Crypto CEO kidnapped in Toronto, $1m ransom paid for release

Toronto police are investigating the kidnapping of WonderFi CEO Dean Skurka.

Skurka was abducted during rush hour in downtown Toronto on Wednesday, November 6. He was later released after a $1 million ransom was paid electronically, according to CBC. The incident occurred near University Avenue and Richmond Street West just before 6 p.m.

According to the information obtained, the suspects forced Skurka into a vehicle and demanded ransom. He was later found unharmed in Toronto’s Centennial Park.

In an email statement sent to CBC, Skurka confirmed he was safe and assured customers that WonderFi’s funds and data remained safe.

In 2023, ransomware gangs hit a record high, extorting more than $1 billion in crypto payments. Chainalation data showed a 10% increase over 2021, highlighting that ransomware has been a growing problem in recent years.

No further details

Police are continuing to investigate but no further details about the suspects or leads have been released.

WonderFi, a Toronto-based financial company specializing in digital assets, announced last year that it had acquired a significant stake in regulated cryptocurrency exchanges in Canada.

This case echoes similarities to an incident in July in Cyberjaya, Malaysia, where two men were kidnapped and $1.2 million in cryptocurrency was paid as ransom.