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On November 6, an incredible and disturbing event happened in the heart of Toronto: Dean Skurka, the CEO of the Canadian cryptocurrency company WonderFi, was kidnapped. How did this happen? What are the consequences and what does it mean for the cryptocurrency industry? Let’s take a look at all the details of this incident, which made many people think about a new threat – cryptocurrency hijacking.
This hijacking is part of a dangerous trend that is gaining popularity among criminals who are increasingly trying to seize the digital assets of wealthy crypto owners and crypto company executives. WonderFi, a Canadian cryptocurrency company, is one of the largest in the country, its shares are listed on the Cboe Global Markets international exchange, and its market capitalization exceeds $100 million.
Dean Skurka, who took over WonderFi in July 2023, was attacked while walking down the street. The attackers immediately forced him into a car and demanded $1 million. After Skurka complied with the demand, he was released without being seriously injured. He confirmed the incident in a statement to the CBC, noting that he is now safe and that no funds or customer data were compromised.
Interestingly, this hijacking took place on the day of WonderFi’s financial report for the third quarter of 2024, which revealed a significant increase in the company’s revenue – more than 150% compared to last year. This indicates that the crypto industry, especially a successful company like WonderFi, is developing a real “price interest” among criminals.
According to Jameson Lopp, co-founder of Casa and security expert, 171 cases of digital asset theft through physical violence have been recorded recently. This shows that criminals see the rise in the value of cryptocurrencies as a great opportunity for their own benefit.
No less shocking are other cases that have occurred recently, such as the kidnapping and murder of a 29-year-old Ukrainian man who was robbed of $170,000 worth of bitcoins, or the attack on a Chinese man in Malaysia where six criminals demanded $1 million for his release. All of this indicates that criminals are becoming increasingly brazen, using old methods to gain new wealth.
Criminals are targeting CEOs of large crypto companies because their data and digital assets may be at risk. WonderFi, which serves more than 1.6 million users in Canada and manages more than $1 billion in assets, is a prime example of such a target for attackers.
The Skurka incident reminds us that in the world of cryptocurrencies, it is important not only to protect your digital assets on the virtual level, but also to take care of physical security. Lopp emphasizes that most cryptocurrency users, even those with significant amounts of money, do not have adequate protection against such attacks. Criminals use physical force to take possession of cryptocurrencies or force their victims to hand over access to accounts.
Given the rising price of bitcoin and other digital currencies, it is important to be prepared for new threats. And while online security is at the forefront, physical asset protection is becoming increasingly important for crypto owners.
Thus, cryptocurrency theft and attacks on crypto company executives are becoming a serious problem that requires attention from all participants in the cryptocurrency ecosystem.