• Mon. Aug 28th, 2023

New Crypto Scam: Wallet Theft

Aug 28, 2023
New Crypto Scam: Wallet Theft
Marcel Bich
Latest posts by Marcel Bich (see all)

A number of robberies where thieves target victims’ houses in pursuit of locked crypto wallet keys have been recorded in Canada by the Royal Canadian Mounted Police (RCMP).

The RCMP asserts that the suspects pose as delivery personnel or law police when they break into the victims’ homes and proceed to steal data that provides them access to the victims’ crypto accounts.

Since the investigation is still ongoing, the Canadian police declined to provide details on the amount of stolen crypto or the number of offenses. They did emphasize that a “large quantity” of coins was involved.

Law enforcement believes that the criminals had prior knowledge of individuals who had significant investments in crypto and their residential addresses. Once inside the victims’ homes, the criminals attempt to extract information needed to access the crypto wallets.

Crypto Safety: Canadian Police on Alert

Several arrests have been made by the Canadian police, but their connection to the robberies is yet to be confirmed. Authorities suspect that there may be more victims of such robberies beyond the reported complaints.

As a precautionary measure, the RCMP advises people to avoid displaying wealth or seeking investment advice on public platforms, only work with trusted brokers, and refrain from allowing strangers into their homes. In unusual situations, seeking emergency assistance is recommended.

In the first half of 2023, cyber attackers caused a significant loss of $656 million in the crypto market. The attacks included 108 on protocols, 110 on rag pools, and numerous phishing scams, resulting in $471.43 million, $75.87 million, and $108 million in losses, respectively. Despite these incidents, the total damage from hacks has decreased compared to the previous year, where it exceeded $1.9 billion in the first half of 2022.