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A Canadian crypto forum moderator has gone into hiding with his family after an alleged kidnapping attempt aimed at stealing his Bitcoin. The man reported threats from masked assailants and has been forced to move frequently due to safety concerns, as police investigations led to the arrest of four suspects linked to organized crime. Despite being targeted under the false belief he owned 2.5 million BTC, he claims his actual holdings are worth only about $10,000.
Mohammed Arsalan, a Pakistani cryptocurrency trader, was kidnapped on December 25 and forced to transfer $340,000 in crypto to his captors, including a suspected policeman. The incident has led to seven arrests, highlighting a troubling trend of crypto-related kidnappings and extortion. Meanwhile, Dean Skurka, CEO of WonderFi Technologies, was also abducted and released after a $720,000 ransom was paid electronically.
Crypto traders are increasingly targeted by kidnappers and extortionists, as evidenced by several recent incidents across the globe. In France, a man was rescued from a trunk after his captors demanded ransom from his son, a crypto influencer. Meanwhile, in Pakistan, a trader was forced to transfer $340,000 in cryptocurrency before being released. The surge in Bitcoin's value has spurred a rise in crypto-related crimes, with ransomware payments exceeding $1 billion in 2023.
Canada's cryptocurrency industry is looking to the US for inspiration as it prepares for upcoming elections, with advocates noting increased political engagement and a shift in policymaker receptiveness. Despite facing stringent regulations, industry leaders are pushing for reforms to integrate crypto into financial systems. The next federal election, potentially as early as 2025, presents an opportunity for the sector to amplify its message and ensure Canada remains competitive in the evolving digital economy.
A man, Nuruhussein Hussein, was arrested for allegedly stealing $300,000 in cryptocurrency from two passengers in Scottsdale, Arizona, by impersonating an Uber driver. He gained their trust, borrowed a phone, and transferred funds from their Coinbase accounts before threatening one victim when suspicion arose. Hussein faces charges of theft, fraud, and money laundering, with a secured bond set at $200,000, and is barred from internet access and overseas travel as the investigation continues.
Dean Skurka
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