A Canadian volunteer cryptocurrency forum moderator reportedly went into hiding with his family after an alleged attempt to kidnap him and steal his Bitcoins. The man claimed to have discovered evidence of a planned violent attack before he was able to escape with his children.
„The guys had the equipment to torture me.” – he revealed, describing a tarp designed to amputate a limb while stopping the bleeding. „It’s unbelievable violence.” The victim said police concluded that his motive was to gain access to his cryptocurrency wallet, although his actual holdings are far less significant than his attackers thought.
The victim suspects that the perpetrators targeted him based on his role as moderator of a Facebook cryptocurrency page, mistakenly assuming that he had 2.5 million Bitcoins. „This is far from the truth,” he explained. „I’m a completely ordinary guy. I might have $10,000.”
The ordeal began on November 4, when two masked men threatened him outside his home. The situation escalated on November 8, when he was putting his daughter in the car. He noticed a black, unregistered vehicle hiding nearby and called the police when he was followed. When he stopped, one of the pursuers allegedly brandished a gun.
Soon after, authorities arrested four suspects, and two were charged with conspiracy to kidnap and illegal possession of firearms. However, the suspects were released on bail under house arrest pending a hearing in March.
The victim expressed frustration at the decision, stating that she was forced to exhaust her savings to stay hidden, moving between temporary accommodations to avoid further threats.
Cryptocurrency-related crimes have skyrocketed around the world, with similar incidents reported over the holiday season. On New Year’s Day, French police rescued a man found tied up in the trunk of a car after his kidnappers demanded ransom from his son, a Dubai-based cryptocurrency influencer .
In Pakistan, a cryptocurrency trader was kidnapped and forced to hand over $340,000 under threat of weapons . In Belgium, the wife of another cryptocurrency influencer was kidnapped on December 24, leading to a police chase and a car accident.
Jameson Lopp, a prominent Bitcoin advocate, has tracked more than 180 cryptocurrency-related crimes since 2014. Lopp advises against flaunting wealth on social media, conducting peer-to-peer transactions with unknown people and wearing cryptocurrency-branded clothing.
„If criminals are less aware of your presence, they are less likely to attack you,” he stressed. It has been reported that the cryptocurrency industry saw losses of $1.49 billion in 2024 due to hacking and fraud, down 17% from 2023.
According to a report by blockchain security platform Immunefi, hacking was by far the leading cause, accounting for $1.47 billion or 98.1% of total losses in 192 incidents. Fraud, including extortion and scams, accounted for just 1.9% of the $28 million in losses, although this category saw a 72% year-on-year increase.
