High bitcoin price may have played role in Toronto crypto CEO's kidnapping: experts
CBC
As police continue to investigate the kidnapping of the CEO of a company specializing in cryptocurrency this week, experts say such attacks are rare and can coincide with the price of crypto, which hit an all-time high in recent days.
On Wednesday, police say they responded to a kidnapping in downtown Toronto at rush hour.
CBC Toronto later learned the victim was Dean Skurka, the president and CEO of Toronto-based financial firm WonderFi. Skurka was later released after a ransom of $1 million was paid electronically, a source close to the investigation told CBC.
Ryan Duquette, the national lead of digital forensics at accounting firm MNP, says scammers are turning more and more to cryptocurrency for payment.
"They likely thought that he had access to lots of crypto, which is harder to trace and increasing in value," Duquette said, noting that Bitcoin has had a recent increase in value.
The price of bitcoin hit a new high Wednesday, climbing above $75,000 US and breaking the previous record set in March.
Criminals may erroneously believe the head of a cryptocurrency company may have access to all his clients funds, Duquette said.
"It's similar to someone kidnapping the CEO of one of the large four banks, thinking they have access to all the funds at the bank," he said.
Skurka was found in an Etobicoke park Wednesday, police said, with the whole incident happening in the span of a few hours.
Skurka didn't respond to requests for interview. However, he told CBC Toronto via email on Thursday that he had been involved in an "incident" Wednesday, and he was now safe and his clients had nothing to worry about.
"The safety and security of all of WonderFi's employees are paramount," Skurka said in the email. "Client funds and data remain safe, and were not impacted by this incident."
Attacks like the one this week are rare, says Jameson Lopp, the co-founder and chief security officer of Casa, a security firm focused on protecting cryptocurrency users.
Lopp told CBC Radio's Here and Now Thursday that he monitors instances of suspects using physical violence to steal bitcoin, and Skurka's the abduction was the 171st in English-speaking countries in the past in the past decade.
"It's lower risk for them because the targets tend to not have good security and the pay-off tends to be really high, in the tens of millions of dollars-range," Lopp said. "That's why these individuals, and sometimes organized gangs, are going after well-known public figures in the space."
CBC Newfoundland and Labrador is kicking off its annual holiday campaign, helping to raise money to support local food banks.
If all goes according to plan, at 6 a.m. AT on Saturday people working at the IWK Health Centre will become the test case for a generational change to Nova Scotia’s health-care system.
One month after Prime Minister Mark Carney announced what he called "generational" military spending, New Brunswick’s defence ecosystem is on high alert.
Miranda Mirlycourtois, 34, looks directly at the camera and makes a confession.
Saskatoon city hall says police spending is projected to be $2.6 million over budget this year. That pushes the city into a $1.2-million deficit position, according to a report that will be considered by city council next week.
Students at the University of Regina are days away from deciding whether a newly formed student association should become their official representative body.
All public schools on P.E.I. are closed Friday and thousands of Maritime Electric customers are without power as strong winds create hazardous travel conditions across the province.
Prince Rupert, B.C., residents are celebrating the holidays this year with coastal flair.
In the four years Chelsey Simmonds has worked at the Eva Rothwell Centre, she has seen the need increase every year at the centre’s community food pantry.
CBC is once again looking to make the holiday season kind in Windsor-Essex.
Acute Care Alberta has extended its contract for another year with a private surgical facility at the centre of probes into health procurement and contracting.
As food bank use continues to climb across the province, front-line workers in Thunder Bay, Ont., are working to improve both food security and education.
More ads could soon be coming to Toronto’s subway system.