Crypto

Sask. retiree warns others after losing $3K to crypto fraud using AI video of prime minister | CBC News

Published

5 months ago

December 4, 2025

Sask. retiree warns others after losing K 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.

The Media Ecosystem Observatory was able to track hundreds of Facebook pages, like this one, that impersonated news organizations including CBC to direct Canadians to investment scams. (Submitted by Media Ecosystem Observatory )

“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.

Prince Albert Police Chief, Patrick Nogier (Aishah Ashraf/CBC)

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 woman stands in the hallway of a building with brick walls under a sign reading department of computer science. — University of Saskatchewan computer science professor Natalia Stakhanova teaches a cybersecurity course for seniors. (Katie Swyers/CBC)

“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.”

Crypto

ADI Foundation and Settlemint Launch ADGM Tokenization Rail for $30.9B RWAs

Published

11 hours ago

May 14, 2026

Press Room

ADI Foundation and Settlemint Launch ADGM Tokenization Rail for .9B RWAs

Integrated Infrastructure for Institutional Adoption

ADI Foundation and Settlemint announced a partnership on May 13 to launch a new digital securities infrastructure on the ADI Chain, aiming to streamline the tokenization of assets within the Abu Dhabi Global Market (ADGM) regulatory framework.

The collaboration integrates ADI Foundation’s compliance-ready Layer-2 blockchain with Settlemint’s digital asset lifecycle platform (DALP). The combined system is designed to handle the entire lifespan of a digital security, from initial token creation and on-chain recording to post-trade servicing and management.

The move addresses a primary hurdle for institutional investors: the difficulty of coordinating issuance, trading, settlement, and custody across fragmented jurisdictions. By providing an integrated architecture, the partners aim to offer a unified pathway for institutions to move traditional assets onto the blockchain.

“The future of investment and trading will not only be digitized, but also available 24 hours a day, 7 days a week,” said Andrey Lazorenko, CEO of ADI Foundation. “Our partnership brings together market infrastructure, institutional-grade blockchain, and a digital asset lifecycle platform to tokenize equities and trade them on secondary platforms.”

According to a media statement, the platform utilizes Settlemint’s implementation of the ERC-3643 standard—a protocol specifically designed for security tokens to ensure compliance with regulatory requirements. While the partnership is initially focusing on equity tokenization, the infrastructure is built to support a variety of other tokenized securities and financial instruments, pending regulatory approval.

The announcement comes as institutional interest in real-world assets ( RWAs) on-chain continues to accelerate. According to data from RWA.xyz, tokenized RWAs currently represent approximately $30.92 billion in on-chain value, with tokenized U.S. Treasuries accounting for roughly $15.20 billion of that total. Market analysts expect this trend to scale significantly. A 2026 analysis by BCG suggests the digital asset market could surge from $0.6 trillion in 2025 to $18.9 trillion by 2033.

Matthew Van Niekerk, co-founder and president of Settlemint, characterized the partnership as a “blueprint” for the broader financial industry.

“This partnership proves that regulated, multi-asset tokenization at national scale on public blockchains is not just feasible, but live,” Van Niekerk said. He added that the infrastructure is intended to be a model that central securities depositories (CSDs), exchanges, and clearing houses can adopt to integrate digital assets into existing operations.

Crypto

BlackRock COO: Cryptocurrency Demand Surpasses Firm’s Expectations, Signaling a Shift in Value

Published

23 hours ago

May 13, 2026

Press Room

BlackRock COO: Cryptocurrency Demand Surpasses Firm’s Expectations, Signaling a Shift in Value

BlackRock Chief Operating Officer Rob Goldstein revealed that demand for cryptocurrency has significantly exceeded the firm’s initial projections, marking a notable shift in institutional sentiment toward digital assets. Speaking during a Binance online stream, Goldstein addressed the market’s reception of BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT, and outlined the asset manager’s broader strategic outlook on blockchain-based finance.

Demand Driven by Value Proposition, Not Speculation

Goldstein emphasized that the global demand for IBIT was stronger than anticipated, describing the interest not as fleeting speculative enthusiasm but as a recognition of a new value proposition rooted in emerging technology. He noted that investors are increasingly viewing cryptocurrency as a distinct asset class with potential for long-term portfolio diversification, rather than a short-term trading vehicle. This perspective aligns with BlackRock’s broader push to integrate digital assets into traditional investment frameworks.

