A kidnapped crypto executive was reportedly released after paying a $1 million bitcoin ransom

The CEO of the UK-registered
cryptocurrency exchange Exmo Finance has been released from the custody of his kidnappers after a $1 million bitcoin ransom payment, according to a report from the Financial Times.

Pavel Lerner, the CEO of the cryptocurrency exchange Exmo Finance, has been released from the custody of kidnappers after the payment of a $1 million bitcoin ransom, according to the Financial Times.

Local media reports said Lerner, 40, was dragged into a black Mercedes-Benz by men in balaclavas while leaving the Kiev, Ukraine, offices of his company on Tuesday.

The FT reported Friday that Lerner was "released in a state of shock," according to Anton Gerashchenko, a Ukrainian adviser.

"We have operative information that he paid more than $1 million worth of bitcoins," Gerashchenko said.

The exchange business Lerner runs is registered in the UK and also has a presence in Spain, Russia, India, and Thailand.