Police are investigating the high-profile abduction of Dean Skurka, CEO of Toronto-based crypto firm WonderFi Technologies, who was forcibly taken near University Avenue and Richmond Street on Wednesday evening.

Unknown suspects forced Skurka into a vehicle during rush hour, demanding $720k ($1 million Canadian dollars) ransom for his release. The ransom was paid electronically, and Skurka was found safe in Centennial Park, Etobicoke, hours later.

As crypto gain popularity, its decentralized nature and high valuations have turned executives into lucrative targets for criminals seeking quick, untraceable payments.

Reportedly hours later, Skurka was found unharmed in Centennial Park, Etobicoke, following the electronic transfer of the ransom, as per a CBC report.

In an email to CBC Toronto on Thursday, Skurka confirmed the ordeal but assured that he was safe. “The safety and security of all of WonderFi's employees are paramount,” he stated. “Client funds and data remain safe, and were not impacted by this incident.”

This alarming incident points to the mounting physical threats faced by prominent figures in the crypto sector. Security expert Jameson Lopp noted how Skurka’s abduction marks the 171st reported case of physical violence targeting crypto holders.

Toronto has witnessed similar incidents before. In late 2022, self-proclaimed “Crypto King” Aiden Pleterski was kidnapped and tortured over allegations of misusing investor funds.

In a bizarre twist of recent cybercrime incidents, French multinational corporation Schneider Electric was recently targeted by the Hellcat ransomware group. The hackers grabbed attention with their unusual demand: $125,000 worth of French baguettes, or alternatively, Monero—a privacy-focused crypto known for its untraceable transactions.

As the crypto industry grapples with physical threats, online scams are also on the rise. In California, Santa Barbara residents are reportedly falling victim to cybercriminals demanding Bitcoin payments.

Scammers have been sending threatening text messages with attached images of victims’ homes, claiming to have hacked their phones and threatening to release personal data unless a $2,000 Bitcoin payment is made.

Edited by Stacy Elliott.