Crypto
Sask. retiree warns others after losing $3K to crypto fraud using AI video of prime minister | CBC News
Retired teacher Lynn Phaneuf says he and his wife generally only use the smart TV in the living room of their Prince Albert home to watch the news.
When Phaneuf, 70, saw what purported to be an interview between CBC host Rosemary Barton and Prime Minister Mark Carney talking about cryptocurrency investment opportunities backed by the federal government, he thought he was watching a legitimate segment on a CBC streaming platform.
“With all the stuff that has been going on with Mark Carney, trying to get housing going and this and that, I thought this could be just one of those initiatives that is good for Canadians,” Phaneuf said.
The segment did not air on CBC’s platform, and it was fake — a fraudulent video made using AI to impersonate Carney, Barton and CBC branding to direct people to an investment company that was flagged by the Manitoba Securities Commission in June 2025.
Phaneuf said he had doubts throughout the weeks-long interaction with scammers that ultimately cost him $2,800. But with around $800 in profits deposited to his Canadian bank account, a legitimate cryptocurrency site tangled up in the scheme, the professional nature of the so-called financial advisers and a confusing phone call from RBC, there was always just enough reassurance to keep going, he said.
“I always use the analogy of being lost in the bush. Once you’re lost, you stop believing the things that you should believe.”
The Financial and Consumer Affairs Authority of Saskatchewan said it began tracking amounts reported lost to cryptocurrency scams in the province in 2024, and as of the beginning of November 2025, the total lost was $1.3 million.
For Canada, the reported amount lost totals more than $388 million between January 2024 and September 2025, according to the Canadian Anti-Fraud Centre. Both agencies say only an estimated five to 10 per cent of victims report the fraud.
Companies ‘very well aware’ of AI-generated ads
Mathieu Lavigne, the analytic lead at the Media Ecosystem Observatory — a Canadian-based research initiative that monitors and analyzes online harms — said deepfake, AI-generated videos like the one Phaneuf encountered are a known problem for social media companies.
But the companies are taking a primarily “reactive” approach, he said.
“They’ve basically just been removing individual pages and ads when they’ve been flagged.”
Regulations for ads on social media are much looser than regulations for traditional broadcasts, he said.
Companies like Meta, which owns Facebook, rely on ad buyers to self-declare deceptive AI use and no identity verification is needed before creating a page, even pages running financial ads, Lavigne said.
“Right now it is possible for any individual around the world to create a page and start buying ads right away that try to defraud Canadians.”
The problem is extensive, he said. His team identified over 200 pages on Meta platforms running ads like the one Phaneuf encountered. One video had been seen by more than 100,000 Canadians.
He said information from Meta’s ad library shows that more vulnerable Canadians like the elderly are often targeted.
The scam
The fake segment directed Phaneuf to a website called TW Pro, which he said later suddenly became PlusTW. The site displayed stock and trading information for recognizable companies like Apple and cryptocurrencies like Bitcoin and Dash. Phaneuf said he was able to verify that information against the stock exchange in real time.
With time on his hands during retirement, and an apparent endorsement from the prime minister, he thought investing might be interesting and fun.
“I was not trying to make big money out of it. I didn’t need the big money out of it. I just thought, ‘Oh, this is something to try,’” he said.
After he created an account, a series of self-described financial advisers began calling him from Canadian numbers. One gave the name of a real financial adviser based in Toronto, he said.
His first investment was $365, paid by credit card. After 10 minutes on the phone with someone, he’d earned a profit.
“The earnings were not great, but it was an earning every time,” he said.
Once he ensured he could withdraw his money, he decided to invest $3,000, an amount he could afford to lose. That was the limit he gave himself for the investment project.
Unclear call from RBC
The site asked him to send the money through crypto.com — a Singapore-based company registered to operate in Canada through the Canadian Securities Administrators — using an e-transfer. The move concerned his bank.
“RBC phoned me and said, ‘Are you sure you want to do this?’” Phaneuf said.
They told him cryptocurrencies often involve scams, but when he asked if RBC had problems with the specific company, crypto.com, the representative said no, Phaneuf said.
“He couldn’t give me an answer: is this OK or is this not OK?”
The call lasted five minutes.
In a statement to CBC, RBC said it would not comment specifically on Phaneuf’s case due to client privacy, but that the company was in contact with him directly about the situation.
“We recognize that we have an important role to play in helping to protect our clients from fraudsters and educating Canadians about staying vigilant in an ever-evolving threat landscape,” the statement said.
A spokesperson for crypto.com told CBC the company “is not affiliated” with either PlusTW or Pro TW “in any way.”
