Toronto police have charged seven men, including three Canadian Armed Forces members, in connection with the alleged July abduction of a cryptocurrency exchange owner. Investigators say the victim was targeted for access to crypto assets and business security systems, held at gunpoint and assaulted before being released.
Police announced 82 charges in total, including kidnapping for ransom and multiple firearms offenses. The victim and the cryptocurrency exchange have not been publicly identified.
According to Decrypt, investigators say the victim was approached near his vehicle in the area of Finch Avenue East and Bayview Avenue on July 25, 2026. He was allegedly forced at gunpoint into an abduction, handcuffed and assaulted while suspects tried to obtain access to his cryptocurrency holdings and security systems connected to his business. Police say he was eventually released after being threatened and told not to contact law enforcement.
Chief Superintendent Joe Matthews said the alleged motive was linked to the victim’s access to cryptocurrency assets. The case illustrates how digital-asset businesses can become targets in crimes that combine physical coercion with attempts to seize control of online accounts and related security infrastructure.
Seven arrests and 82 charges
Toronto police arrested Saiefeddine Adem, 22, and Raheem Bishop-Jackson, 24, on July 26, one day after the alleged abduction. Talarambage Fernando, 22, James Moreau, 29, and Christian Darbandi, 39, were arrested on August 11. Jack Miley, 24, and Suhaib Alekozai, 39, were arrested on September 24.
Fernando, Moreau and Miley have been identified by police as members of the Canadian Armed Forces. The Department of National Defence said Fernando and Moreau are reservists with the 7th Toronto Regiment and were removed from military duties after their arrests.
The allegations have also raised concerns about the involvement of people with military training. Toronto Police Chief Myron Demkiw said that membership in the military, police or public service does not place anyone above the law. The charges remain allegations, and the accused are subject to the legal process.
Weapons, drugs and ammunition seized
Searches of homes and vehicles connected to the investigation produced a range of items, including:
- A shotgun and two 9mm firearms with 3D-printed receivers
- Two silencers, GPS tracking devices and handcuffs
- Large quantities of methamphetamine and cocaine
- More than 2,700 rounds of ammunition
Investigators determined that approximately 2,500 of the rounds had been stolen from the Canadian Armed Forces. Police also said the investigation involved significant risks for officers because of the weapons discovered during searches.
Matthews described the case as an example of increasingly targeted and sophisticated crimes involving digital assets. Police say there are no outstanding suspects and do not expect further arrests, although the investigation remains active. Matthews said investigators are still working to establish how all seven accused fit together.
A wider pattern of crypto-linked kidnappings
The Toronto case follows other Canadian kidnapping cases involving cryptocurrency. WonderFi chief executive Dean Skurka was released after a $720,000 ransom was paid in 2024. In another case, a man who kidnapped a victim over a $1 million Bitcoin ransom received a 13-year prison sentence in September 2025.
A month later, one of the men involved in the December 2022 abduction of Aiden Pleterski, who described himself as the “Crypto King,” pleaded guilty to nine charges. Those charges included kidnapping, assault and firearms offenses.
These cases involve different victims and allegations, but they share a central feature: cryptocurrency assets can be accessed or transferred digitally, while the people controlling wallets, exchanges or business security systems remain physically vulnerable. The Toronto investigation is focused on the alleged conduct of the seven accused and has not identified the exchange or disclosed whether any cryptocurrency was ultimately taken.
Moneyiar market picture
Moneyiar data at 21:54 on October 17, 2026, showed Uniswap (UNI) at $7.1124617485, down 1.78% over 24 hours and 7.06% over seven days.
NEAR Protocol (NEAR) stood at $4.8511502697 at 21:53, down 3.1% in 24 hours and 9.05% over seven days. Polygon (POL), the listing for Polygon’s previous MATIC token, was $0.0915878301, down 2.65% over 24 hours and 9.64% over seven days. Moneyiar’s data also listed Polygon under the symbol MATIC without a price.
The market figures describe trading conditions for the named tokens and do not indicate any connection between their price movements and the Toronto police investigation.
