No Canadian celebrity or politician is selling a crypto investment through an ad, and every one that claims otherwise is a scam. Fraudsters use deepfake video and audio of Justin Trudeau, Mark Carney, Dragons' Den stars and others to push you into a fake trading platform. The Canadian Anti-Fraud Centre says Canadians lost 1.2 billion dollars to investment scams over three years, and it believes the real number is higher.
| Case | What Was Faked | Reported Outcome |
|---|---|---|
| Trudeau, March 2024 | YouTube ad with deepfake audio promising a "robot trader" and passive income from CAD 10,000 a month | Ran about 2.5 minutes; YouTube removed it and suspended the advertiser accounts. The PMO called it "concerning and unacceptable" |
| Dragons' Den, Prince Edward Island | Fake ad that appeared to promote a crypto investment from the show | Donald Hanrahan of Charlottetown lost 600,000 dollars, per BNN Bloomberg |
| Elon Musk deepfake, Ontario | AI video telling viewers to invest 250 dollars | A Markham woman lost 1.7 million dollars after seeing it in July 2023 |
| Mark Carney deepfake, Ontario | AI-generated video of the Prime Minister | An Ontario senior lost 900,000 dollars (CTV, June 26, 2026) |
Is The Trudeau Crypto Investment Real?
No. In March 2024, Global News reported a YouTube ad using a fake Trudeau voice to promise "passive income from $10,000 CAD per month" through a robot trader and to "guarantee financial results to every investor." It was posted by an advertiser in Switzerland. Google said protecting users is a top priority, the Prime Minister's Office called it "concerning and unacceptable," and a legal technology expert noted that audio deepfakes are increasingly easy to make because the technology is open source. The same pattern later reappeared with Mark Carney.
Is There A Dragons' Den Crypto Investment?
No. CBC and Dragons' Den have published a statement about fake advertisements on Facebook for products that appear to be endorsed by the show, and they recommend that you research anything online before buying. Fake articles imitating news layouts have used the faces of Dragons such as Kevin O'Leary. A Prince Edward Island man reported losing 600,000 dollars after a fake Dragons' Den crypto ad.
How Do Celebrity Crypto Scams Work?
- The hook. A paid ad or fake news story on Facebook, Instagram, X or YouTube shows a trusted face backing a platform.
- The form. You enter your name and phone number. According to reporting on the scheme, advertisers sell those contacts to call-centre scammers.
- The platform. You are taught to deposit a small amount, as little as 250 dollars, and a dashboard shows your balance growing.
- The ask. You are pushed to deposit more. Victims in the reported cases also received fabricated documents showing growth.
- The wall. When you try to withdraw, you learn the funds were never there.
How Can You Spot A Fake Crypto Ad?
- A famous person is giving financial advice in an ad. They are not. Check their official channels.
- Guaranteed or daily returns. No registered platform guarantees returns.
- It wants a phone number before showing details.
- The platform is not on the CSA list. The CSA publishes authorized and banned lists. A platform on neither is unregistered.
- The domain looks like a news site. Fake articles copy the layout of real outlets.
Where Can You Buy Crypto Safely In Canada?
Use a registered platform: Coinbase (9.9/10), Kraken (9.6) or Wealthsimple Crypto (9.5) are my top three that are on the CSA list. See the full ranking and my beginner guide. For more scams and what to do, read common crypto scams in Canada, and for what happens when a platform really does fail, see QuadrigaCX.
What Does The Canadian Anti-Fraud Centre Say About These Scams?
The CAFC's investment and crypto investment fraud page gives the clearest official picture. It says fraudsters use social media ads, text messages, emails and fake trading platforms to lure Canadians, and that they may impersonate politicians, celebrities, financial advisors or government agencies to gain trust. It also warns that once money is sent, it is often transferred overseas and is very difficult to recover.
| Red Flag (CAFC) | What It Looks Like In A Celebrity Ad | What To Do |
|---|---|---|
| Guaranteed or risk-free returns | "Guarantee financial results to every investor" | Close the page. No legitimate investment guarantees returns. |
| Pressure or urgency to send money | "Limited spots," a countdown, a caller who rings back | Hang up. Take a day and talk to someone you trust. |
| Unregistered investment company | A platform that is on no regulator's list | Check the CSA list and the National Registration Search Tool. |
| Someone met online pushing crypto | A friendly "mentor" who contacts you after the ad | Do not follow instructions to open accounts or move money. |
| Requests to open crypto accounts and send funds to wallets the fraudster controls | "Deposit to this address to activate your account" | Never send crypto to an address given by someone who contacted you. |
How Do You Report A Crypto Scam In Canada?
