Digital currency fraud in Canada has surged in the past four years, police have reported. According to the Royal Canadian Mounted Police (RCMP), this type of fraud has shot up 400% in the past four years. Canada\u2019s digital currency industry has been thriving in recent years. Despite the fall of QuadrigaCX exchange in controversial circumstances, Canadians have continued to adopt digital currencies, with studies showing that three in four Canadians know what Bitcoin is. With the rapid adoption has come an unfortunate rise in digital currency fraud. Kris Clark, an organized crime RCMP officer told local outlet Global News, \u201cCryptocurrency fraud is increasing dramatically in Canada, with a difference of more than 400 per cent between 2017 and 2020.\u201d He added, \u201cCanadians lost nearly $11 million (US$8.7 million) through digital currency scams alone, in the first eight months of 2020.\u201d Digital currency scams have varied over the years, ranging from those targeting victims\u2019 greed such as \u201cdouble-your-money\u201d scams to those targeting intimidation such as extortion scams. In recent times, fraudsters have been targeting lonely victims, pretending to be romantically interested in them before luring them to send digital currencies. In Vancouver, authorities said local residents lost $2 million to digital currency scams in a single week earlier this month. As per the Vancouver Police Department, such scams have tripled this year. Tania Visintin, the spokesperson for the department commented, \u201cPredators will often exploit two powerful human emotions \u2013 greed and love. Victims are typically lured in with the idea that they will be a part of an opportunity to make money or in other cases, they will be doing a friend or romantic interest a favour.\u201d According to CTV, extortion scams are growing fast in Canada. In 2020, Canadians lost $10 million to these scams. While digital currencies weren\u2019t involved in all these scams, they made up a sizeable percentage of the ransom payments. \u201cThere is going to be some threat by nature or coercive nature and they are going to be asked to pay by Bitcoin. When it comes to these scams this is what we are seeing,\u201d Jeff Thomson, an RCMP investigator stated. Digital currency regulations will be key to stopping the rampant crime. As CoinGeek reported, most jurisdictions have implemented new laws to govern the industry, seeking to stamp out the scammers from an industry that\u2019s becoming formidable across the world. Follow\u00a0CoinGeek\u2019s Crypto Crime Cartel\u00a0series, which delves into the stream of groups-from\u00a0BitMEX\u00a0to\u00a0Binance,\u00a0Bitcoin.com,\u00a0Blockstream,\u00a0ShapeShift,\u00a0Coinbase,\u00a0Ripple\u00a0and\u00a0Ethereum\u2014who have co-opted the digital asset revolution and turned the industry into a minefield for na\u00efve (and even experienced) players in the market.