Bitcoin Loan Scam Losses

Real-world cases from Canada & the USA

BC Supreme Court

Kelowna, BC: 22 BTC Loaned & Never Returned

Sept 2021 • Hung Nguyen vs Daniel Tambosso

A real-estate agent lent 22 BTC (~$1.2 M CAD) for a “48-hour recovery” effort. The borrower vanished, triggering a B.C. Supreme Court order for cash repayment—but Nguyen remains unpaid and financially ruined.

Read More
Ontario Crypto Frauds

Ontario: $23 M Lost in Crypto Loan/Investment Scams

Jan–Sep 2024 • CAFC Report

Victims across Ontario collectively lost nearly $23 M CAD after responding to “quick-return” loan offers in Bitcoin. Many never saw their collateral or principal again.

Learn How
BBB Alert

Canada-Wide Warning: Cryptocurrency Investment Scams

2023–2024 • Better Business Bureau

BBB received 148 M inquiries about crypto firms in eight months of 2020—up 23% from the prior year. Many started as “low-entry” loan/investment pitches and ended in total loss.

See the Alert
CAFC Recovery

Winnipeg: CAFC & Police Recover $17 K in Bitcoin

Mar 2022 • CAFC & WPS

Not all loan scams end in loss—CAFC and Winnipeg Police recovered $17 000 BTC from a crypto investment fraud. Prompt reporting made the difference.

Case Details
IRS Indictment

Washington, D.C.: $230 M BTC Stolen in Fraud Conspiracy

Aug–Sept 2024 • IRS & FBI

Malone Lam and Jeandiel Serrano used fake loan pitches to obtain over 4,100 BTC (worth >$230 M USD). They laundered funds via mixers and luxury purchases before their arrests.

View the Indictment
US Seizure Record

USA: $225.3 M Seized in Crypto Confidence Scams

Jun 2025 • DOJ, Secret Service, FBI

The largest-ever U.S. seizure of stolen crypto—over $225 M—linked to hundreds of thousands of transactions in so-called “pig butchering” scams where investors were lured via loan/investment pitches.

Press Release
BitConnect Ponzi

BitConnect: $2 B Ponzi-Like Lending Scheme

2016–2018 • SEC Enforcement

Promised daily interest on bitcoin “loans,” BitConnect turned out to be a $2 B Ponzi scheme. Investors who thought they were lending BTC for trading returns lost everything when it collapsed.

SEC Alert

Get Started with My Referral Link

Join Maple Bitcoin School to deepen your understanding.

Click here to sign up with my referral link for Skool, not to buy Bitcoin

How to use this referral link

  1. Click the link above to open the signup page.
  2. Create your account using your email and a secure password.
  3. Confirm that the referral code Ted Lee invited you appears on the signup or promo field.
  4. Complete registration and follow any on‑screen steps to qualify for the bonus.

If the referral code doesn’t appear automatically, copy and paste this code during signup: https://www.skool.com/maplebitcoin/about?ref=fe87c0c46c0e412aa2a6397f5e3c2d5a You will get a FREE Trial Period.

Recommended Privacy Tool

For secure browsing, streaming, and censorship‑resistant access, I recommend No longer: ZoogVPN. But Obscura VPN. NO KYC and Pay With BTC Lightning..

[Return Home][Return Up One Level]

Dedicated to protecting your financial future with independent, secure investment knowledge.

=30=

© 2025 Ted Lee. All links, all freedom.