Pakistani cryptocurrency trader, Muhammad Arsalan, was kidnapped in a scheme involving local law enforcement officers and was released after paying his kidnappers $340,000 in cryptocurrencies.

Investigations into the case have led to the arrest of seven people so far, according to A Latest report By local English news outlet dawn. According to the report, a suspected policeman is still at large, and an officer of Pakistan's Counter-Terrorism Department was among those arrested.

The kidnappers reportedly forced the 30-year-old trader to pay $340,000 from his Binance account balance. After multiple contacts with the kidnappers who pretended to be looking to buy US dollars from the victim, five plainclothes men forcibly kidnapped the merchant after gagging him in a police car on December 25.

News follows November reports A Ukrainian man was forced to transfer $250,000 worth of USDT stablecoin after it was seized by a group of criminals. Also in November, police began investigating the high-profile kidnapping of Dean Skorka, CEO of Toronto-based cryptocurrency company WonderFi Technologies. Who was kidnapped and released After paying a ransom of $720,000.

Jeremiah O'Connor, CTO and co-founder of cryptocurrency cybersecurity firm Trugard, said, Decryption The news “highlights a disturbing, though not unprecedented, trend of kidnapping and extortion targeting individuals to obtain their digital assets.” Byron Boston, a former Dallas police officer and CEO of cryptocurrency company Crypto Track, agreed and noted that “cryptocurrency-related kidnappings are becoming increasingly common.”

O'Connor's recommendations include minimizing public exposure, using multi-signature wallets and time-restricted transactions, and practicing general situational awareness.

“The rise in cryptocurrency-related extortion and kidnapping calls for stronger international cooperation between law enforcement agencies, improved regulatory frameworks, and enhanced education on operational security for those involved in the cryptocurrency space,” he added.

According to the local report, the people involved in the crime were habitual criminals who had committed similar crimes in the past. An inspector reassured the journalists that law enforcement officers linked to the kidnapping would not tolerate it.

“The involvement of corrupt law enforcement officials in the kidnappings further complicates the investigation,” Boston noted. “Criminals with access to sensitive information or investigative techniques can undermine efforts to track and recover stolen funds,” he explained.

Arslan expressed his anger at A December 31 Facebook post. He wrote that he was "ashamed to be a citizen of this country." He ended the message by saying: “Do not bother calling or writing to me. “I’m so depressed, mentally dead.”

Modified by Stacey Elliott.