Canadian Man Allegedly Targeted by Kidnappers Seeking to Torture Him for His Bitcoin Holdings

A Canadian volunteer moderator of a cryptocurrency forum has gone into hiding with his family after kidnappers allegedly attempted to abduct him and force him to give up his Bitcoin. The incident highlights the growing threats faced by cryptocurrency moderators, who are increasingly becoming targets for violent crimes.

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The Victim’s Harrowing Experience

According to the Canadian French-language news outlet La Presse, the victim claimed that the would-be abductors were prepared for horrific violence before he and his children managed to escape. The man described the equipment used by the kidnappers, which included a 2-foot by 2-foot tarpaulin with a hole in the middle and green hoses around it to cut a limb and stop bleeding.

"It’s incredible violence," the victim told La Presse. "They had equipment to torture me."

The Kidnapping Attempt

The man first contacted the police on November 4 after two men wearing surgical masks threatened him outside his home. The pair fled after he managed to close the door on them. However, the situation escalated further on November 8 when the victim spotted a black vehicle with no license plates near his home while putting his daughter in the back seat of his car.

He was followed while driving and phoned the police, who instructed him to pull over. When he did, a gun was pointed at him. Four people were arrested, and two of them were brought to court last November, accused of conspiring to kidnap and possession of prohibited firearms.

The Suspects’ Release on Bail

The alleged assailants were released pending trial, which is scheduled for March, and remain under house arrest. The victim has expressed his dissatisfaction with the Court of Quebec’s decision to release the suspects on bail, stating that he has had to "burn the few savings" he has left to continue evading the suspects.

Growing Number of Crypto-Related Robberies and Kidnappings

This latest incident comes amid a rising number of robberies, kidnappings, and muggings involving cryptocurrencies over the last year. Jameson Lopp, a well-known Bitcoin cypherpunk, has tracked at least 181 reports involving crypto robberies, kidnappings, murders, or related incidents since December 2014.

Some recent examples include:

On New Year’s Day, French police rescued a man found tied up in the trunk of a car in Le Mans after his captors made a ransom demand to his son, a crypto influencer living in Dubai.
On Christmas Day, a Pakistan-based crypto trader was reportedly kidnapped by several men in a police van and forced to transfer $340,000 while held at gunpoint.
On December 24, the wife of another crypto influencer was reportedly kidnapped by three men, with a police chase leading to a car crash in Belgium.

Preventing Crypto-Related Crimes

Lopp has previously recommended against peer-to-peer trades – particularly with people you don’t trust – flaunting wealth on social media and wearing crypto-branded clothing. "The general premise is that if criminals are less aware of you, they are less likely to target you," he said.

What’s Next for the Victim?

The victim has gone into hiding with his family, moving from one Airbnb to another in an effort to evade the suspects. The police have concluded that the motive behind the kidnapping attempt was to steal funds from his crypto wallet. However, the man clarified that he only has a small amount of Bitcoin and not the 2.5 million as initially thought by the kidnappers.

As the cryptocurrency community continues to grow, so do the threats faced by its members. The incident highlights the need for increased awareness and security measures among cryptocurrency moderators and users alike.