The men were part of a group of seven that conducted a violent cryptocurrency abduction targeting a victim in Toronto back in July. The group attempted to take custody of the victim’s crypto assets and eventually let him go, warning him not to contact the police.

Three members of the Canadian Armed Forces (CAF) had been arrested due to their alleged participation in a cryptojacking incident in Toronto.

According to a report by the Toronto Police , Talarambage Fernando, James Moreau, and Jack Miley, three individuals part of the CAF, were part of a group of seven that attempted to kidnap an unidentified victim to take control of his crypto assets back in July.

Toronto Police Chief Myron Demkiw stated that the probe had linked the three suspects to the incident. Chief Superintendent Joe Matthews also explained that the cryptojacking probe grew into a firearms, drugs, and broader criminal investigation.

The group targeted the victim as he approached his vehicle, kidnapping him at gunpoint and restraining him with handcuffs. Later, the attackers tried to get ahold of the victim’s cryptocurrency and access his business-related security systems. The victim was released with warnings not to contact the police.

The police reported that nearly 2,500 rounds of ammunition and five over-capacity magazines were seized from the criminals, allegedly stolen from the CAF’s arsenal.

“When you are dealing with people who have a degree of training as we do with members of the Canadian Armed Forces who are prepared to engage in what is alleged here, taking somebody off the street by force, that is incredibly concerning,” Demkiw assessed.

Matthews acknowledged that threat actors were increasingly targeting crypto asset holders, with crypto crime becoming an international concern for both law enforcement agencies and crypto holders.

“Criminals continue to adapt their methods and identify new opportunities for financial gain. In this case, the victim was allegedly targeted because of his access to cryptocurrency assets. Our responsibility is to adapt alongside those threats,” he declared.

While the seven members of the group have been arrested and are in police custody, the investigations will continue to determine if the group had links with other organizations.

Blockchain auditing firm Chainalysis estimated that by August , over $30 million had been stolen in wrench attacks, where violence is used to coerce cryptocurrency holders, all around the world.

Local reports indicated that the gang held the unidentified foreigner at gunpoint, restrained him, and forced him to transfer the…