Pakistani crypto trader Mohammed Arsalan has been released after paying $340,000 worth of digital assets to his captors. According to a statement from the Inspector General of Police Ghulam Nabi Memon mentioned that authorities have apprehended seven suspects linked to the crime.

Memon mentioned that the criminals were apprehended late on Friday, adding that an officer of the Counter-Terrorism Department (CTD) was also fingered in the crime.

The Inspector General, said that another suspect, a policeman, is still at large with efforts being made to apprehend him as soon as possible. Memon noted that the group kidnapped the crypto trader and forced him to part with a ransom of about $340,000 before he was released.

The suspects currently in holding are Ashar, Mohammed Rizwan Shah, Umer Irshad, Muzamil Raza, Tariq Hasan Shah, Noman Riffat, and Umer Jilani.

Pakistani crypto trader regains freedom after ransom payment

According to the details of the incident, the Pakistani crypto trader Mohammed Arsalan, was taken from Manghopir on December 25. After he was kidnapped, the criminals forcefully transferred $340,0000 through different accounts on his Binance account. After the transfer, he was let go close to the Brigade police jurisdiction. After he was released, he filed a First Information Report (FIR) with the police in Manghopir.

An FIR under Sections 365-A (kidnapping or abduction for the purpose of extortion) and 34 (common intention) of the Pakistan Penal Code was registered by the police, and the investigation was subsequently handed over to the AVCC/CIA. According to the official document, the AVCC formed a team led by its SSP Aneel Haidar Minhas and the SHO of AVCC carried out technical actions in several parts of the metropolis, which led to the arrest of the seven kidnappers.

According to the FIR filed by Arsalan at the Manghopir police station, the issue started 15-20 days before he was abducted. The Pakistani crypto trader said he lived in Saima Arabian village, carrying out his crypto business. He mentioned that an individual called Hamid approached him to purchase US dollars, and he told him he didn’t buy or sell the currency. The Pakistani crypto trader said the individual continued to pester him over the next few days, but he avoided him.

Subsequently, Hamid, his friend Zohaib, and another individual went to his office at the Saima Arabian Villas on the night of December 24. Arsalan said he told them he did not have the currency, but will ask his friend to arrange it. In his FIR, the complainant mentioned that the suspects wanted $30,000, and when he asked for payments, they did not give any reasonable reply. After a while, they told him an individual named Ashar would make the payment, before going to a restaurant in the area by 1 AM on December 25.

The Pakistani crypto trader said that the suspects arrived in a police mobile at 1:40 AM, covered his mouth, and took him to a place around the FIA Saddar office. He said the individuals were with a policeman in plain clothes, who forcefully unlocked his phone, opened his Binance wallet, and transferred the funds into different accounts. He added that they also took the cash that was in his pocket. After the act, they reset his phone and dropped him at a well-known area in the community to find his way home.

Inspector General of Police vows to take action

According to the Inspector General of Police Ghulam Nabi Memon, the act is one that calls for the full weight of the law on the individuals. He added that the crime was not aided by the CTD but by an individual attached to the department. Memon mentioned that they have never tolerated such acts, and have always disciplined any officer caught on the other side of the law.

Memon noted that no one has been spared from the consequences of their actions, and none of the officers involved in this act against the Pakistani crypto trader will be accorded any leniency. Memon noted that aside from the FIR that was filed against the officers, the department will still carry out its investigation, and the culpable officers will be dealt with, noting a subsequent dismissal from the force.

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Key Takeaways

BIO is a curation and liquidity protocol dedicated to advancing Decentralized Science (DeSci). 

Its mission is to accelerate biotechnology by giving patients, scientists, and biotech professionals the ability to collectively fund, develop, and own tokenized biotech projects and intellectual property (IP).

The BIO token serves as a utility and governance tool, enabling holders to support DAOs, vote on key decisions, and fund network growth. Holders may also get access to rewards, early funding, and new products.

