Canadian man forced into hiding after kidnappers target his Bitcoin

A Canadian man, a volunteer moderator for a crypto forum, has reportedly gone into hiding with his family after an attempted kidnapping.

The unidentified man claims that his kidnappers planned to torture him to extract Bitcoin (CRYPTO:BTC), following a series of threats and violent confrontations.

“The guys had equipment to torture me. They had a 2-foot by 2-foot tarpaulin with a hole in the middle and [green hoses] around it to cut a limb and stop the bleeding,” he described the attackers’ preparation in an interview with La Presse.

He further described the situation as “incredible violence” and explained that he and his children have since been relocating from one Airbnb to another to evade their attackers.

Police have concluded that the kidnappers' main motive was to steal funds from his cryptocurrency wallet.

The man believes the assailants were influenced by his activity on a Facebook forum and mistakenly thought he owned a significant amount of Bitcoin.

“That is far from being the case. I’m a very ordinary guy. I may have 10,000 dollars,” he clarified.

Earlier, on Nov. 4, 2024, the victim reported two men in surgical masks threatening him outside his home, though they fled after he managed to lock the door.

On Nov. 8, he noticed a suspicious vehicle near his home, and as he drove away, the suspects followed and pointed a gun at him.

Four people were arrested, and two were later brought to court on charges of kidnapping and firearm possession.

The suspects were released on bail, pending trial, which will occur in March 2025.

The victim has expressed dissatisfaction with their release, stating that he has spent his savings trying to remain safe.

Crypto-related kidnappings have been on the rise, with incidents such as the kidnapping of a crypto influencer’s family member in France and a Pakistani crypto trader in December 2024.

Crypto experts, including Jameson Lopp, advise against sharing wealth on social media or engaging in risky transactions to reduce the likelihood of such crimes.

At the time of reporting, the Bitcoin (BTC) price was $101,805.