A crypto trader in Karachi has told police that armed men abducted him. He says they forced him to hand over access to his digital wallets. The incident has shaken the city’s online trading community. Police registered the case at Gulistan-e-Jauhar Police Station and launched a formal investigation.

The complainant says he was riding his motorcycle near Kamran Chowrangi around 2:30 AM on Tuesday. A car suddenly rammed into him. He alleges four armed men then pulled him into their vehicle. They drove him to a location he could not identify. Investigators are now reviewing CCTV footage from the area. They hope to trace the vehicle and identify the suspects.

The trader claims the men forced him to unlock his online wallets once they reached their destination. He further alleges the suspects contacted other members of his crypto community. They allegedly convinced these contacts to transfer funds into his account. The attackers then reportedly moved that money out to wallets of their choosing. This detail adds a new layer of concern. It suggests the suspects may have understood crypto transfers well enough to exploit trust within trading circles.

Hours later, the trader says he was released near the Bin Qasim area. He made his way home using a ride-hailing service. He has since regained access to most of his accounts. However, he estimates that attackers withdrew roughly $500,000 without his consent. Among the alleged losses was prize money he says he won in a South Asian competition organized by Binance.

Police have not yet confirmed the suspects’ identities. They also have not recovered any of the missing funds. However, the case has renewed conversation around the safety risks facing crypto holders. This is especially true for those whose wins or holdings become known within smaller community circles. Meanwhile, officials say the investigation remains active. CCTV analysis and vehicle tracing are currently underway.

This is not the first time digital asset holders in Pakistan have reported ransom-style extortion. Still, cases involving alleged coordinated wallet transfers are less common. Additionally, authorities have urged citizens to stay cautious about disclosing crypto holdings publicly. Such information could make individuals visible targets. Residents near Kamran Chowrangi should also report any suspicious vehicles or activity to help the investigation.

For now, the trader’s account remains the primary source of information in this case. Police have not independently verified every detail. Finally, officials say further updates will follow as this alleged Karachi crypto wallet abduction investigation develops.