By Nermeen Nabil Khear 
A new crypto scam is spreading in Canada, and this time, scammers have gone to extreme lengths to trick people.Â
They even used AI to make it seem like former Prime Minister Justin Trudeau had endorsed a bogus crypto investment platform. The fraudsters did this to lure victims into handing over their money. Let’s look into this crypto scam to understand how it occurred.
How the Scam Works
Canadian regulators warned about the CanCap crypto scam. Scammers published fake CBC-style articles suggesting that Trudeau falsely backed a government crypto project.
The deceptive news publication stated that Trudeau endorsed a digital currency system when responding to U.S trade tariff changes. The idea was to convince Canadians that investing in CanCap was a way to fight against Donald Trump’s tariffs.
The ASC is warning the public about a recently reported crypto investment scam called CanCap. Visit https://t.co/pgSeA5fcCz for more information on how you can spot the signs of fraud and protect yourself https://t.co/977V8mhMCi pic.twitter.com/MIz8ckOkbj
— Alberta Securities Commission (@ASCUpdates) March 7, 2025
But Trudeau wasn’t the only one falsely linked to the scam. Scammers in New Brunswick faked an interview and photos of Premier Susan Holt to suggest her support for the scheme.
Why Are Scammers Doing This?
The economic disorder caused by U.S. tariffs distressed Canadians about the security of their financial holdings. So, scammers weaponize financial insecurity and fear to trick vulnerable individuals who are in a state of panic. Marissa Sollows says fraudsters exploit news events to create convincing scams.
BREAKING: The Alberta Securities Commission (ASC) of Canada Warns Investors about CanCap Project; Terming it as a #Crypto Investment Scam!
pic.twitter.com/UWZB6GMp2o
— Ajax (@AjaxBTC) March 10, 2025
This fraud utilizes artificial intelligence (AI) as a fundamental hazard to its security structure. Scammers exploit AI to generate fake interviews, newsprints, and video content that appears real.
How to Stay Safe from Crypto Scams?
Do not invest in plans that make unconvincing promises. Beware of endorsements by famous personalities and political figures because they are mostly scams. Make sure to check news information by relying on authentic official announcements. You should only access investment opportunities after verifying their authenticity.
I’ve got rugged on PumpFun again and I’m tired of this.
Here are all the ways scammers operate and how to protect yourself.
How to avoid scams and find the next x100 gem
pic.twitter.com/QZ4rdbIbsq
— MARMOT (@Web3Marmot) January 22, 2025
Conclusion
This fake Justin Trudeau endorsement crypto scam proves that scammers use any means to exploit money from people. Proper caution and awareness about such risks help people prevent falling victim to fraudulent schemes.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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