Investigators in Ontario, Canada, have efficiently thwarted the theft of over $70 million in cryptocurrency.
This operation, which additionally froze a further $24 million in fraudulent funds, focused an elaborate worldwide rip-off that victimized people in Canada and 12 different international locations.
The Ontario Provincial Police (OPP) spearheaded this effort beneath a particular initiative referred to as Challenge Atlas, aiming to fight organized cryptocurrency fraud and recuperate stolen property.
Challenge Atlas: A Coordinated Effort To Fight Crypto Fraud
Challenge Atlas, launched final month by the OPP’s Cyber-Enabled Fraud Workforce, represents a proactive strategy to tackling cryptocurrency-related crimes.
The operation not solely prevented the theft of $70 million but in addition froze $24 million in fraudulent transactions.
Detective Superintendent Mike Bickerton of the OPP emphasised the evolving nature of those scams, and mentioned, “Cryptocurrency funding frauds proceed to devastate victims in Ontario and all over the world, with these crimes turning into extra subtle annually.”
Bickerton additionally urged residents to coach themselves about cryptocurrency scams and share this data with family and friends to assist stop additional victimization.
EXPLORE: Bitcoin Rip-off Information – Avoiding Theft and Fraud
Canada Plans To Take A Bitcoin-Pleasant Strategy
Vancouver’s mayor has unveiled a forward-thinking imaginative and prescient to place the town as a frontrunner in cryptocurrency adoption.
In keeping with native media reviews, Mayor Ken Sim needs Vancouver to turn into a bitcoin-friendly metropolis, and that might embody accepting funds for metropolis companies in crypto.
He launched a movement on 11 Decemeber 2024 asking employees to analysis how the town may combine bitcoin into its monetary methods and whether or not the town ought to spend money on cryptocurrency by changing “a portion” of Vancouver’s monetary reserves.
JUST IN: Mayor of Vancouver, Canada proposes movement for the town to carry #Bitcoin as a reserve asset pic.twitter.com/748dkXuTn5
— Bitcoin Journal (@BitcoinMagazine) November 27, 2024
A Professional-Bitcoin Stance: What It Means for Vancouver?
“It will be irresponsible for the Metropolis of Vancouver to not take a look at the deserves of including bitcoin to the town’s strategic property to protect the town’s monetary stability,” Sim’s proposal says.
In 2013, Vancouver turned residence to the world’s first Bitcoin ATM, marking a big milestone within the world crypto motion. Since then, the town has seen a gentle rise in blockchain startups and crypto-related companies.
Is Vancouver now setting its sights on turning into a worldwide chief in Bitcoin adoption?
The mayor’s pro-Bitcoin stance displays a broader recognition of the transformative potential of blockchain know-how and decentralized finance (DeFi).
By embracing Bitcoin, the town goals to draw funding, foster innovation, and set up itself as a pioneer within the digital economic system.
Canada: Broader Curiosity In Crypto Regulation And Adoption
Nonetheless, a spokesperson for the Ministry of Housing and Municipal Affairs mentioned the province’s Neighborhood Constitution, in addition to the Vancouver Constitution, don’t acknowledge cryptocurrency as fee for “municipal companies or different transactions.”
The mayor’s pro-Bitcoin stance additionally aligns with Canada’s broader curiosity in cryptocurrency regulation and adoption.
As one of many first international locations to control cryptocurrency exchanges on the federal degree, Canada has established itself as a frontrunner in fostering a safe and clear crypto ecosystem.
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