The CEO of WonderFi, a prominent Canadian cryptocurrency holding company, was reportedly hijacked during rush hour in Toronto and later released after paying a ransom of a million Canadian dollars, or about $720,000.

Dean Skurka was forced into a vehicle by assailants on Wednesday but was released unharmed after the money was paid.

Skurka Reassures Users of Fund Safety

According to a CBC Toronto report, the executive confirmed the events in a statement on Thursday, stating that he had been involved in an “incident” but was safe. He also reassured the public that the funds and data of WonderFi clients remained safe and had not been impacted by the reported kidnapping.

Toronto police have confirmed that an investigation is ongoing but have not released further details about the circumstances surrounding the situation. However, it is worth noting that the alleged incident occurred the same day WonderFi announced its third-quarter earnings, during which the company reported a 153% increase in revenue compared to the same period in 2023.

As the crypto market continues its bullish momentum, with Bitcoin setting new records, incidents like this are becoming more common. Globally, cases of crypto-related kidnappings and extortion have risen.

Notably, the number one cryptocurrency recently reached a new all-time high, stopping just shy of $77,000, on the back of Donald Trump’s return to the White House and the U.S. Federal Reserve’s latest rate cut.

Crypto-Related Kidnappings on the Rise

Jameson Lopp, co-founder and chief security officer of Casa, a firm specializing in cryptocurrency security, confirmed that Skurka’s abduction marks the 171st case of suspects using physical violence to steal Bitcoin.

“The rates of these kinds of incidents tend to correlate with the exchange rate of Bitcoin,” Lopp told CBC. He explained that as the price of cryptocurrency increases, awareness of the space spreads throughout society. This attra