Crypto Scam from a Wrong Number: $140,000 Vanished in Canada

A misplaced SMS, followed by months of conversation. A resident of Guelph, Ontario, lost approximately 140,000 Canadian dollars in a crypto scam that started from a simple "wrong number." Part of the money was funneled through crypto ATMs that Canada is looking to ban.

Key points of this article:

• A resident of Guelph, Ontario, fell victim to a crypto scam, losing around 140,000 Canadian dollars after responding to a text message allegedly sent by mistake.
• Canada is considering banning cryptocurrency ATMs, a tool frequently used by scammers to launder money, after significant losses due to fraud have been reported.

Crypto Scam from a Wrong Number: The Guelph Scenario

It all began several months ago with a text message. The recipient believed it was a wrong number and replied.

Her interlocutor maintained the conversation, gained her trust, and then directed her towards investing in cryptocurrencies. According to a statement from the Guelph police released on October 23, 2026, he convinced her to open accounts with several crypto platforms.

She deposited her "investments" via bank transfers and through deposits at cryptocurrency ATMs. On the screen, her balance significantly increased.

Then came the withdrawal request. She was told that she first needed to pay substantial fees. The result: approximately 140,000 Canadian dollars lost.

This scheme has a name among fraud specialists, pig butchering, literally meaning "the butchering of the pig." The victim is fattened with fake gains displayed on a platform controlled by the scammers, then drained when she wants to recover her investment. The "fees" for withdrawal serve as the final extraction.

Canada Wants to Disconnect Crypto ATMs

The Canadian Anti-Fraud Centre (CAFC) reported approximately 351 million dollars in losses in the first half of 2026. Investment fraud remains at the top with 139.6 million, and the agency estimates that only 5 to 10% of fraud cases are reported to them.

Crypto kiosks have been under scrutiny for a long time. As early as 2023, an internal analysis by FINTRAC, the Canadian financial intelligence unit, described them as the method that fraudsters would still prefer to collect and launder their victims' money. For the year 2024 alone, the CAFC estimated losses reported via these machines at 14.2 million dollars.

Ottawa made a decision in April. The spring 2026 economic update proposed banning crypto ATMs across the country to deprive scammers of a favored method for robbing their victims. The country had nearly 4,000 of them, one of the densest networks in the world. No effective date was set at the time of the announcement.

The Guelph police reiterate the basic guideline against this type of crypto scam. Be wary of any call, email, or SMS that demands quick action, and contact the supposed sender yourself before moving any money. Victims, even without loss, can report incidents to the CAFC.

The scheme is not local. In the United States, authorities have already seized 225 million dollars related to pig butchering scams.

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