Canadian regulator warns of crypto scams using fake news articles to capitalize on trade war fears

The Canadian securities regulators in the provinces of Alberta and New Brunswick have warned that crypto scammers are exploiting the trade war panic by using fake news articles and government officials' portraits to profit. The Alberta Securities Commission stated in a March 7 alert that a crypto investment scam called "CanCap" forged news articles from the Canadian Broadcasting Corporation (CBC) and falsely claimed the endorsement of Prime Minister Justin Trudeau. The regulators said the fake articles claimed the Prime Minister was responding to U.S. tariffs by supporting a digital currency investment plan. The Financial and Consumer Services Commission of New Brunswick also warned on March 5 that CanCap used fake news articles claiming the support of Premier Blaine Higgs, including a fabricated interview transcript and altered photos with the CBC. The regulators noted that scammers are increasingly exploiting current events to prey on victims' fears, using AI to forge endorsements and generate content to make the scams appear legitimate. They added that the scammers can quickly change the names and appearances of the schemes, having used names like "CanCentra" and "Immediate Flectinium" linked to at least six different domain websites.