Crypto Trader in Pakistan Kidnapped and Coerced into Transferring $340,000
On Christmas Day of 2024, a cryptocurrency enthusiast named Mohammed Arsalan, aged 30, fell victim to an abduction in Karachi, Pakistan. He was forced to move a staggering amount of $340,000 from his Binance account into the culprits’ wallets. In a shocking revelation, the captors included one individual from the Counter-Terrorism Department (CTD), leading to grave concerns regarding the protection of digital currency traders and potential abuses by those in positions of power.
The incident began when Arsalan was taken from the Manghopir district by gunmen in a vehicle that bore no police signage. He was taken captive near the Saddar FIA office, where he was forced to grant access to his Binance account and carry out transfers to various wallets. Following the phone reset by his assailants, he was freed near Quaid-e-Azam’s Mausoleum at the hour of 4 in the morning.
Arsalan publicized evidence via Facebook displaying withdrawal history screenshots from Binance that confirm the compulsory transfers summing up to over $340,000, involving digital currencies like $USDT,
$PNUT
,
$ORCA
,
$PEPE
. Authorities are in pursuit to track these transactions, but the stealth associated with decentralized financial platforms is imposing obstacles.
A group of seven habitual criminals were subsequently caught by the Anti-Violence Crime Cell (AVCC). They are Mohammed Rizwan Shah, Tariq Hasan Shah known as Amir, Muzamil Raza, Umer Jilani, Umer Irshad, Noman Riffat, and Haris, also referred to as Ashar. Authorities are still in pursuit of one more implicated law enforcement official.
This event has incited a discourse concerning the safeguards for digital currency traders in Pakistan and the deficient regulations for the protection of cyber-assets. Advocates call for enhanced clarity by police agencies and a comprehensive probe into the misconduct of deviant officers.
The situation underscores an immediate requirement for Pakistan to solidify its legal infrastructure related to digital assets to secure the welfare of traders and to deter corruption in law enforcement.
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