On Wednesday, the CEO of the crypto holding company WonderFi was kidnapped in the heart of downtown Toronto. While the kidnappers asked him for 1 million Canadian dollars, how can you protect yourself from such a risk if you are yourself an investor in cryptocurrencies?
Crypto CEO Gets Kidnapped for Ransom
Late Wednesday afternoon, Dean Skurka, the CEO of the crypto holding company WonderFi, experienced a stressful mishap to say the least. Indeed, the subject was kidnapped in the heart of downtown Torontoby kidnappers who forced him into a vehicle.
Fortunately for him, his ordeal was short-lived. In fact, the business manager was subsequently found in a park in Etobicoke, about twenty kilometers from the location of the kidnapping. However, for this he had to pay a ransom set at 1 million Canadian dollarsthe equivalent of 670,000 euros.
In an email addressed to CBC Toronto, Dean Skurka wanted to reassure on the situation, while remaining succinct:
The safety of all WonderFi employees is paramount. Customer funds and data remain safe and have not been affected by this incident.
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WonderFi being listed on the Toronto Stock Exchange, this event however had a negative impact on its share price, causing it to fall by 10.81% during Thursday's session. With a price per share of 0.165 Canadian dollars, the company is today capitalized at 120 million Canadian dollars.
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How to protect yourself from a similar situation?
While such stories have already had sometimes tragic outcomes, the resurgence in popularity of cryptocurrencies could encourage malicious actors to follow suit.
If you are known around you for having significant investments in crypto, some arrangements can be made. Besides discretion, the most obvious answer is that if someone were to attack you, you should not be able to transfer too large an amount.
In this logic, the bulk of your investments could, for example, be stored on wallets to which you would not have immediate access, or requiring multiple signatures, or even that funds be deposited in staking with release times.
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If the solutions are varied and cannot completely eliminate the risk, the objective here will be deterrenceby making any attempt at extortion too unprofitable given the penalty incurred. Indeed, once cryptocurrencies are transferred to a malicious person, the possibility of recovering them one day is particularly compromised.
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Source: CBC
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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