A Canadian woman was scammed out of all her cryptocurrency despite warnings from the exchange.

2025-10-24 03:31:30

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A court in British Columbia ruled that NDAX Canada is not responsible for the loss of 671,000 CAD (480.000 USD) by customer Yan Li Xu due to spear phishing, even though the exchange warned her four times. Judge Lindsay LeBlanc stated that NDAX fulfilled its duty and “was not legally at fault,” as it continuously warned that Xu could be scammed. Xu, an accountant in Victoria, opened an NDAX account in April 2023 after being lured into investing in a project promising a 1% daily return. She mortgaged her house, borrowed money, and purchased Ether, then insisted on NDAX transferring funds to an external wallet despite warnings. Ultimately, her money was transferred to the scammer's wallet and lost entirely. The incident occurred as Canada was ramping up oversight and imposing heavy penalties on cryptocurrency exchanges violating anti-money laundering regulations.

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