Crypto scammers are leveraging fake news articles and AI-generated endorsements from political figures to capitalize on economic uncertainty, according to securities regulators in Alberta and New Brunswick.
The Alberta Securities Commission (ASC) issued a March 7 alert warning about a crypto scam called CanCap, which falsely claimed that former Prime Minister Justin Trudeau had endorsed the platform in response to U.S. trade tariffs.
“The fake article notes that the Prime Minister is purportedly responding to U.S. tariffs by endorsing an investment program involving digital currencies,” the ASC stated.
Similarly, on March 5, the Financial and Consumer Services Commission of New Brunswick (FCNB) flagged another fake news article, this time falsely claiming that New Brunswick Premier Susan Holt backed CanCap.
The fraudulent article, designed to mimic the Telegraph-Journal’s website, included a fabricated CBC interview transcript and doctored photos of Holt promoting the platform.
Trade War Uncertainty Fuels Crypto Scams
Scammers are preying on rising economic fears caused by U.S. President Donald Trump’s tariffs on Canada, which initially set a 25% duty on Canadian imports before being partially rolled back, only for Trump to threaten a 250% tariff on lumber and dairy days later.
Following Mark Carney’s appointment as Prime Minister on March 9, he slammed Trump’s policies, vowing that Canada “will win” any trade war.
As economic concerns grow, New Brunswick regulators warn that fraudsters are targeting Canadians looking for financial security.
“The uncertainty that the U.S. tariffs place on our economy is causing some New Brunswickers increased anxiety,” said FCNB’s communications director, Marissa Sollows. “Scammers are preying on individuals when they are at their most vulnerable.”
AI-Powered Crypto Scams Are Becoming More Sophisticated
Both Canadian regulators highlighted that scammers are increasingly using artificial intelligence to fabricate endorsements, create fake interviews, and generate content that makes fraudulent schemes appear legitimate.
🚨 Scammers have already rebranded CanCap under different names, including:
🔹 CanCentra
🔹 Immediate Flectinium
🔹 At least six other domains linked to the same scam
The adaptability of these schemes makes them particularly difficult to track and shut down, regulators warned.
Crypto Scams and Hacks Surged in February
Crypto-related scams, hacks, and exploits led to nearly $1.53 billion in losses in February, according to blockchain security firm CertiK.
🔹 The largest single incident was a $1.4 billion hack on crypto exchange Bybit.
🔹 Excluding Bybit, February’s total losses still reached $126 million, marking a 28.5% increase from January’s $98 million in losses.
As crypto-related fraud escalates, financial watchdogs are urging the public to stay vigilant, verify investment opportunities, and avoid schemes promoted through AI-generated news articles or deepfake endorsements.
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