New Crypto Scam: CanCap Deceives with Fake News Articles

Canadian securities regulators have issued warnings about a new crypto scam that exploits trade war fears to lure victims. The Alberta Securities Commission (ASC) and the Financial and Consumer Services Commission of New Brunswick have both alerted the public about the scam, which falsely claims endorsements from prominent government figures.

The scam, known as CanCap, uses fake news articles and endorsements to create a sense of legitimacy. One such article falsely claimed that then-Prime Minister Justin Trudeau endorsed the investment program in response to US tariffs. Another fake article purported that New Brunswick Premier Susan Holt supported the platform as a provincial investment program.

The scam capitalizes on the economic uncertainty caused by US tariffs, preying on individuals’ fears about their financial security. “Scammers are taking advantage of the situation, preying on individuals when they are at their most vulnerable,” said Marissa Sollows, communications director for the New Brunswick commission.

Regulators noted that scammers are increasingly using artificial intelligence to fake endorsements and generate content. The CanCap scam has already used multiple names and websites, including “CanCentra” and “Immediate Flectinium,” to deceive victims, reports CoinTelegraph.

In light of these scams, the Alberta Securities Commission advises individuals to be cautious of investment opportunities that promise high returns with minimal risk. They recommend checking the National Registration Search to ensure the legitimacy of the individual or firm selling the investment.

The ASC and the Financial and Consumer Services Commission of New Brunswick have both emphasized the importance of public awareness and education in combating these scams. They urge individuals to verify information from trusted sources and avoid making investments based on fear or urgency.

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