Guelph Police are investigating after an online cryptocurrency scam lost a man nearly $ 100,000.

Police said the man was contacted by a stranger after posting to an online forum in September that he was seeking help learning how to invest in cryptocurrency.

At the end of October, he reportedly transferred around US $ 50,000 and was told the investment was now worth over $ 210,000.

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After being asked to make two separate transfers of $ 21,000 to pay income tax, investigators said he became suspicious and contacted police.

Police encourage residents to be vigilant when investing in cryptocurrency – to conduct thorough research before transferring funds, and not to accept investment advice from someone you haven’t met.

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The investigation is continuing, however, police said cryptocurrency transactions are not reversible and are very difficult to trace.

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