OPP use special warrant to seize stolen cryptocurrency worth almost $10K

The cyber investigations team of the Ontario Provincial Police (OPP) was approved to use a special warrant that helped them seize nearly $10,000 worth of stolen cryptocurrency.

Officials responded to a report of a hacked cryptocurrency wallet that had resulted in the theft of stablecoin, a press release from police reads. In October, the team obtained a special warrant under section 462.321(1) of the Criminal Code.

This allowed investigators to trace the location of the stolen digital assets.

With help from the cryptocurrency issuing entity, the digital assets were seized and returned to the victim. Police noted this shows how the force is addressing cybercrime and how criminal networks are operating.

“Cryptocurrencies operate independently of a central bank and are currently unregulated in Canada. The Canadian Anti-Fraud Centre (CAFC) warns that there isn’t the same protection from fraud when using cryptocurrencies, as there is when using a credit card,” officials said.

Those who choose to purchase cryptocurrency should do so from well-known and reputable exchanges, OPP said, and should also obtain hardware wallets directly from the manufacturer.

“Government agencies will not request payment in the form of cryptocurrencies,” police said.

Anyone who suspects they have been the victim of cybercrime or fraud should report it to their local police and the CAFC at antifraudcentre.ca or 1-888-495-8501.