The CEO of a Toronto-based company, WonderFi, was kidnapped and then released after making an electronic payment of $1M in ransom, according to a report from the CBC.
The executive was abducted after being forced into a vehicle in downtown Toronto.
The crypto executive said he "is safe, and that the funds and data of the company's clients were not impacted," the report said.
The investigation is ongoing, said police, who did not release further details.
As of a year ago, WonderFi owned nearly half of all the regulated exchanges operating in Canada, the company said last November.
This is not the first time criminals have targeted someone owning or working in the world of cryptocurrency.
In July, for example, a 29-year-old Bitcoiner was kidnapped and killed after four men abducted the victim and stole three bitcoins worth over $200,000 at the time. "Crypto firm WonderFi's CEO kidnapped then released after paying $1 million ransom: report" www.theblock.co (Nov. 07, 2024).
Commentary
No matter what your position in an organization, certain basic precautions should always be taken.
Stay alert and focused on what is going on around you. Pay attention to your surroundings, the movement of people, and areas of light and darkness. If you are afoot, put down your phone and keep at least one ear open to hear what is going on around you.
Do not discuss plans and routes publicly. Do not post on social media this evening's dinner plans, your intention to drive to a certain area, or publicly RSVP to events posted online.
Do not publicize travel plans and details. That can be a challenge in an era of over-sharing, especially on social media but increasingly, kidnappers monitor social media.
Kidnapping for ransom is usually a planned crime. The perpetrators study your movements, determine vulnerabilities, and use them against you, so vary your routes and times of travel.
Whether you are driving, a passenger, or on foot, cultivate the habit of checking to see if you are being followed. Even simple counter-surveillance techniques could detect a potential threat.
If you are being followed, do not drive home or to your hotel. Instead, drive to a police station or other well-lit public place.
