Bitcoin Executive Released After Paying $1 Million as Ransom

Bitcoin Executive of a United Kingdom-registered cryptocurrency exchange who was kidnapped when he left his office in Ukraine earlier this week has now been released, as per the announcement from the organization.

Pavel Lerner who is a Russian citizen and the lead of United Kingdom-based cryptocurrency exchange Exmo Finance was kidnapped on Tuesday, as per the reports from Russian and Ukrainian news agencies. According to the details, a few men in ski masks came in Mercedes Benz and dragged him into it.

Lerner is a renowned blockchain wizard. One of the sources informed the Financial Times that he had paid Bitcoins worth $1 mil to ensure his release. His kidnapping might be one of the first rare instances of kidnapping and extortion for digital currency. Exmo didn’t instantly reply for comment from media to confirm about the amount.

In a statement released Friday, the organization confirmed that Lerner had been located and released.

“At the moment, he is safe, and there was no physical harm inflicted on him. Nevertheless, Pavel is currently in a state of major stress, therefore, he will not provide any official comments in the coming days. We would like to note that the story of Pavel’s abduction has overgrown with rumors that might tamper with the official investigation. That said, EXMO currently refrains from any comments or suggestions of own versions of the possible scenario, in the nearest future.”

The details of the kidnappers are still unavailable. Currently the Ukrainian authorities are investigating the case.


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