Crypto CEO Released After $1M Ransom Payment; More Executives Face Rising Kidnapping Risks as Bitcoin Hits $76K

Bitcoin's recent price surge, driven by Trump's reelection, raises security concerns for crypto executives.

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ISTANBUL, TURKEY - NOVEMBER 08: People are reflected in the window of a cryptocurrency exchange office showing the Bitcoin trading graph on November 08, 2024 in Istanbul, Turkey. Bitcoin has soared to new record highs nearing 77,000 in the days after Donald Trump's re-election and on his campaign promise to support Bitcoin and the cryptocurrency market. Chris McGrath/Getty Images

Crypto executives see their lives at risk with the head of WonderFi's recent kidnap-for-ransom case.

Dean Skurka, CEO of Canada's largest crypto company, was kidnapped in Toronto on Wednesday with suspects seeking 1 million Canadian dollars (around $720,660) ransom.

According to Yahoo News, the ransom was paid electronically and Skurka was immediately dropped off in a park just outside the city. He confirmed that he was unharmed and that the incident did not extend to WonderFi's client funds or sensitive data.

Interestingly, the kidnapping took place on the same day the company released its 3rd quarter earnings. The report showed a 153% increase in revenue compared to 2023. To add, the company also operates as a regulated crypto trading platform or is formally known in the country, and is a parent company of other well-known crypto brands like Coinsquare, Tetra, SmartPay, and BestBuy.

At the same time, on the day of the kidnapping, Bitcoin's price rose to a record high of $76,000, following the re-election of Donald Trump in the US.

Threat Against Crypto Executives

WonderFi CEO's experience is unfortunately not the first of its kind to happen as increasing violence against crypto holders and executives surges due to the rising price of digital assets.

According to The Crypto Times, Skurka's kidnapping is the 171st time suspects attacked crypto executives, with some incidents involving theft. In other parts of the world, like Bangkok, even authorities were part of the violence and would extort millions of dollars in crypto from other nationalities to evade charges.

Experts believe, however, that the price of digital assets will still continue to surge over the next few months and years, making crypto executives one of the most high-value targets. Security is a concern for the industry at the moment and officials can only warn to be mindful of the risks associated with cryptocurrency.

Tags
Cryptocurrency, Bitcoin

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