- Stop sending money. Do not pay "withdrawal fees" or "taxes" to release funds. That is the next stage of the scam.
- Collect evidence. Screenshots of the ad, the site, chats and every transaction ID and wallet address.
- Call your bank or exchange. Ask them to flag the transfers. Speed matters, even though recovery is difficult.
- Report to the CAFC. Use its online reporting system or call 1-888-495-8501. The phone line runs Monday to Friday, 9 am to 4:45 pm Eastern, and closes on holidays.
- Report to local police. The CAFC asks victims to do both.
- Report the ad. Use the platform's reporting tool on Facebook, Instagram, YouTube or X so the advertiser account is reviewed.
Why Do These Ads Work On Sensible People?
They borrow trust from a name you know, and the reporting shows how tight the script is. A victim in the BNN Bloomberg story was told she only had to invest 250 dollars to get onto a platform and make money daily. She then saw a dashboard that appeared to show growth, and received fabricated documents that encouraged larger deposits. The ads arrive on the same feed as your friends' photos, so they feel pre-screened. The tell is that real investment firms do not need a fake news article to find you.
I should say plainly that being careful does not make you immune. Audio deepfakes are increasingly easy to make because the tools are open source and widely available, as the legal technology expert quoted in Global News put it. Treat the name on the ad as irrelevant and judge the destination: is it a registered platform or not?
What Does A Legitimate Crypto Platform Look Like Instead?
| Check | Scam Platform | Registered Platform (Examples On My List) |
|---|---|---|
| Regulator listing | None, or a fake certificate | On the CSA list of authorized platforms (Coinbase, Kraken, Wealthsimple, Newton, NDAX) |
| Returns | Guaranteed or daily | None promised; you buy at market |
| Funding | Send crypto to an address you are given | Interac e-Transfer or wire from your own bank account |
| Withdrawals | Blocked until you pay a fee | Standard published fees, for example NDAX's CAD 1.50 Interac e-Transfer withdrawal |
| Who contacts whom | They contact you | You choose the platform |
If you want to buy crypto, start from a registered platform you choose yourself: Coinbase, Kraken or Wealthsimple Crypto. My beginner guide explains the rest, and the QuadrigaCX story shows why registration matters even when a platform looks professional.
What If I Already Sent Money?
Do not pay anyone who offers to recover it. "Recovery services" contacting victims are a second scam layered on the first. Report through the official channels above, keep your records for your tax return, and talk to your bank about a fraud claim. If you are not sure whether an ad is genuine, send me the URL, not your wallet address.
What Changed For Crypto Scam Ads Lately?
- : A deepfake Trudeau investment ad ran on YouTube before it was removed.
- : BNN Bloomberg reported two Canadians had lost 2.3 million dollars to deepfake-driven crypto scams.
- : CTV reported an Ontario senior lost 900,000 dollars to a scam using a deepfake of the Prime Minister.
Frequently Asked Questions
Is The Trudeau Crypto Investment Real?
No. A deepfake YouTube ad in March 2024 had a fake Trudeau voice promising a robot trader and passive income from CAD 10,000 a month. Justin Trudeau did not endorse any crypto investment product.
Is There A Dragons' Den Crypto Investment?
No. Dragons' Den and the CBC have posted a statement about fake Facebook advertisements that appear to be endorsed by the show. Treat any ad using the Dragons' names as a scam.
How Do Celebrity Crypto Scams Work?
A fake ad or article sends you to a form. Your name and phone number go to call-centre scammers, who walk you through a fake trading platform that shows growing balances. When you try to withdraw, the money does not exist.
How Much Have Canadians Lost To Investment Scams?
The Canadian Anti-Fraud Centre says Canadians lost 1.2 billion dollars to investment scams over three years, and believes actual losses are higher. The figure was cited in December 2025.
How Do I Check If A Crypto Platform Is Legitimate?
Check the CSA list of authorized crypto platforms and the banned list. If a platform is not on the list, do not deposit. See my guide for the platforms I rank.
What Should I Do If I Sent Money To A Scam?
Stop sending money, keep screenshots and transaction records, and report it to the Canadian Anti-Fraud Centre and your local police. Contact your bank or exchange immediately.
How Do I Report A Crypto Scam In Canada?
Stop sending money, gather screenshots and transaction IDs, call your bank or exchange, and report to the Canadian Anti-Fraud Centre online or at 1-888-495-8501, and to local police.
Can Deepfakes Fool Me?
Yes. Audio and video deepfakes are cheap to make with open-source tools. Judge the platform, not the face: if it is not on the CSA list, do not deposit.