Canadian securities regulators have issued an alert about a crypto scam named CanCap that is exploiting fears surrounding trade wars. The scam has used fake news articles to create the illusion of legitimacy, including a fabricated endorsement from then-Prime Minister Justin Trudeau. This false endorsement suggests that Trudeau is promoting a digital currency investment program in response to U.S. tariffs. Similarly, a doctored article claims endorsement from New Brunswick Premier Susan Holt, further misleading potential victims. These scams often target individuals feeling financial insecurity due to fluctuating economic conditions, preying on their vulnerability during times of uncertainty. Scammers are becoming increasingly sophisticated, using technology like artificial intelligence to generate believable content and altering the names and appearances of their schemes frequently. This trend is reflected in rising global losses attributed to crypto scams, totaling significant amounts in recent months, largely due to notable incidents like the hack of the Bybit exchange.

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