What Is BIO?

BIO is a curation and liquidity protocol dedicated to advancing Decentralized Science (DeSci). Its mission is to accelerate biotechnology by empowering patients, scientists, and biotech professionals worldwide with the ability to collectively fund, develop, and own tokenized biotech projects and intellectual property (IP).

The BIO team includes professionals who helped create Molecule and VitaDAO. Molecule is a tokenization platform for biomedicine projects, and VitaDAO is a decentralized community focused on longevity science.

What Is BIO Trying to Solve?

Traditional biotech research often faces challenges like high costs, slow funding processes, and limited access to intellectual property for smaller players. BIO’s approach is to break down these barriers using blockchain. 

The Bioconomy

Their vision, dubbed the “Bioconomy,” is all about creating a community-driven ecosystem where innovation can thrive without being bottlenecked by outdated systems.

By decentralizing the way biotech projects are funded and developed, BIO wants to make it easier for new ideas to gain traction. Instead of relying on a few big players, they’re empowering a global network of people to pool resources, vote on promising projects, and share ownership of the resulting breakthroughs.

The BIO Protocol

At its core, the BIO project runs on the BIO Protocol, a framework that lays out the structure for decentralized biotech development. Some of its key components include:

BioDAOs: These are decentralized organizations that focus on specific areas of biotech. Think of them as specialized communities working on projects like gene editing, cancer research, or vaccine development. Members of a BioDAO pool their resources, make collective decisions, and share in the outcomes.

Curation: With so many projects out there, deciding which ones to prioritize can be tricky. That’s where BIO’s curation mechanism comes in. Community members vote to determine which projects have the most potential, ensuring resources are used wisely.

Bio/Acc Rewards: To keep the community active and engaged, BIO offers rewards through its Bio/Acc Rewards program. Whether you’re contributing expertise, funding, or ideas, you can earn tokens based on your contribution.

IP tokens: One of BIO’s standout features is the tokenization of intellectual property. Instead of biotech breakthroughs being locked up in corporate vaults, IP is turned into digital tokens. These tokens allow for fractional ownership, meaning more people can invest in and benefit from scientific advancements.

Ecosystem and Governance

By bringing together stakeholders from across the biotech spectrum (researchers, investors, and patients), BIO creates a space where everyone has a voice. Governance is decentralized, with token holders having a say in the project’s direction. This model ensures transparency and keeps decision-making aligned with the community’s interests.

BIO Token

Essentially, the BIO token acts as both a utility and a governance tool within the BIO ecosystem. For example, BIO holders can show support for specific bioDAOs, vote on decisions about how new BIO tokens are created or distributed, and help fund programs to grow and improve the network. 

BIO holders can also gain access to governance rights, early funding rounds, financial rewards for health data contributions and clinical trial participation, and new products funded by bioDAOs.

BIO Launchpad

BIO's Launchpad is a platform designed to facilitate the initiation and funding of new biotech projects. It provides tools and resources for project teams to launch their initiatives within the BIO ecosystem, connecting them with a community of supporters and potential collaborators.

BioDAO Incubator

To support the development of new BioDAOs, BIO offers an incubator program that provides guidance, resources, and a structured framework for emerging decentralized organizations. The goal is to foster innovation and ensure the successful launch and growth of BioDAOs within the BIO ecosystem.

Closing Thoughts

The BIO project offers a more open and collaborative approach to biotech research. Instead of being locked into traditional structures where only a few major players have control, BIO provides a way for diverse communities to come together and drive progress.

By tokenizing intellectual property and using decentralized governance, BIO opens up opportunities for innovation that might otherwise be overlooked. For researchers, it’s a chance to access funding more quickly and equitably. For patients and advocates, it’s a way to directly support the breakthroughs that matter to them.

Further Reading

Binance Beginner's Guide 

Your Guide to Binance Launchpad and Launchpool 

What Is a Crypto Wallet and How to Choose the Right One?

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