Richmond and Delta, two neighborhoods in Canada, have recently witnessed a disturbing surge in home-invasion-style robberies targeting wealthy crypto investors. Local police, alarmed by the trend, have issued a warning to the public, highlighting the severity of the situation.

The Royal Canadian Mounted Police (RCMP) released a statement acknowledging “several robberies” of this nature in the affected areas. The thieves employ a crafty tactic: posing as delivery personnel or individuals of authority to gain entry into victims’ homes.

Subsequently, their primary objective is to obtain crucial information that grants them access to the victims’ cryptocurrency accounts.

Unlike typical cybercrimes in the crypto industry, where hackers exploit pseudonymity and distance to execute online scams and ransomware attacks, this recent spate of crimes has taken a more physical turn.

Generally, digital assets are kept secure in custodial or non-custodial wallets, safeguarded by passwords or intricate 12-word seed phrases memorized by the owners.

Richmond RCMP and Delta Police

FOR IMMEDIATE RELEASE

Police issue warning to high-value cryptocurrency investors following home-invasion style robberies.

Date: 2023-07-19

For the full News Release, see below:https://t.co/27JLFKcV10#DeltaPolice #DeltaBC pic.twitter.com/7CqONzUdUl

— Delta Police Department (@deltapolice) July 19, 2023

However, some hardware wallet users have been found keeping backup seed phrases on paper, unintentionally providing thieves with a clear pathway to their riches.

As investigations are still underway, the police have not released specific details about the number of incidents or the exact amount of cryptocurrency stolen. Nevertheless, a discernible pattern is emerging between the cases, prompting authorities to explore potential links between them.

Recently, the RCMP gave an unusual suggestion to concerned cryptocurrency investors. Instead of relying solely on decentralized methods, they advised using safety deposit boxes at banks to store valuables and financial information securely. This advice might surprise crypto enthusiasts who prefer decentralized systems and financial independence.

In response to these events, an innovative Bitcoin developer has devised a clever solution to help investors safeguard their seed phrases. The ingenious tool, aptly named BIP39Colors, enables Bitcoin holders to conceal their crucial information using a sequence of colors.

This creative approach makes sensitive data less conspicuous, effectively reducing the risk of theft and providing an added layer of security.

While the investigations continue, the affected communities remain on edge. The incidents are a stark reminder that even in virtual assets, physical security remains paramount.

Crypto investors across Canada are now reevaluating their storage practices and considering additional precautions to safeguard their fortunes.

As the situation develops, measures are expected to protect digital and physical assets, bringing peace of mind to those affected by these troubling home-invasion robberies.

Featured image from Shutterstock

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