Investigators in Ontario, Canada, have efficiently thwarted the theft of over $70 million in cryptocurrency.
This operation, which additionally froze an extra $24 million in fraudulent funds, focused an elaborate worldwide rip-off that victimized people in Canada and 12 different nations.
The Ontario Provincial Police (OPP) spearheaded this effort underneath a particular initiative known as Undertaking Atlas, aiming to fight organized cryptocurrency fraud and recuperate stolen belongings.
Undertaking Atlas: A Coordinated Effort To Fight Crypto Fraud
Undertaking Atlas, launched final month by the OPP’s Cyber-Enabled Fraud Staff, 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 stated, “Cryptocurrency funding frauds proceed to devastate victims in Ontario and around the globe, with these crimes turning into extra refined every year.”
Bickerton additionally urged residents to coach themselves about cryptocurrency scams and share this information 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 town as a pacesetter in cryptocurrency adoption.
In keeping with native media experiences, Mayor Ken Sim desires Vancouver to turn into a bitcoin-friendly metropolis, and that would embody accepting funds for metropolis companies in crypto.
He launched a movement on 11 Decemeber 2024 asking employees to analysis how town may combine bitcoin into its monetary methods and whether or not 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 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 might be irresponsible for the Metropolis of Vancouver to not have a look at the deserves of including bitcoin to town’s strategic belongings to protect town’s monetary stability,” Sim’s proposal says.
In 2013, Vancouver grew to become dwelling to the world’s first Bitcoin ATM, marking a big milestone within the world crypto motion. Since then, town has seen a gradual rise in blockchain startups and crypto-related companies.
Is Vancouver now setting its sights on turning into a world 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, 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
Nevertheless, a spokesperson for the Ministry of Housing and Municipal Affairs stated the province’s Group 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 nations to manage cryptocurrency exchanges on the federal degree, Canada has established itself as a pacesetter in fostering a safe and clear crypto ecosystem.
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