Pressure to invest
Phaneuf said the pressure to invest increased. When he resisted, the financial advisers became harder to get on the phone. He said he tried to withdraw money and “the phone went dead.” Requests to close his account were similarly ignored.
Normally, he’s able to spot scams and can avoid things like fake emails or phishing scams, he said.
“I was mad because I fell for this one hook, line and sinker.”
Phaneuf said he reported the loss to Prince Albert city police but got a call informing him that they would not pursue it, despite classifying it as theft. He was told there was no need to submit his witness statement, he said.
After CBC contacted Prince Albert police for comment, a spokesperson said they had determined Phaneuf’s case “requires additional attention” and reopened the file.
“After reviewing the file, we recognize that the initial assessment did not meet our expected standard of service,” Chief Patrick Nogier said.
“We need to be upfront,” Nogier said when asked about the police service’s ability to handle cybercrime.
“We do not have the capabilities and the expertise.”
Nogier said cases involving cybercrime are often beyond the capacity of mid-sized police forces like Prince Albert’s.
He called the initial assessment of Phaneuf’s case “concerning” given how often cybercrime goes unreported.
Canadian Anti-Fraud Centre outreach officer Jeff Horncastle said victims of fraud should file reports with both their local police and the anti-fraud centre, as it is a separate reporting process.
He said fraud is “very underreported” for multiple reasons, including victims being confused about where to go and having challenges reporting to police.
Learning about the scam
Phaneuf’s wife asked him to take a cybersecurity course at the University of Saskatchewan through its continued learning program in the fall.
While attending the virtual course, he heard a very familiar tale of fraudsters earning trust through phone calls over time, returning some money to victims in order to get them to invest more, and then disappearing with their money, he said.
“They could have just been pointing at me.”
While Phaneuf didn’t tell his teacher, Canada Research Chair in Security and Privacy Natalia Stakhanova, about his experience, Stakhanova said other seniors in her class have mentioned brushes with AI-powered scams.
“A lot of people don’t realize the extent of the AI these days and the capabilities are growing daily,” Stakhanova said.
“Criminals are getting, becoming more and more creative.”
Scams are now more sophisticated and more believable than “we are accustomed to seeing,” she said.
Experts say education is key to fighting new forms of fraud.
All individuals and companies dealing with financial securities are required to be registered with the Canadian Securities Administrators and can be looked up there.
Phaneuf’s advice is to keep your bank account information away from anyone asking for money on the internet.
“Don’t let any money out because there’s a good chance you’ll never see it again.”
At 5 p.m. Eastern Time today, Ethereum (1 ETH) is trading at $2,161.09. That’s a $180.66 increase from yesterday and about an $8.94 loss over the past year.
What is Ethereum?
With a market capitalization of around $233 billion, Ethereum is the second-largest cryptocurrency. That places it well below Bitcoin’s roughly $1.33 trillion market cap, but significantly ahead of third-place Tether, which sits at $183 billion.
One major distinction sets Ethereum apart from other cryptocurrencies: It’s not simply digital money. It operates as a decentralized computing platform, allowing users to build and run applications without oversight from any company or bank.
In basic terms, developers use Ethereum’s blockchain network (instead of, say, Amazon or Google servers) to create apps for activities like borrowing, lending, investing, trading, and more. ETH, the token, is the currency used for these operations.
Ethereum price history
When Ethereum’s initial coin offering (ICO) launched in 2014, it cost just 31 cents per share. Since then, its value has climbed by more than 60,000%.
Looking at the past five years (2020-2025), Ethereum has risen by a solid 46%. But that figure doesn’t tell the whole story. Ethereum has been subject to extreme volatility, peaking at nearly $5,000 in August 2025. That represents nearly 1.6 million percent growth from its original ICO—making that previous 60,000% increase seem modest by comparison.
Since then, ETH has seen gains exceeding 80% and losses surpassing 60%—that is to say, virtually every dramatic swing imaginable. Early 2026 brought a steep drop in Ethereum’s value due to several factors, including recession fears and Ethereum co-founder Vitalik Buterin selling millions of dollars worth of ETH.
The bottom line is that Ethereum can deliver both enormous gains and enormous losses, which is typical of other major cryptocurrencies too.
Ethereum vs. Bitcoin
In the cryptocurrency rankings, Ethereum trails far behind Bitcoin for the top spot.
But keep in mind, Ethereum wasn’t designed primarily to serve as a currency; its main purpose was to function as a decentralized computing platform. Ethereum has a wide range of real-world uses, and its developer community is huge. This appeals to investors because it offers growth potential beyond simply being an “alternative currency.”
