Kingston Police warn of social media crypto extortion scam

The Canadian Anti-Fraud Centre has received reports of scammers gaining control of Instagram accounts, according to Kingston Police. Suspects blackmail victims to record themselves promoting fake cryptocurrency platforms in order to regain access to their account.

“Scammers are sending phishing emails with fraudulent links for fake Instagram login pages; this allows scammers to steal account credentials,” Kingston Police said in a media release. “Once an account is taken over, suspects blackmail victims to record a video of themselves promoting fake cryptocurrency platforms. Suspects advise victims that this is the only way they can recover their account.”

According to the release, after the video is recorded, it is posted on the victim’s social media accounts with a link for their followers to make a fraudulent investment. Police said that victims will never recover their social media account and their followers are at risk of losing their funds if they invest through the fraudulent cryptocurrency platform.