The trend of violence against cryptocurrency figures is not isolated, as recent incidents in Thailand and Malaysia also highlight the risks associated with the digital asset space.

While the police initially did not confirm Skurka's identity as the victim, sources later verified his involvement in the kidnapping.

This incident marks the 171st reported case of physical violence against cryptocurrency holders, highlighting a concerning trend in the industry.

The kidnapping coincided with WonderFi's announcement of disappointing third-quarter results, which showed revenue 46% below analyst expectations.

WonderFi, a leading publicly-listed cryptocurrency firm in Canada, is backed by prominent investor Kevin O'Leary and has a market capitalization of nearly C$110 million.

Following the incident, a spokesperson for WonderFi confirmed that Skurka is safe and emphasized the company's commitment to employee safety and security.

The Toronto police are currently investigating the case but have not released further details as of November 7, 2024.

Toronto has seen similar kidnappings in the past, including a notable case in 2022 involving Aiden Pleterski.

Dean Skurka, the CEO of WonderFi, was kidnapped during rush hour in downtown Toronto on November 6, 2024, specifically at the intersection of University Avenue and Richmond Street.

The abduction involved unknown suspects who demanded a ransom of CAD 1 million (approximately $720,660).

In an email after his release, Skurka reassured that client funds and data were not affected by the kidnapping.

Experts indicate that the rise in cryptocurrency prices, including Bitcoin reaching an all-time high, has led to increased criminal attempts against known crypto holders.