Investigators in Ontario, Canada, have successfully thwarted the theft of over $70 million in cryptocurrency. 

This operation, which also froze an additional $24 million in fraudulent funds, targeted an elaborate international scam that victimized individuals in Canada and 12 other countries. 

The Ontario Provincial Police (OPP) spearheaded this effort under a special initiative called Project Atlas, aiming to combat organized cryptocurrency fraud and recover stolen assets.

Project Atlas: A Coordinated Effort To Combat Crypto Fraud

Project Atlas, launched last month by the OPP’s Cyber-Enabled Fraud Team, represents a proactive approach to tackling cryptocurrency-related crimes. 

The operation not only prevented the theft of $70 million but also froze $24 million in fraudulent transactions.

Detective Superintendent Mike Bickerton of the OPP emphasized the evolving nature of these scams, and said, “Cryptocurrency investment frauds continue to devastate victims in Ontario and around the world, with these crimes becoming more sophisticated each year.”

Bickerton also urged residents to educate themselves about cryptocurrency scams and share this knowledge with friends and family to help prevent further victimization.

EXPLORE: Bitcoin Scam Guide – Avoiding Theft and Fraud

Canada Plans To Take A Bitcoin-Friendly Approach

Vancouver’s mayor has unveiled a forward-thinking vision to position the city as a leader in cryptocurrency adoption. 

According to local media reports, Mayor Ken Sim wants Vancouver to become a bitcoin-friendly city, and that could include accepting payments for city services in crypto. 

He introduced a motion on 11 Decemeber 2024 asking staff to research how the city could integrate bitcoin into its financial strategies and whether the city should invest in cryptocurrency by converting “a portion” of Vancouver’s financial reserves.

JUST IN: Mayor of Vancouver, Canada proposes motion for the city to hold #Bitcoin as a reserve asset pic.twitter.com/748dkXuTn5

— Bitcoin Magazine (@BitcoinMagazine) November 27, 2024

A Pro-Bitcoin Stance: What It Means for Vancouver?

“It would be irresponsible for the City of Vancouver to not look at the merits of adding bitcoin to the city’s strategic assets to preserve the city’s financial stability,” Sim’s proposal says.

In 2013, Vancouver became home to the world’s first Bitcoin ATM, marking a significant milestone in the global crypto movement. Since then, the city has seen a steady rise in blockchain startups and crypto-related businesses.

Is Vancouver now setting its sights on becoming a global leader in Bitcoin adoption?

The mayor’s pro-Bitcoin stance reflects a broader recognition of the transformative potential of blockchain technology and decentralized finance (DeFi). 

By embracing Bitcoin, the city aims to attract investment, foster innovation, and establish itself as a pioneer in the digital economy.

Canada: Broader Interest In Crypto Regulation And Adoption

However, a spokesperson for the Ministry of Housing and Municipal Affairs said the province’s Community Charter, as well as the Vancouver Charter, don’t recognize cryptocurrency as payment for “municipal services or other transactions.”

The mayor’s pro-Bitcoin stance also aligns with Canada’s broader interest in cryptocurrency regulation and adoption.

As one of the first countries to regulate cryptocurrency exchanges at the federal level, Canada has established itself as a leader in fostering a secure and transparent crypto ecosystem.

EXPLORE: Crypto Whales Rinsed By Latest Phishing Scam

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