Cryptocurrency Kidnappings Surge as France Becomes Europe’s Hotspot for Digital Asset Extortion

Latest Swiss Victim Rescued in Major Operation as “Wrench Attacks” Intensify Across the Globe

In a dramatic rescue operation that highlights the growing dangers faced by cryptocurrency holders, French authorities have detained seven suspects following the abduction of a 20-year-old Swiss man. The case represents the latest incident in what security experts identify as France’s alarming rise in cryptocurrency-related kidnappings, a phenomenon rapidly transforming the criminal landscape across Europe and beyond.

The victim, whose identity remains protected by authorities, was freed last Sunday in Valence during a carefully coordinated operation involving 150 gendarmes. According to regional newspaper Le Dauphiné Libéré, the young man was discovered bound and restrained in a residence near the city’s high-speed train station, bringing a fortunate conclusion to what could have been yet another tragic case in the growing catalog of cryptocurrency-related crimes.

Understanding the “Wrench Attack” Phenomenon

The Valence incident exemplifies what industry experts now refer to as “wrench attacks” – a term that vividly characterizes the violent methods employed by criminals to force victims to surrender their digital assets. Unlike traditional cybercrime, which relies on technical exploitation, these attacks leverage physical intimidation and violence to access cryptocurrency wallets and exchange accounts that might otherwise be secured against digital intrusion.

France has emerged as the European epicenter for such crimes, with security analyst Jameson Lopp documenting at least 10 wrench attacks in the country during 2025 alone – representing nearly a quarter of the 48 cases reported globally this year. This troubling statistic positions France at the forefront of a dangerous trend that shows no immediate signs of abating.

“The actual number of incidents likely exceeds official reports,” explains David Sehyeon Baek, a respected cybercrime consultant who has tracked the evolution of cryptocurrency-related crimes. “Many cases never reach the public eye because victims choose silence to protect their reputation or avoid becoming repeat targets,” Baek told Decrypt in a recent interview. This reluctance to report creates an environment where criminals can operate with relative impunity, further fueling the crisis.

France’s Growing Crisis: High-Profile Cases and Violent Methods

The severity of France’s cryptocurrency kidnapping problem is illustrated by several brutal high-profile cases that have shocked both the crypto community and the general public. In January, kidnappers targeted David Balland, co-founder of hardware wallet manufacturer Ledger, in an attack that escalated to extreme violence when perpetrators severed one of Balland’s fingers before demanding ransom for his release.

The pattern of violence continued in May when criminals abducted the father of a Malta-based cryptocurrency executive in Paris, subjecting him to similar torture by amputating a finger before police intervention secured his freedom. Just one month later, in June, law enforcement achieved a significant breakthrough with the arrest of alleged mastermind Badiss Mohamed Amide Bajjou in Morocco. The operation led to charges against 25 suspects connected to numerous schemes, including a particularly disturbing attack targeting the pregnant daughter of Paymium CEO Pierre Noizat.

These cases demonstrate the increasingly organized nature of cryptocurrency kidnapping operations, with criminal networks developing sophisticated methods for identifying potential targets and executing abductions. The French authorities’ recent success in apprehending suspects suggests a growing recognition of the threat, but security experts warn that preventative measures remain inadequate in the face of this evolving criminal trend.

A Global Threat: Cryptocurrency Kidnappings Transcend Borders

While France currently leads Europe in cryptocurrency-related kidnappings, the problem has rapidly expanded into a global phenomenon affecting wealthy individuals across continents. The combination of cryptocurrency’s inherent anonymity, borderless transferability, and increasing mainstream adoption has created ideal conditions for kidnappers seeking untraceable ransom payments.

The profile of victims extends beyond those directly working in the cryptocurrency industry to encompass anyone perceived to hold substantial digital assets. In March, Chinese-Filipino steel magnate Anson Que fell victim to kidnappers demanding $20 million in cryptocurrency – an abduction that tragically ended with Que’s death despite the ransom demands. In Hong Kong, criminals ambushed a Turkish businessman during what he believed would be a routine multi-million euro cryptocurrency transaction, illustrating how legitimate business activities in the sector can create vulnerability.

Brazil has also emerged as a hotspot for cryptocurrency kidnappings, with a recent case involving a Spanish entrepreneur who was drugged and held captive for five days while his abductors attempted to extract a $50 million ransom. These international incidents demonstrate how cryptocurrency kidnapping techniques pioneered in one region can quickly spread globally, creating a transnational challenge for law enforcement agencies.

Security Implications and Preventative Measures

The proliferation of cryptocurrency kidnappings presents unique challenges for both potential targets and the authorities tasked with protecting them. Unlike traditional financial assets held in banks with established security protocols, cryptocurrency holdings often lack institutional safeguards, placing the burden of security entirely on individual holders.

Industry experts recommend several protective measures for those with significant cryptocurrency investments. These include maintaining low public profiles regarding digital asset holdings, implementing sophisticated multi-signature wallet arrangements that prevent single-point access, and establishing duress protocols that allow for the surrender of limited funds while preserving the majority of holdings in an emergency situation.

For law enforcement agencies, the rise in physical attacks represents a shift from purely digital cryptocurrency crimes that requires new investigative approaches. The French authorities’ successful rescue operation in Valence demonstrates that traditional policing methods remain effective against these hybrid threats when properly resourced and coordinated. However, the borderless nature of cryptocurrency itself means that international cooperation between agencies becomes essential once ransom payments enter the blockchain ecosystem.

As cryptocurrency adoption continues to expand globally, security experts anticipate that kidnapping and extortion attempts targeting digital asset holders will likely increase in both frequency and sophistication. The French authorities’ recent success in rescuing the Swiss victim and apprehending suspects in Valence represents a positive development, but the broader trend suggests that cryptocurrency kidnapping will remain a significant security concern for the foreseeable future, requiring vigilance from potential targets and continued adaptation from law enforcement agencies worldwide.