Here’s an easy framework for understanding the difference between these two currencies:
- Think of BTC as digital gold—a straightforward currency designed to store and transfer value.
- Think of ETH as digital oil—the fuel that keeps decentralized apps and smart contracts running across the Ethereum network.
What is Ethereum staking?
Staking represents another feature that sets Ethereum apart from Bitcoin.
Before 2022, Ethereum’s network was secured by thousands of computers competing to solve random puzzles (called “proof of work”). When your computer successfully solved a puzzle, you’d earn some ETH as a reward. It sounds strange, but it proved effective for maintaining an honest ledger.
Because this approach burned significant amounts of electricity and didn’t really make sense, Ethereum chose to replace it with something called “staking.” With staking, you lock up your ETH as a security deposit to help verify transactions. In return, you earn a reward similar to what proof of work provided. Essentially, you’re earning interest on your staked amount.
What affects Ethereum’s price?
A few key things can affect Ethereum’s price:
- Investor speculation: Like most cryptocurrencies, Ethereum’s short-term price often moves with hype and trader sentiment. In the near term, excitement (or panic) can drive prices more than anything else.
- Network activity and DeFi growth: The more people use Ethereum, the more demand there is for ETH. A good example was the DeFi surge in 2020–2021, when heavy network use helped push prices up.
- Economic conditions: While Ethereum doesn’t always move in lockstep with interest rates or the stock market, the economy still plays a role. When people feel confident financially, they’re more open to putting money into assets like crypto.
- Regulation: Because crypto is still developing as an industry, new laws and regulations can have a big impact. Positive headlines can build confidence, while uncertainty tends to make investors cautious.
- Competition: Ethereum isn’t the only smart contract platform anymore. Projects like Solana and Avalanche offer faster or cheaper alternatives, so how Ethereum continues to evolve will help determine its long-term success.
How to buy and invest in Ethereum
There are many ways to invest in Ethereum with varying degrees of risk. Below are some of the most popular options.
Buy Ethereum on a crypto exchange
Buying ETH directly represents the most hands-on investment method. You’ll open an account with a cryptocurrency exchange and connect your bank account to purchase and store ETH in a digital wallet.
Invest in Ethereum ETFs
If directly managing crypto doesn’t appeal to you (think handling wallets and private keys) an Ethereum ETF could be a better option. These funds hold the crypto for you while their shares trade on stock exchanges just like traditional stocks.
Buy Ethereum-related stocks
You can invest in publicly traded companies with close ties to Ethereum as a way to gain exposure without directly owning ETH. This might include blockchain technology companies, firms holding substantial amounts of ETH on their balance sheets, and the like. This approach lets you benefit from Ethereum’s performance indirectly.
Open a crypto IRA that holds Ethereum
A crypto IRA allows you to hold Ethereum within a tax-advantaged retirement account. It functions like a traditional or Roth IRA, offering the same contribution limits and tax benefits.
Cryptocurrency prices today
Ethereum is one of the most ubiquitous cryptocurrencies, but it’s far from the only option. Consider the following options when deciding where to place your money.
- Bitcoin: Bitcoin is the first and most well-known cryptocurrency. It’s a decentralized digital currency built to serve as both a store of value and a peer-to-peer payment system.
- Tether: Tether is what’s known as a stablecoin. Its value is pegged to another asset, in this case, the U.S. dollar. Because of that, it tends to be much less volatile than Ethereum, though it also lacks the same potential for long-term growth.
- XRP: Created to make moving money across borders faster and cheaper than traditional methods, XRP offers near-instant transactions with minimal fees.
Is it a good time to invest in Ethereum?
Unlike established blue-chip stocks such as Exxon Mobil, Johnson & Johnson, or IBM, Ethereum is still a relatively young asset. There’s no guaranteed way to predict how ETH will perform in the years or decades ahead. Even so, its performance over the past decade has been incredible, and its usefulness goes far beyond that of a simple tradable token; it underpins a huge and expanding network of financial applications and developer tools.
Keep in mind, though, that Ethereum has a history of sharp downturns, so be prepared for volatility. It isn’t a good fit for investors with a low tolerance for risk. Stay aware of emerging blockchain competitors, and don’t overconcentrate your holdings. ETH is best viewed as a smaller, strategic component of a well-diversified portfolio.
Frequently asked questions
How much will Ethereum be worth in 2030?
