Woman loses $90K USD to scam claiming Premier Doug Ford was starting a new cryptocurrency

Canadians lost $224,201,739 to cryptocurrency investment in 2024, and so far have lost $103,172,872 in 2025, according to the Canadian Anti-Fraud Centre. (Pexels / Jakub Zerdzicki)

A woman from Guelph, Ont. has lost tens of thousands of dollars to a scam that claimed Ontario Premier Doug Ford was launching a new cryptocurrency.

The Guelph Police Service were contacted by a woman on Wednesday who said she had seen a social media advertisement falsely claiming Ford was launching the initiative to help Canadians. Believing the ad to be legitimate, she made an initial investment of $350.

She was contacted by people claiming to represent an investment firm who encouraged her to make further investments, eventually adding up to $90,000 USD. When the victim attempted to withdraw her funds she was asked to pay thousands of dollars in fees.

Police said residents should be very cautious when considering alleged online opportunities. They said it is best to conduct independent research before participating in any investment opportunity.

“Cryptocurrency scams are very difficult to investigate and the odds of recovering losses are almost nil,” the Guelph Police Service said in a news release.

Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and to the Canadian Anti-Fraud Centre’s online reporting system at 1-888-495-8501. Even if there has been no financial loss, the incident can still be reported to the CAFC.