On December 25, 2024, in Karachi, Pakistan, cryptocurrency trader Mohammed Arsalan was attacked and forced to transfer $340,000 to his abductors. This crime has stirred the public and highlighted the vulnerabilities of traders in the cryptocurrency market.
Details of the Abduction
The initial abduction took place in the Manghopir area, where armed men associated with the Counter-Terrorism Department (CTD) seized Arsalan. He was moved to a deserted area near the FIA office in Saddar and forced to transfer funds from his Binance account to wallets controlled by the kidnappers. Later, the kidnappers reset his phone to delete all traces and left him near the Quaid-e-Azam Mausoleum.
Arrests and Investigation
As a result of an operation by the Anti-Violence Crime Cell (AVCC), seven suspects, including a CTD officer, were arrested. Among them are Mohammed Rizwan Shah, Tariq Hasan Shah, also known as Amir, Muzamil Raza, among others. Efforts are being made to uncover possible links between the detainees and other suspects.
Call for Reforms and Implications
Arsalan's case highlights serious issues in terms of crypto trading security in Pakistan. Experts indicate that this could prompt legislative changes and improve the protection of digital asset users. The ongoing investigation should set a new standard for countering such threats in both physical and digital domains.
The crypto kidnapping incident in Pakistan underscores the need for stricter regulatory measures and increased awareness of digital assets. We hope real steps will be taken to prevent similar situations in the future.
