Toronto police have charged seven men, including three members of the Canadian Armed Forces reserves, in connection with a July abduction in which a cryptocurrency exchange owner was forcibly taken in an attempt to seize control of his digital assets.
The incident unfolded on July 25, 2026, in the Finch Avenue East and Bayview Avenue area of North York.
According to investigators with the Integrated Gun and Gang Task Force’s Kidnapping Unit, the victim was approached as he neared his vehicle, then abducted at gunpoint.
He was handcuffed and assaulted while the suspects tried to obtain access to his cryptocurrency holdings and related business security systems. After the attempt, the group released him with a clear warning not to contact authorities.
The victim sustained only minor injuries and has since recovered.What began as a response to a reported abduction rapidly expanded.
Officers identified a vehicle linked to the incident within a day and arrested two suspects on July 26.
Additional arrests followed on August 11 and September 24, bringing the total to seven men by late September.
In all, police laid 82 charges, including kidnapping for ransom with a firearm, forcible confinement, unauthorized firearm possession, and various drug-related offences.
Among those charged are three reservists: Talarambage Fernando, 22, of Toronto; James Moreau, 29, of Markham; and Jack Miley, 24, of Toronto. Fernando and Moreau, both holding the rank of bombardier in the 7th Toronto Regiment, were taken into custody on August 11. Miley was arrested on September 24.
The Department of National Defence has confirmed their service status, removed them from military duties, and restricted their access to facilities and equipment pending the outcome of the criminal proceedings and internal reviews.
Military police are cooperating with the Toronto investigation and examining how approximately 2,500 rounds of ammunition—and several over-capacity magazines—ended up outside official control.
Search warrants executed at residences and vehicles across the Greater Toronto Area yielded a substantial haul.
Officers recovered a shotgun, two 9mm firearms with 3D-printed receivers, a third improperly stored 9mm firearm, two silencers, ten over-capacity magazines, more than 2,700 rounds of ammunition (roughly half live rounds and half blanks), GPS tracking devices, a crossbow and arrows, handcuffs, a balaclava, and large quantities of methamphetamine, cocaine, and other controlled substances.
Investigators determined that the bulk of the recovered ammunition had been stolen from the Canadian Armed Forces.
Toronto Police Chief Myron Demkiw and Chief Superintendent Joe Matthews described the case as an illustration of evolving criminal tactics that target digital assets through violence and intimidation.
Matthews noted the particular concern raised by the involvement of trained military personnel who have access to firearms and specialized knowledge.
Police have stated that the investigation remains active as officers continue to analyze connections among the accused and examine seized electronic devices.
All seven men face court proceedings; none of the allegations have been proven, and the accused are presumed innocent. The case underscores the physical risks that can accompany high-value digital holdings, even as cryptocurrency platforms and law enforcement work to counter increasingly targeted threats.
