Police in Karachi have registered a case after a trader reported being abducted by armed men who allegedly forced him to transfer $500,000 in crypto from his digital wallet.
The complaint was lodged at Gulistan-e-Jauhar Police Station, where authorities have launched an investigation and are examining CCTV footage to identify the suspects and trace their vehicle.
According to the complainant, he was returning home on his motorcycle near Kamran Chowrangi at around 2:30 AM on Tuesday when a car rammed into him.
He alleged that four armed men then forced him into their vehicle and took him to an undisclosed location.
He said the armed men allegedly forced him to give them access to his online wallets. He said the suspects also contacted members of his crypto community and allegedly persuaded them to send funds to his account, and later transferred those amounts to wallets or accounts of their choosing.
The trader said he was released several hours later in the Bin Qasim area and returned home using a ride-hailing service.
He told police that he had regained access to most of his accounts, but estimated that about $500,000 was allegedly withdrawn, including prize money he had recently received after winning a South Asian competition organized by Binance.
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