Crypto CEO Held Hostage In Toronto, Freed After $1 Million Ransom Payment

Dean Skurka, CEO of blockchain and crypto firm WonderFi, was kidnapped, held for ransom, and was subsequently released after paying $1 million. According to CBC and other sources, Skurka was reportedly abducted in downtown Toronto around 6 p.m., Thursday.

Skurka was later released and found safe at the Centennial Park. Police reports indicate that the kidnappers demanded ransom, which was paid electronically.

Police Immediately Responded To The Reported Kidnapping

Toronto police immediately responded to a call about a kidnapping incident in Richmond Street W. and University Avenue during the rush hour. According to some witnesses, Skurka was forced into the vehicle before making a random demand.

The police spokesperson identified the victim as Dean Skurka, the CEO and President of WonderFi. WonderFi is a Toronto-based company that owns one of Canada’s biggest crypto exchanges and invests in blockchain projects.

Toronto police are currently continuing their investigation and did not share any details about the kidnapping suspects or other leads.

Customers And Investors’ Crypto Safe: Skurka

In an email to CBC last Thursday, Skurka shared that he was involved in an incident and is now safe. He also reassured his clients that their data and funds remain secure.

Skurka’s kidnapping is the latest in a list of digital currency celebrities to fall victim to robberies. According to one firm, the Toronto kidnapping was the 171st incident of violence against crypto personalities.

This latest kidnapping is similar to a Malaysian case last July, where two individuals were kidnapped and were released for $1.2 million in virtual currency.

Last year, ransomware gangs and other hackers extorted over $1 billion in cryptocurrency payments, a record high. According to Chainalysis, the amount extorted reflected a 10% increase from 2021, suggesting that ransomware is now a serious concern for the industry.

Skurka’s kidnapping happened just a day after his company reported its third-quarter earnings. Toronto-based WonderFi reported $41 million in revenue for its operations in the last nine months. The company’s performance coincides with Bitcoin’s market rally, which now trades above $76k.

WonderFi is a Toronto-based publicly listed company that invests in and operates blockchain projects and digital assets. Kevin O’Leary, also known as “Mr. Wonderful” from Shark Tank, and who has generally been pro-crypto, is one of its key people.

Just last year, the company shared that it holds significant ownership in a few regulated crypto exchanges in Canada.

Featured image from Telangana Today, chart from TradingView