiding the trap 

The CRA says that Canadian residents have to make sure that they are dealing with a legitimate employee by going as far as asking for the office location and verifying the real identity of the caller. Another important precaution is to review the list of CRA's phone numbers.      

There is no need to hurry since the CRA will never demand immediate payments.      

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Canada is plagued by crypto scams

On Dec. 31, major Canadian utility Toronto Hydro warned its customers about scammers impersonating its employees and collecting payments from victims who didn't want to remain without electricity.          

Meanwhile, the residents of Seaforth (Southern Ontario) received threats from criminals who threatened to blow up their victims' houses unless paid in Bitcoin.   

 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Wed, 04/01/2020 - 07:13
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  • Mike Novogratz is convinced that when central banks make money grow on trees, then it's time to buy Bitcoin

Cover image via www.bloomberg.com
Contents

When central banks make money grow on trees, Mike Novogratz, the CEO of Galaxy Digital, has one message for his followers - buy Bitcoin (BTC). 

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Yes, money does grow on trees   

'Money doesn't grow on trees' is a popular expression that parents constantly hammer into the heads of their children. It means that money is a limited resource and encourages people to put in a significant effort in order to obtain it. 

However, this fable apparently doesn't apply to the U.S. Federal Reserve and the Bank of England, who unleashed unlimited liquidity to save the ailing global economy from the coronavirus-driven fallout. 

As absurd as it sounds, fiat money does grow on trees in 2020 (at least for central banks). 

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2020 could be Bitcoin's year 

Against this backdrop of incessant money printing, Bitcoin, a disinflationary currency whose total supply is strictly limited to 21 mln, has never seemed more attractive. Novogratz described it as the strongest bull case for the benchmark cryptocurrency. 

Even though crypto failed to perform as a safe haven during the coronavirus-driven sell-off, the Wall Street bull recently opined that 2020 could end up being another big year for Bitcoin.     

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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