Guelph resident loses $97K to cryptocurrency scam

Police say a resident in Guelph has lost $97,000 in an online cryptocurrency scheme.

According to a media release, they invested in stocks with a company that claimed to be operating out of the United Kingdom.

Then, after a several months, they were told to move their funds into a cryptocurrency exchange.

Police said the victim then paid $20,000 to take the money out of that account.

When the scammers requested another $7,000 as a penalty payment for removing the investment, the victim reported the scheme to Guelph Police.