On Wednesday, during the rush hour in downtown Toronto, the leader of a cryptocurrency company was kidnapped for ransom. Police arrived just before 6 p.m. near University Avenue and Richmond Street West, after the victim was forced into a vehicle by the suspects, who demanded money.

The victim was later identified as Dean Skurka, the CEO of WonderFi, a financial company based in Toronto. He was found safe at Centennial Park in Etobicoke. Sources say the ransom of $1 million was paid electronically, which led to his release.

Skurka confirmed the situation on Thursday in an email, saying he was fine and assured the public that the safety of his employees and clients’ data was not affected.

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The rise in cryptocurrency-related thefts has become a concern. Jameson Lopp, co-founder of a security firm called Casa, mentioned this was the 171st case of criminals using force to steal bitcoins. He explained that as the price of bitcoin increases, so does the temptation for criminals.

As bitcoin’s value grows, more people learn about cryptocurrency, and some of them turn to crime. Because cryptocurrency is easy to transport and highly valuable, criminals see it as a better target than traditional thefts, like robbing a bank. 

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Lopp also noted that many cryptocurrency holders, even rich ones, don’t always have the best physical or digital security, making them easy targets.

However, Lopp said that these kinds of incidents mainly affect famous or high-profile figures in the cryptocurrency world. Most regular people don’t have to worry unless they are well-known. Even so, he pointed out that many prominent crypto figures still don’t take the necessary precautions to protect themselves from these risks.

Interestingly, the kidnapping happened on the same day WonderFi announced strong financial results, showing a 153% increase in revenue compared to the previous year.