Key Takeaways
- • The Guelph Police Service warned residents after a Guelph woman lost roughly $140,000 in a cryptocurrency scam, according to CityNews Kitchener.
- • The fraud began months earlier when the victim received a text from an unknown number and was persuaded to open accounts with multiple cryptocurrency platforms.
- • The victim sent money through wire transfers and cryptocurrency ATM deposits, believing she was funding legitimate investments.
- • Scammers demanded large fees before allowing her to withdraw apparent gains, a common tactic in investment fraud.
- • Police advise residents to treat unsolicited calls, texts and emails demanding immediate action with suspicion and to verify the sender independently.
Summary
The Guelph Police Service has issued a public warning after a woman from Guelph lost roughly $140,000 in a cryptocurrency scam, according to a report published by CityNews Kitchener on October 24, 2026.
According to police, the scheme began months before the report after the victim received a text message from a number she did not recognize. Following an extended exchange of messages, she was persuaded to set up accounts with several cryptocurrency platforms and begin investing. Over the course of the scam, the victim sent funds by wire transfer and deposited cash into cryptocurrency ATMs, believing the money was being invested on her behalf.
Police said the victim later attempted to withdraw part of her funds after her apparent investment returns appeared to have grown substantially. She was then told she would have to pay significant fees before any money could be released, a pattern typical of investment fraud schemes that prevent victims from recovering their capital.
Guelph Police are urging residents to remain cautious of phone calls, texts and emails that demand immediate action. The recommended safeguard is to contact the purported sender directly, using a verified channel, to confirm that the communication is legitimate before taking any financial action.
According to police, the scheme began months before the report after the victim received a text message from a number she did not recognize. Following an extended exchange of messages, she was persuaded to set up accounts with several cryptocurrency platforms and begin investing. Over the course of the scam, the victim sent funds by wire transfer and deposited cash into cryptocurrency ATMs, believing the money was being invested on her behalf.
Police said the victim later attempted to withdraw part of her funds after her apparent investment returns appeared to have grown substantially. She was then told she would have to pay significant fees before any money could be released, a pattern typical of investment fraud schemes that prevent victims from recovering their capital.
Guelph Police are urging residents to remain cautious of phone calls, texts and emails that demand immediate action. The recommended safeguard is to contact the purported sender directly, using a verified channel, to confirm that the communication is legitimate before taking any financial action.
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