The Ontario Provincial Police (OPP) Cyber-Enabled Fraud Team (CEFT) is warning people to be careful when using private companies that claim they can recover lost cryptocurrency. Scammers are targeting victims who have already lost money to fraud, promising to help them get it back but often asking for upfront payment and causing more financial losses.
Some companies do offer legitimate cryptocurrency tracing services, but they do not have the legal power to freeze or recover funds. Their reports may not be accepted in court and can contain errors. Many victims end up paying high fees only to be told to contact the police instead.
People should be cautious if someone reaches out to them about recovering lost cryptocurrency, especially if they have shared their loss online. Those who pressure victims to act quickly or demand upfront fees should not be trusted. It is also important to never share sensitive information like a wallet’s private key or seed phrase. Some tracing services may look legitimate but provide false reports.
Anyone who has been a victim of cryptocurrency fraud should report it to their local police. The police have proper tools for investigating these crimes. Fraud can also be reported to the Canadian Anti-Fraud Centre at 1-888-495-8501 or online through the Fraud Reporting System. More information can be found at opp.ca/fraud.