Aylmer man loses $141K in Bitcoin scam

Bitcoin. File photo courtesy of © Can Stock Photo /adrianam13

Aylmer police are warning those looking to break into the crypto currency market to do their research after a 60-year-old man was defrauded of $141,000.

According to police, the man set up an account through an SPX Markets investment company in early 2021 and invested the six-figure sum over the course of seven months into Bitcoin.

“Two male suspects continued to pressure the victim into investing more money at which point he became suspicious of the investment,” police said.

The man reported the incident to police last Tuesday after learning the investment was a scam.

Police have since traced the address used for the initial investment to Europe.

The investigation is ongoing.

With Bitcoin becoming more popular, police have said the number of scams using it has been on the rise. They are advising anyone looking to invest to watch for free giveaways and fake exchanges that offer very competitive market prices that promise huge returns.