The Ottawa Police Service is warning residents about a new cryptocurrency job scam. According to the report, scammers are offering fake jobs that pay in cryptocurrency and then asking potential victims for their personal information. Police advise using caution when looking for jobs online. 

Cryptocurrency is a digital currency that uses cryptography rather than a central authority to verify transactions. Its decentralized and anonymous nature makes it appealing to criminals. The unregulated crypto market allows fast, difficult-to-trace transactions.

Some experts commented on the situation, saying that the cryptocurrency market is like the “Wild West” with no regulations or insurance to protect investors. Criminals can make money disappear overnight. 

According to police, red flags include promises of big investment returns and demands for quick action. People should be critical and question what scammers are asking for.

This scam adds to the growing list of cryptocurrency frauds targeting Canadians. Over the first half of 2023 alone, Canadians lost more than $161 million to investment scams, mostly related to cryptocurrency. 

The Ottawa Police Service urges residents to protect themselves by being wary of suspicious job offers, especially those that pay in cryptocurrency. Do not provide personal information to strangers. If an offer seems too good to be true, it likely is. Use caution when looking for jobs online or making any cryptocurrency investments.

Also read: Ethereum Developers Debate for Next Hard Fork After Dencun

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