What is a pig-butchering scam?
A pig-butchering scam builds a relationship over time, often online, and then persuades the victim to put money into a fake crypto platform. Victims often find that they cannot withdraw their funds.
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Questions about reading and using the site
Where can crypto fraud be reported in Canada?
According to the Canadian Anti-Fraud Centre, fraud can be reported through its website, and local police also receive reports. Recovery of lost funds is not always possible.
Which bodies regulate crypto in Canada?
Provincial and territorial securities regulators work together through the Canadian Securities Administrators (CSA) on crypto platforms and investment products. Other federal bodies have their own roles, including FINTRAC for anti-money-laundering registration and the Bank of Canada for stablecoin issuers.
What is a crypto wallet?
A wallet is software or hardware that holds the private keys needed to sign transactions. The coins themselves are recorded on the blockchain, and the keys prove ownership, so a wallet works differently from a bank account.
Which regulator supervises stablecoin issuers?
According to the Bank of Canada, it supervises stablecoin issuers and can issue directives to them. The Bank may recommend prohibition by the Minister of Finance if an issuer breaks the Act.