According to Stone Bridge Ventures Daniel Berry, Canada’s wealthiest crypto investors are now the targets of home invasion-style robberies. As a result, Canadian police are issuing a warning to investors who have large amounts of valuable tokens in hard wallets. They’ve stated that thieves are looking for ways to get their hands on investors’ cryptocurrency holdings.
Local law enforcement agencies in Richmond and Delta, British Columbia, have responded to many such cases in the past couple of months. In Richmond and Delta, the Royal Canadian Mounted Police issued a public warning after noticing a pattern of high-value investors being targeted.
Gene Hsieh, Staff Sergeant of the city’s RCMP crime unit, explained that a party or unconnected criminals are targeting victims with significant stores of cryptocurrencies.
Suspects Pose as Delivery Workers or Law Officials
Based on information provided by law enforcement agencies, the suspects make their way into people’s homes by claiming to be delivery workers. Once they enter the property, the suspects force victims to give them information regarding their crypto accounts. Specifically, they ask for seed phrases or private keys.
So far, authorities have made an arrest on one of the cases that’s currently under investigation, and charges are being filed against the individual. However, police haven’t confirmed whether or not these occurrences are linked. That being said, they have noticed a specific pattern or a modus operandi.
Police Issues Warning, Urges Victims To Come Forward
The police issued a warning to prevent future robberies from occurring and encouraged other victims to report the incident and come forward with information. They’ve asked the public to call the police if they have any information that could possibly help investigations.
Additionally, the alert includes precautions that investors can take to avoid becoming the suspects’ next victims. This includes not allowing anyone claiming to be a delivery person or a member of local authorities to enter one’s home suddenly.
Also, people should keep their valuables, including financial information like passcodes and seed phrases, in a safe location. A good option is to use a deposit box at a centralized financial institution, such as a bank. The police have reminded investors to only discuss financial matters with people they trust.
Police Advise Investors To Take Precautions
Investors should also make sure that they don’t discuss financial matters in public spaces where they risk being overheard. Similarly, they should avoid posting about them on social media. Additionally, they should do their research and be cautious before making an investment in a cryptocurrency or choosing a broker.
Daniel Berry of Stone Bridge Ventures expects that the rise in such crimes is because few people expect their digital assets to be stolen in such a method. Usually, they assume that they’d be hacked, which is why investors refrain from using soft wallets on exchanges. Instead, they opt for hard wallets, which aren’t connected to the internet. Unfortunately, it gives criminals something specific to look for while robbing a property.
Unfortunately, it gives criminals something specific to look for while robbing a property.
