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Investigators in Ontario, Canada, have efficiently thwarted the theft of over $70 million in cryptocurrency.
This operation, which additionally froze an extra $24 million in fraudulent funds, focused an elaborate worldwide rip-off that victimized people in Canada and 12 different nations.
The Ontario Provincial Police (OPP) spearheaded this effort below a particular initiative referred to as Challenge Atlas, aiming to fight organized cryptocurrency fraud and get better stolen belongings.
Challenge Atlas: A Coordinated Effort To Fight Crypto Fraud
Challenge Atlas, launched final month by the OPP’s Cyber-Enabled Fraud Workforce, represents a proactive method to tackling cryptocurrency-related crimes.
The operation not solely prevented the theft of $70 million but additionally froze $24 million in fraudulent transactions.
Detective Superintendent Mike Bickerton of the OPP emphasised the evolving nature of those scams, and mentioned, “Cryptocurrency funding frauds proceed to devastate victims in Ontario and world wide, with these crimes changing into extra subtle every year.”
Bickerton additionally urged residents to teach themselves about cryptocurrency scams and share this information with family and friends to assist forestall additional victimization.
EXPLORE: Bitcoin Scam Guide – Avoiding Theft and Fraud
Canada Plans To Take A Bitcoin-Pleasant Method
Vancouver’s mayor has unveiled a forward-thinking imaginative and prescient to place town as a pacesetter in cryptocurrency adoption.
In line with local media reports, Mayor Ken Sim needs Vancouver to develop into a bitcoin-friendly metropolis, and that would embrace accepting funds for metropolis companies in crypto.
He launched a movement on 11 Decemeber 2024 asking employees to analysis how town might combine bitcoin into its monetary methods and whether or not town ought to spend money on cryptocurrency by changing “a portion” of Vancouver’s monetary reserves.
JUST IN: Mayor of Vancouver, Canada proposes movement for town to carry #Bitcoin as a reserve asset pic.twitter.com/748dkXuTn5
— Bitcoin Journal (@BitcoinMagazine) November 27, 2024
A Professional-Bitcoin Stance: What It Means for Vancouver?
“It might be irresponsible for the Metropolis of Vancouver to not have a look at the deserves of including bitcoin to town’s strategic belongings to protect town’s monetary stability,” Sim’s proposal says.
In 2013, Vancouver grew to become residence to the world’s first Bitcoin ATM, marking a major milestone within the international crypto motion. Since then, town has seen a gradual rise in blockchain startups and crypto-related companies.
Is Vancouver now setting its sights on changing into a world chief in Bitcoin adoption?
The mayor’s pro-Bitcoin stance displays a broader recognition of the transformative potential of blockchain expertise and decentralized finance (DeFi).
By embracing Bitcoin, town goals to draw funding, foster innovation, and set up itself as a pioneer within the digital economic system.
Canada: Broader Curiosity In Crypto Regulation And Adoption
Nevertheless, a spokesperson for the Ministry of Housing and Municipal Affairs mentioned the province’s Neighborhood Constitution, in addition to the Vancouver Constitution, don’t acknowledge cryptocurrency as fee for “municipal companies or different transactions.”
The mayor’s pro-Bitcoin stance additionally aligns with Canada’s broader curiosity in cryptocurrency regulation and adoption.
As one of many first nations to manage cryptocurrency exchanges on the federal degree, Canada has established itself as a pacesetter in fostering a safe and clear crypto ecosystem.
EXPLORE: Crypto Whales Rinsed By Latest Phishing Scam
The publish What Is Project Atlas? $70M Saved In Global Operation Led By Ontario Police In Canada appeared first on 99Bitcoins.
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