Canadian Police Warn of Home-Invasion Style Crypto Robberies

Canadian neighborhoods are witnessing a surge in home-invasion style robberies specifically aimed at targeting affluent crypto investors and their private keys, according to local law enforcement.

The Royal Canadian Mounted Police (RCMP) has issued a warning in the Richmond and Delta regions, highlighting the occurrence of several such robberies.

While investigations are still ongoing, specific details about the incidents and the amount of stolen cryptocurrency have not been disclosed.

The police are yet to establish any direct links between individual cases, but they have noted a discernible pattern emerging in each instance.

In these incidents, the perpetrators gain access to the victims' homes by posing as delivery personnel or authority figures.

Once inside, they extract information that grants them access to the victims' cryptocurrency accounts.

This method of theft contrasts sharply with more conventional forms of crypto-related crimes, such as online scams and ransomware attacks, which often rely on the anonymity and distance afforded by blockchain networks.

The stolen cryptocurrency funds are typically kept in custodial wallets, non-custodial wallets (requiring users to remember a 12-word seed phrase), or hardware wallets offering enhanced security.

However, many hardware wallet providers recommend keeping backup seed phrases on paper, providing thieves with a tangible target during break-ins.

Strangely, the RCMP has advised concerned crypto owners to place their trust in centralization by utilizing safe deposit boxes at financial institutions to safeguard their valuables and financial information.