✓ Official source
Toronto police charge seven men, three of them Canadian soldiers, in the gunpoint kidnapping of a crypto exchange owner
Summary
Toronto police have arrested seven men and laid 82 criminal charges over the July 25 abduction of a cryptocurrency exchange owner in the Finch Avenue East and Bayview Avenue area, and three of the accused are Canadian Armed Forces members, the Toronto Police Service said on Oct. 14.
Police allege the victim was targeted as he approached his vehicle, abducted at gunpoint, handcuffed and assaulted while the suspects tried to gain access to his cryptocurrency assets and business-related security systems, then released after being threatened and warned not to contact police.
Searches turned up four firearms, including two 9mm guns with 3D-printed receivers, plus two silencers, more than 2,700 rounds of ammunition and large quantities of methamphetamine and cocaine; police said about 2,500 of the rounds and five over-capacity magazines had been stolen from the Canadian Armed Forces.
Decrypt, which reported the case on Oct. 16, said police did not name the victim or the exchange, and that two of the three service members are reservists with the 7th Toronto Regiment who were removed from military duties after their arrests, according to the Department of National Defence.
Charges include kidnapping for ransom, forcible confinement, conspiracy and firearms and drug offences; police said they are not seeking more suspects but the investigation remains active.
Key facts
- “In this case, the victim was allegedly targeted because of his access to cryptocurrency assets,” said Chief Superintendent Joe Matthews.
- Police Chief Myron Demkiw said the military members “are accused facing criminal allegations, and they will be judged in a court of law.”
- Two suspects were arrested within 24 hours; by Sept. 24 all seven accused had been arrested and charged.
- Decrypt said arrests came on July 26, Aug. 11 and Sept. 24, and that the accused range in age from 22 to 39.
- Decrypt noted earlier Canadian crypto kidnappings, including the 2024 abduction of WonderFi CEO Dean Skurka, who was released after a $720,000 ransom was paid.