Large crypto investors are being robbed in their own homes, Canadian police say

Quick Take

  • Canadian authorities report several incidents of robbery targeting large crypto investors.
  • The police warn investors to stay cautious and take necessary actions to safeguard themselves and their assets.

Canadian police have issued a public warning following what appears to be an emerging trend of home invasion-style robberies in the country targeting large crypto investors.

"The suspects appear to know the victims are heavily invested in cryptocurrency, know where they live and are robbing them in their own homes," Jill Long, staff sergeant of Delta Police Investigative Services, said in a release published Wednesday by Delta Police and Richmond Royal Canadian Mounted Police (RCMP). Over the past year, several incidents have been reported in Delta and Richmond, where victims were holding "large amounts" of crypto, the police agencies said, without disclosing specific details.

In one case, an arrest has been made, and charges are being recommended. As for suspects' modus operandi, in each case, they gain entry into victims' homes by posing as delivery persons or people of authority. Once inside the homes, they seize crucial information that grants access to the victims' crypto accounts, the police said.

They have asked crypto investors to remain vigilant and take necessary precautions to safeguard themselves and their assets.

Canada is one of the popular nations for growing crypto adoption. The country ranked 22nd in the Global Crypto Adoption Index by Chainalysis in 2022, up from 26th position in 2021 and 24th in 2020.

Canada's regulatory approach to the crypto industry, however, has been strict, leading to the shutdown of several exchanges like Binance and Bybit in the country in recent months. Canada introduced new guidance in February, mandating crypto companies to seek approval from the Canadian Securities Administrators, subjecting them to rigorous due diligence checks.

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