Cryptocurrency experts are bullish on Ethereum’s long-term trajectory. Standard Chartered has predicted ETH could even eclipse Bitcoin by then, reaching $40,000 by the next decade. More conservative estimates place it closer to $10,000. Either way, that’s a meteoric rise from its early 2026 valuation.
What is Ethereum’s all-time high price?
As of this writing, Ethereum reached its highest price ever in August 2025, hitting nearly $5,000.
Can you buy a fraction of Ethereum?
Yes. Most cryptocurrency exchanges allow for fractional investing, giving you the ability to buy portions of a single crypto coin—including ETH.
How do I start investing in Ethereum as a beginner?
If you want to invest directly in Ethereum by owning the currency, you’ll typically open an account with a cryptocurrency exchange. Once the account is created, you can transfer your money from your bank account to your crypto account and begin making purchases. Alternatively, you can indirectly invest in Ethereum via an ETF or a company that’s closely tied to Ethereum’s success.
What is Ethereum staking?
Staking involves locking up your ETH to help validate transactions on Ethereum’s decentralized network. The upside to doing this is that you’ll receive a return similar to interest with a high-yield savings account.
Is Ethereum better than Bitcoin?
Neither Ethereum or Bitcoin is objectively “better.” They do different things. Bitcoin is primarily a store of value, while Ethereum is both a platform that powers a large ecosystem of applications and a cryptocurrency. Bitcoin tends to be less volatile and more established as a payment method, while Ethereum gives you more functionality, and likely more potential for growth.
Key Points
-
Bitcoin is a store of value, but it’s facing a huge risk in the next 10 years or so.
-
XRP has utility today, but it’s facing an onslaught of competitors in the same time frame.
-
One of these assets has a more straightforward path to its ongoing success.
Buying a cryptocurrency and then holding it for seven years is less about picking the flashiest chain of today, and more about picking the investment thesis that can inspire your conviction over time, survive your own boredom when the market is slow, and perhaps most importantly, survive a couple of gut-check drawdowns.
So with $3,000 to allocate today, is it smarter to load up on Bitcoin(CRYPTO: BTC) or XRP(CRYPTO: XRP) if you’re (hopefully) going to be holding whatever you pick through 2033?
Will AI create the world’s first trillionaire? Our team just released a report on the one little-known company, called an “Indispensable Monopoly” providing the critical technology Nvidia and Intel both need. Continue »
Image source: Getty Images.
Bitcoin’s job is simple
Bitcoin’s pitch is that it’s an asset with a fixed supply and enough of a social consensus about its worth that it functions as a store of value.
The coin’s supply cap is hard-coded at 21 million coins that can ever be mined. A lot of that supply, approximately 20 million Bitcoin, is already out in the world.
And if you’re building a well-balanced crypto portfolio, it’s the scarcity of the remaining supply and the guarantee that it’ll only get scarcer and more challenging to produce in the future that makes this coin a must-have holding.
Nonetheless, the long-term risk that investors should not dismiss is the advent of quantum computing, which in theory could crack Bitcoin’s encryption and enable the theft of coins at some point in the tail end of the next 10 years. There are some early steps taking place to update the coin to prevent that from being possible. Even so, the risk might not be fully addressed for years, or perhaps even too late to prevent a quantum attack which turns into a disaster for holders.
But the odds are good that Bitcoin’s developers will adapt to the threat in time.
XRP needs to keep winning to outperform
XRP is a bet that its chain, the XRP Ledger (XRPL), becomes important financial plumbing, and that demand for the coin rises alongside its use.
There are a few pieces of evidence that suggest it’s succeeding. The XRPL saw around 1.1 million daily transactions recently, and it hosts 7.6 million activated wallets. That activity could accelerate if financial institutions continue to onboard their capital to the network in hopes of managing it more readily than they could elsewhere.
Still, XRP competes against other money transfer rails and also against legacy systems for capital management. It needs to beat out that competition consistently over time to continue to grow. And while it’ll likely win enough of its competitive fights to survive and expand somewhat for the next seven years, to continue to thrive and be a great investment, it’ll need to be winning against bigger and bigger competitors all the while — and that’s a lot harder to believe in because it’s a high bar.
So if you want a coin for a seven-year hold that demands the least babysitting and the least competitive jockeying, invest your $3,000 into Bitcoin, as it only needs to change elements related to its security rather than its core feature set.
Should you buy stock in XRP right now?
Before you buy stock in XRP, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and XRP wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004… if you invested $1,000 at the time of our recommendation, you’d have $523,599!* Or when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $1,118,640!*
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Alex Carchidi has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and XRP. The Motley Fool has a disclosure policy.
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