Toronto police are investigating the kidnapping of Dean Skurka, CEO of WonderFi.

Skurka was abducted in downtown Toronto during rush hour on Wednesday, Nov. 6. He was later released after a $1 million ransom was paid electronically, per CBC. The incident occurred near University Avenue and Richmond Street West just before 6 p.m. 

Reports indicate that the suspects forced Skurka into a vehicle and demanded a ransom. He was later found unharmed at Centennial Park in Toronto.

In an email statement sent to CBC, Skurka confirmed he was safe and reassured clients that WonderFi’s funds and data remained secure.

In 2023, ransomware gangs set a record high, extorting over $1 billion in crypto payments. Chainalysis data showed a 10% increase from 2021, highlighting ransomware as a growing issue over recent years.

No further details

Police continue their investigation, but no further details about the suspects or leads have been disclosed.

WonderFi, a Toronto-based financial firm specializing in digital assets, announced last year that it holds a significant share of regulated cryptocurrency exchanges in Canada.

This case echoes similarities to an incident in Malaysia in July, where two people were kidnapped in Cyberjaya, and $1.2 million in cryptocurrency was paid as ransom.