Tokenization and the Future of Capital Markets

Goldstein predicted that the tokenization of capital market instruments remains in its early stages, with future growth expected to be measured in multiples rather than incremental percentages. He argued that blockchain infrastructure could fundamentally reshape how assets are issued, traded, and settled, reducing friction and increasing transparency. This view is consistent with growing industry interest in real-world asset (RWA) tokenization, a trend that major financial institutions are beginning to explore.

AI Agents and Digital Rail Transactions

In a forward-looking comment, Goldstein suggested that artificial intelligence agents will eventually conduct transactions directly via digital rails, or blockchain infrastructure, rather than logging into traditional bank accounts. This vision points to a future where automated systems interact with decentralized finance protocols, potentially streamlining operations across supply chains, payments, and asset management. While still conceptual, the statement underscores BlackRock’s attention to the convergence of AI and blockchain technologies.

The Education Gap Remains a Key Obstacle

Goldstein identified the primary barrier to broader adoption as a lack of investor education regarding the technical aspects of virtual assets and efficient portfolio allocation. Many institutional and retail investors remain uncertain about how to evaluate cryptocurrencies, assess risks, and integrate them into existing investment strategies. BlackRock’s emphasis on education suggests that the firm sees informed participation as critical to sustainable market growth.

Conclusion

BlackRock’s acknowledgment that cryptocurrency demand has exceeded expectations carries significant weight, given the firm’s status as the world’s largest asset manager with over $10 trillion in assets under management. Goldstein’s comments reflect a maturing institutional perspective that views digital assets not as a passing trend but as a structural evolution in finance. For investors, the key takeaway is that major financial players are moving beyond skepticism and actively building infrastructure for a tokenized future, even as educational gaps persist.

FAQs

Q1: What did BlackRock’s COO say about cryptocurrency demand?
Rob Goldstein stated that demand for cryptocurrency, particularly through BlackRock’s IBIT Bitcoin ETF, has exceeded the firm’s expectations, driven by a recognition of its value as an emerging technology rather than mere speculation.

Q2: What is BlackRock’s view on tokenization?
Goldstein described tokenization of capital market tools as still in its infancy, with future growth expected to be exponential. He believes blockchain infrastructure will play a key role in transforming how assets are managed and traded.

Q3: What is the biggest obstacle to cryptocurrency adoption according to BlackRock?
The main challenge is a lack of investor education on the technical aspects of virtual assets and how to allocate them effectively within a portfolio, according to Goldstein.

Crypto

MEXC Commits to 1,000 BTC Purchase as Guardian Fund Targets $500M Expansion

Published

1 day ago

May 13, 2026

Press Room

MEXC Commits to 1,000 BTC Purchase as Guardian Fund Targets 0M Expansion

Key Takeaways

BTC and USDT to Serve as Dual Reserve System for Market Stability

Crypto exchange MEXC is deepening its focus on reserve strength and user protection, announcing plans to expand its Guardian Fund fivefold to $500 million and acquire 1,000 bitcoin as part of a broader risk management strategy.

The exchange said the initiative will be rolled out over the next two years and is designed to create a dual-reserve structure combining liquid stablecoin holdings with long-term BTC reserves. The framework is intended to bolster platform stability and improve resilience during periods of market stress.

The announcement comes as MEXC continues to attract new capital and users. According to data from Defillama, the exchange recorded $271.6 million in net inflows over the past month through May 11, reflecting increased trading activity and participation across global markets.

Under the revised structure, the Guardian Fund will continue to hold significant USDT reserves to ensure immediate liquidity and operational flexibility. The addition of bitcoin is intended to provide a longer-term store of value capable of preserving purchasing power across market cycles.

Transparency Remains Key for MEXC

MEXC said the strategy is part of a disciplined reserve management approach rather than a reaction to short-term volatility. The company framed the expansion as an effort to build infrastructure comparable to institutional-grade financial safeguards increasingly expected in the digital asset industry.

“Trust has to be capitalized, not just claimed. The expansion of the Guardian Fund and the addition of bitcoin reserves reflect our commitment to building protection infrastructure that helps users access infinite opportunities with greater confidence,” CEO Vugar Usi said in a statement.

The exchange also emphasized transparency. Wallet addresses tied to the Guardian Fund’s USDT and bitcoin holdings have been disclosed publicly, allowing users to verify reserve balances on-chain in real time. The move highlights a broader trend among large trading platforms seeking to differentiate themselves through stronger balance sheets and more visible proof-of-reserves mechanisms.

For MEXC, the Guardian Fund expansion forms part of a wider push to position itself as a global platform capable of supporting long-term growth. The company said the initiative aligns with its broader strategy of improving transparency, strengthening risk management, and protecting users during periods of heightened market uncertainty.