Three Canadian soldiers among 7 charged in crypto kidnapping

Toronto police have charged seven men, three of them serving members of the Canadian Armed Forces, over the kidnapping of a cryptocurrency exchange owner this summer. The Toronto Police Service announced the case on Wednesday, saying investigators had laid 82 charges, including kidnapping for ransom and a long list of firearms offences. The allegations have not been tested in court.

What police say happened

According to police, the victim was approached as he walked to his car near Finch Avenue East and Bayview Avenue on July 25, 2026. He was allegedly forced away at gunpoint, handcuffed and beaten while his captors tried to get into his crypto holdings and his company's security systems. He was later let go after being threatened and told not to go to the police. Neither the man nor his exchange has been named.

"The victim was allegedly targeted because of his access to cryptocurrency assets," Chief Superintendent Joe Matthews told reporters, as quoted by CityNews.

The arrests and the arsenal

• Seven accused, aged 22 to 39, were arrested in three waves: two on July 26, three on August 11 and two on September 24.
• Three are military members. Two of them are reservists with the 7th Toronto Regiment, who the Department of National Defence says were removed from duty after their arrests.
• Seizures included a shotgun, two 9mm guns built with 3D-printed receivers, two silencers, GPS trackers, handcuffs, methamphetamine and cocaine.
• Investigators found more than 2,700 rounds of ammunition, and say about 2,500 of them had been stolen from the Canadian Armed Forces.

Police chief Myron Demkiw said no one, whether soldier, police officer or official, is above the law. Police say no other suspects are being sought, though the investigation continues.

A pattern of "wrench attacks"

The case is the latest in a run of physical attacks on crypto holders in Canada. In 2024 WonderFi chief executive Dean Skurka was freed after a $720,000 ransom was paid, and in September 2025 a man who kidnapped a victim for a $1 million bitcoin ransom was jailed for 13 years.

Being known to hold crypto can itself be a risk. Our guide on how to store crypto safely covers multisig and other setups that make a single person harder to coerce, and our crypto scam checklist covers the warning signs of other common crypto crimes. Earlier this week the FBI also seized servers behind a Brooklyn crypto scam ring.