Toronto police said Wednesday that seven men have been arrested in the kidnapping of the owner of a cryptocurrency exchange, and three of the accused are members of the Canadian Armed Forces.
Investigators have laid 82 charges, including kidnapping for ransom and multiple firearms-related offenses. Police did not identify the victim or name the exchange.
Victim allegedly targeted over access to crypto assets
According to police, the victim was approached near his vehicle at Finch Avenue East and Bayview Avenue on July 25, 2026. He was then allegedly abducted at gunpoint, handcuffed, and assaulted while the suspects tried to obtain access to cryptocurrency assets and business-related security systems.
Police said he was later released after being threatened and told not to contact law enforcement.
CityNews quoted Chief Superintendent Joe Matthews as saying, "The victim was allegedly targeted because of his access to cryptocurrency assets."
Arrests were made in three stages
Police said Saiefeddine Adem, 22, and Raheem Bishop-Jackson, 24, were arrested on July 26. 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 confirmed as members of the Canadian Armed Forces, police said.
Earlier this month, 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.
Weapons, drugs, tracking devices, and stolen ammunition seized
Searches of homes and vehicles turned up a shotgun, two 9mm firearms with 3D-printed receivers, two silencers, GPS tracking devices, handcuffs, and large quantities of methamphetamine and cocaine, along with more than 2,700 rounds of ammunition.
Investigators said about 2,500 of those rounds had been stolen from the Canadian Armed Forces.
In a police release, Matthews said, "Criminals continue to adapt their methods and seek new opportunities for financial gain," describing the case as a sign of increasingly sophisticated and targeted crimes involving digital assets.
Police Chief Myron Demkiw told reporters, "Whether you are a member of the military or a member of a police service or a public official, no one is above the law."
No further arrests expected, investigation remains open
Police said there are no outstanding suspects and no further arrests are expected, though the investigation is still ongoing.
"We're still trying to determine how all of [the suspects] fit together in this puzzle," Matthews said.
Case follows other crypto-linked kidnappings in Canada
The investigation comes after other kidnappings in Canada that were tied to crypto.
In 2024, WonderFi CEO Dean Skurka was released after a $720,000 ransom was paid. In September 2025, a man who kidnapped a victim while demanding a $1 million Bitcoin ransom was sentenced to 13 years in prison.
A month later, one of the men involved in the December 2022 abduction of self-styled "Crypto King" Aiden Pleterski pleaded guilty to nine charges, including kidnapping, assault, and firearms offenses.