Crypto CEO safe after being kidnapped and held for $1 million ransom

The crypto executive was taken from downtown Toronto during rush hour after being forced into a vehicle by unknown suspects who demanded money, according to a CBC report. 

Skurka confirmed in an email to CBC Toronto that he is safe after being involved in an “incident” on Wednesday. 

“The safety and security of all of WonderFi’s employees are paramount,” Skurka said in the email to CBC Toronto. “Client funds and data remain safe, and were not impacted by this incident.”

Police are investigating the incident. It is unclear if any arrests have been made. 

The high-profile abduction occurred the same day that the publicly-traded company released their third quarter earnings which showed the company’s revenue had increased 153% over the last year. 

The incident also coincided with a surge in the price of Bitcoin which had just reached a new all-time high of $76,000 on Tuesday as U.S. President-elect Donald Trump secured reelection. 

WonderFi is the largest regulated crypto trading platform in Canada and owns crypto brands including BitBuy, Coinsquare, SmartPay and Tetra. 

The incident is part of a troubling trend where criminals seeking quick and untraceable payments target crypto holders and executives as the price of digital assets increase. 

Security expert Jameson Lopp told CBC that this is the 171st incident of criminals committing physical violence against crypto holders to steal Bitcoin.

Earlier this month, six Thai police officers and a civilian were arrested in Bangkok, Thailand, for operating a crypto kidnapping and extortion ring in which the group had successfully stolen 5.7 million baht, or $166,710, from a Chinese national, after demanding 10 million USDT from the victim. 

In July, four men were arrested for kidnapping and murdering a 29-year-old foreigner in Kyiv, Ukraine, in order to steal three Bitcoins — worth around $200,000 at the time — from the victim’s crypto wallet.