A cryptocurrency investor recently lost $21,700 in a scam conducted via the platform app.canaton.com. The fraud began when the victim, lured by promises of quick returns, deposited funds into the app’s designated wallet, expecting secure management of their assets and returns on their investment.

After the initial deposit to the Ethereum address 0x8584876944A517094295244b4C9A496e8e7Ad711 , the victim was soon contacted by representatives from app.canaton.com, claiming that the funds had been “locked” for verification. The scammers asserted that additional deposits were required for identity verification to comply with their fabricated “anti-money laundering policies.” Believing this was a legitimate requirement, the victim attempted to comply, facing increasing demands for further deposits and additional fees.

Despite these payments, the platform continued to withhold access to the funds, each time citing new requirements, effectively trapping the victim in a cycle of escalating financial demands. When attempts to withdraw were ultimately denied without explanation, the victim realized they had been scammed.

This case underlines the risks associated with unverified cryptocurrency platforms and highlights how scammers exploit trust to lock funds under false pretenses. It also serves as a warning to other investors to thoroughly research and verify the credibility of online platforms, particularly when they ask for unexpected deposits or fees.