Crypto-related fraud is booming in Canada as scammers increasingly use AI tools to target investors, the Ontario Securities Commission says.

Canada‘s top securities watchdog is sounding the alarm on a wave of crypto scams, saying fraudsters are now using slick artificial intelligence deepfakes and fake trading platforms to fool investors and steal their money.

During the annual event on Thursday, Grant Vingoe, the chief executive officer of the Ontario Securities Commission, said the country is now in an environment “where there’s more scams, more fraud, more insider trading, more corruption, enabled by an atmosphere in which anything goes and the traditional norms are not being observed as they have in the past,” The Globe and Mail reports.

Vingoe linked the rise in fraud to wider instability as the “unpredictability of the geopolitical environment leads to an environment where people who are interested in doing wrong will find a place.” In 2024 alone, victims reported nearly $640 million in losses, per data from the Canadian Anti-Fraud Centre.

Now, Bonnie Lysyk, the OSC’s executive vice-president of enforcement, says the Commission wants to focus on “high-impact cases,” adding the the Commission wants to “put in place additional strategies to disrupt those who harm investors earlier” as the crypto space “is ripe for fraud.”

Canada began tightening crypto-related regulations in February 2023 when the Canadian Securities Administrators required all crypto trading platforms operating in the country to sign legally binding pre-registration undertakings. This came on top of existing restrictions, including the prohibition on offering margin trading to Canadian users.

Since the CSA considers some stablecoins to be securities or derivatives, exchanges were also prohibited from offering stablecoins or value-referenced crypto through contracts without prior approval, making it challenging for many crypto platforms to comply.

Cardano (ADA) has shown major structural developments as it re-enters a multi-year trading range. The recent price action suggests acceptance back within this long-term structure, with indicators pointing toward a potential move to the lower support region.

Cardano (ADA) has re-entered a significant trading range that has contained its price action for over three years. After a breakout in late 2024 that lacked volume strength, the asset has failed to sustain its highs and is now showing signs of weakness. For traders, this shift back into the range carries major implications for ADA’s medium- to long-term price trajectory.

Key points covered

• ADA has closed multiple candles back within a multi-year trading range, signaling true acceptance
• The 2024 breakout lacked volume confirmation, indicating a potential climactic top
• A move towards the lower support region is increasingly likely as ADA seeks true market value

After more than 912 days of trading within a well-defined range since 2022, ADA finally broke out in December 2024, setting a new high. However, this breakout lacked the critical component of follow-through volume. A sharp drop in volume immediately after the breakout signaled weakening momentum, suggesting a climactic top rather than a sustainable bullish trend.

Price action has since fallen back below the range high and closed multiple candles beneath it, a clear sign of acceptance back within the range. This is significant from a structural standpoint. Rather than consolidating above and building new support, ADA is now signaling a potential return to its value zone, likely toward the lower bound of the long-term range.

The volume profile reinforces this theory. The expansion to the December highs was not matched by sustained buyer interest. Instead, volume sharply tapered off, indicating that the breakout may have been speculative and not backed by conviction. In such cases, price often returns to equilibrium levels to reassess fair market value.

What to expect in the coming price action

With ADA now firmly back inside the long-term range, a slow grind toward the lower support region is increasingly probable. Traders should exercise patience, avoiding premature entries until there is either a confirmed trend reversal or a test of the lower boundary. The real opportunity may lie in ADA’s eventual consolidation and structure near the bottom of this historical range.