Police in Karachi have registered a case after a cryptocurrency trader reported that he was abducted by armed men and forced to hand over access to his digital accounts, resulting in an alleged loss of nearly $500,000 in crypto assets.

The case was filed at Gulistan-e-Jauhar Police Station, where investigators have begun examining CCTV footage and tracking possible routes and vehicles used in the incident.

The complainant, identified as Jan Sher Khan, stated that he was returning home on his motorcycle near Kamran Chowrangi around 2:30am on Tuesday when a car deliberately hit him, causing him to fall.

He alleged that four armed suspects then forced him into their vehicle and took him to an undisclosed location.

According to his statement, the attackers gained access to his cryptocurrency accounts by obtaining passwords and using biometric authentication to authorize transfers. He further claimed that the suspects also contacted members of his crypto network and persuaded them to send funds into his account, which were then diverted to wallets controlled by the attackers.

The trader said he was released several hours later in the Bin Qasim area and later returned home using a ride-hailing service. He added that while he has regained access to most of his accounts, he believes around $500,000 was withdrawn, including recent winnings from a South Asian competition organized by Binance.

Police said the investigation is ongoing.