Canadian Crypto Moderator Goes Into Hiding After Alleged Bitcoin Kidnapping Attempt
A Canadian volunteer moderator of a cryptocurrency forum has reportedly gone into hiding with his family after an alleged attempt to kidnap him and steal his Bitcoin.
The unnamed victim recounted the harrowing ordeal in an interview with Canadian French-language outlet La Presse.
The man claimed he discovered evidence of a planned violent attack before managing to flee with his children.
“The guys had equipment to torture me,” he revealed, describing a tarpaulin designed to amputate a limb while stopping the bleeding. “It’s incredible violence.”
Motive Was to Gain Access to Crypto Wallet
The victim said police concluded the motive was to gain access to his crypto wallet, though his actual holdings are far less substantial than the attackers believed.
The victim suspects the perpetrators targeted him based on his role as a moderator of a cryptocurrency Facebook page, mistakenly assuming he possessed 2.5 million Bitcoin.
“That is far from being the case,” he clarified. “I’m a very ordinary guy. I may have $10,000.”
The ordeal began on November 4, when two masked men threatened him outside his home.
The situation escalated on November 8 as he was placing his daughter in the car.
He noticed a black, unlicensed vehicle hiding nearby and called the police while being followed. When he pulled over, one of the pursuers allegedly brandished a gun.
Authorities arrested four suspects shortly after, and two were charged with conspiracy to kidnap and illegal firearm possession.
However, the suspects were released on bail under house arrest pending their trial in March.
The victim expressed frustration over the decision, stating he has been forced to deplete his savings to remain in hiding, moving between temporary accommodations to avoid further threats.
Crypto Crimes Surge Globally
Cryptocurrency-related crimes have surged globally, with similar incidents reported during the holiday season.
#REPORT: Toronto crypto company CEO Dean Skurka was kidnapped in Toronto yesterday and released after a $1 million ransom was paid electronically. pic.twitter.com/QNUr7z1t7D
— 6ixBuzzTV (@6ixbuzztv) November 8, 2024
On New Year’s Day, French police rescued a man found tied in the trunk of a car after his captors demanded a ransom from his son, a crypto influencer based in Dubai.
In Pakistan, a crypto trader was reportedly kidnapped and forced at gunpoint to transfer $340,000.
In Belgium, the wife of another crypto influencer was abducted on December 24, leading to a police chase and a car crash.
Jameson Lopp, a prominent Bitcoin advocate, has tracked over 180 crypto-related crimes since 2014.
Lopp advises against flaunting wealth on social media, conducting peer-to-peer trades with unknown individuals, and wearing crypto-branded clothing.
“If criminals are less aware of you, they are less likely to target you,” he emphasized.
As reported, the crypto industry witnessed losses totaling $1.49 billion in 2024 due to hacks and fraud, marking a 17% decrease from 2023.
According to a report by blockchain security platform Immunefi, hacks were overwhelmingly the primary cause, accounting for $1.47 billion or 98.1% of the total losses across 192 incidents.
Fraud, including rug pulls and scams, represented just 1.9% of the losses at $28 million, though this category saw a 72% increase year-on-year.
Source: cryptonews.com
