By Pat Foran
July 16, 2025
Canadians lost $224,201,739 to cryptocurrency investment in 2024, and so far have lost $103,172,872 in 2025, according to the Canadian Anti-Fraud Centre.
(Pexels / Jakub Zerdzicki)
Canadians lost $224,201,739 to cryptocurrency investment in 2024, and so far have lost $103,172,872 this year alone, according to the Canadian Anti-Fraud Centre.
Cryptocurrency fraud usually involves fake videos generated with artificial intelligence (AI), that feature prominent politicians or celebrities promoting fake websites.
Two Ontarians CTV News spoke with collectively lost $58,600 after falling victim to separate AI-generated videos advertising fraudulent cryptocurrency investments.
“We got stung big time and we don’t want it to happen to anyone else,” said Don Perkins of Stittsville, a community in Ottawa.
It was in January when Perkins and his wife, Guylaine Perkins, said they saw a video of then Finance Minister, Chrystia Freeland, appearing to talk about an investment opportunity that could make them rich.
According to the AI-manipulated video, Freeland spoke about the “opportunity” Canadians could invest in, making them rich.
A fake, AI-generated video appears to show former Finance Minister, Chrystia Freeland, talking about a cryptocurrency investment opportunity.
“We bought into it and got swindled by a pair of smooth talking individuals,” Perkins said.
The Perkins said they started out investing with just a few hundred dollars, but eventually handed over their life savings of $42,600.
It wasn’t until they tried to withdraw the funds that they realized they lost all their money.
“When we went to access the money, they wouldn’t give it to us and said we would have to give them $10,000,” said Perkins.
Brenda Dionne of Whitby also had a similar experience when she saw an AI-generated video of what seemed to be Prime Minister Mark Carney claiming Canadians could make money investing in cryptocurrency.
“We bought into it and got swindled by a pair of smooth talking individuals,” Perkins said.
The Perkins said they started out investing with just a few hundred dollars, but eventually handed over their life savings of $42,600.
It wasn’t until they tried to withdraw the funds that they realized they lost all their money.
“When we went to access the money, they wouldn’t give it to us and said we would have to give them $10,000,” said Perkins.
Brenda Dionne of Whitby also had a similar experience when she saw an AI-generated video of what seemed to be Prime Minister Mark Carney claiming Canadians could make money investing in cryptocurrency.
An AI-generated video appears to show Canadian Prime Minister Mark Carney and Italian Prime Minister Giorgia Meloni discussing investing in cryptocurrency.
Dionne told CTV News that after she handed over her banking information, the fraudsters cleaned out her bank account and took her life savings of $16,000.
“I could see her doing it and I said ‘I don’t want you taking money out of my account,’” said Dionne. “I could see her doing it. I could see her taking my money.”
According to the Canadian Anti-Fraud Centre (CAFC), in 2024, crypto investments represented over 70 per cent of overall reported losses to investment fraud.
Most of those frauds involved altered videos that used AI to make it appear as if someone was saying to invest in a platform which was actually completely fake.
“If you open up your search engine and you search up cryptocurrency investments, the first five or ten are more than likely to be fraudulent platforms,” said Jeff Horncastle with the CAFC.
The centre says that when watching videos online, it’s important to remain skeptical and do your own research.
The CAFC also urges Canadians to exercise caution when viewing videos that seem too good to be true, or showing public figures saying something out of character, like investing in different platforms. They said these deepfake videos often rely on sensational or provocative content to manipulate others.
The Perkins both have health problems and said they invested in hopes of boosting their retirement savings, but instead lost it all.
“I have a bag in my stomach and go to dialysis three times a week. My wife can hardly walk and needs a wheelchair most of the time,” said Perkins. “This was a portion of our life savings that we had set aside.”
CTV News reached out to Prime Minister Mark Carney’s office about the fake, AI-generated videos but did not get a response.
Pat Foran
CTV News Toronto Consumer Alert Videojournalist
Dionne told CTV News that after she handed over her banking information, the fraudsters cleaned out her bank account and took her life savings of $16,000.
“I could see her doing it and I said ‘I don’t want you taking money out of my account,’” said Dionne. “I could see her doing it. I could see her taking my money.”
According to the Canadian Anti-Fraud Centre (CAFC), in 2024, crypto investments represented over 70 per cent of overall reported losses to investment fraud.
Most of those frauds involved altered videos that used AI to make it appear as if someone was saying to invest in a platform which was actually completely fake.
“If you open up your search engine and you search up cryptocurrency investments, the first five or ten are more than likely to be fraudulent platforms,” said Jeff Horncastle with the CAFC.
The centre says that when watching videos online, it’s important to remain skeptical and do your own research.
The CAFC also urges Canadians to exercise caution when viewing videos that seem too good to be true, or showing public figures saying something out of character, like investing in different platforms. They said these deepfake videos often rely on sensational or provocative content to manipulate others.
The Perkins both have health problems and said they invested in hopes of boosting their retirement savings, but instead lost it all.
“I have a bag in my stomach and go to dialysis three times a week. My wife can hardly walk and needs a wheelchair most of the time,” said Perkins. “This was a portion of our life savings that we had set aside.”
CTV News reached out to Prime Minister Mark Carney’s office about the fake, AI-generated videos but did not get a response.
Pat Foran
CTV News Toronto Consumer Alert Videojournalist
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