Old-school robbers are taking an interest in cryptocurrencies as a Canadian police department recently issued a public warning on an ongoing trend in high-value cryptocurrency investors being robbed in their homes.

Canadian Police Warns Public

The public warning came after it had registered several cases of home invasion and robbery of high-value cryptocurrency investors in the past year. Now, the public warning came as the police department believes it is necessary for public safety.

“It appears someone is targeting these victims for cryptocurrency, and we believe this public warning is necessary in the interest of public safety,” said Staff Sergeant Gene Hsieh of the Richmond RCMP Major Crime Unit.

However, the Canadian police did not furnish any details about the robberies or share the amount of stolen cryptocurrencies, as the investigation is still ongoing. However, the warning highlighted that “large amounts” of cryptocurrencies were involved.

The Canadian police also detailed that the robbers followed a particular operation pattern: the suspects gained access to a victim’s home by posing as delivery people or persons of authority, and once inside, they robbed the victim’s crypto wallet information.

“The suspects appear to know the victims are heavily invested in cryptocurrency, know where they live, and are robbing them in their own homes,” said Staff Sergeant Jill Long of Delta Police Investigative Services.

The Canadian police have already made an arrest. However, the police are still hesitant to confirm if all of these robberies are related. Law enforcement also believes there are more victims of such robberies, but they did not register any complaints.

As a precaution, crypto investors are advised not to show off their wealth or seek investment advice on social media or other public platforms. Also, people should not allow strangers or delivery people inside the house and should confirm their identity or seek emergency assistance in case of suspicion.

Old-School Robbers Targeting Crypto Investors

Due to the digital nature of cryptocurrencies, cyberattacks are rampant. However, physical robberies are also common. Earlier this year, an Israeli entrepreneur was reportedly robbed of his digital assets at gunpoint in his Tel Aviv home. He told police that robbers broke into his house, beat him mercilessly, and forced him to transfer his crypto holdings to their wallets.

Pavel Lerner, a Managing Director of the cryptocurrency exchange, EXMO, was infamously kidnapped in Ukraine’s Kyiv in December 2017 and was released after paying a ransom of $1 million in Bitcoin. Furthermore, another New Jersey man was abducted at gunpoint and was forced to give up the password of his crypto wallet that contained $1.8 million in Ether. There are several other incidences of crypto robberies globally.