Early Tuesday morning in a quiet Paris neighbourhood, a masked gang tried to drag a woman and her child into a waiting van. It was the latest—and one of the most public—examples of a disturbing global trend: brutal kidnappings and ransom demands aimed at the growing class of crypto-rich investors and entrepreneurs.
The victim, daughter of Paymium CEO Pierre Noizat, managed to escape with help from her husband and neighbours, but not before a violent scuffle left her husband bloodied and the assailants fleeing. The incident joins a growing list of violent assaults, abductions, and mutilations tied not to digital hacks—but to real-world threats where the goal is simple: force victims to transfer millions in cryptocurrency, the Wall Street Journal reported.
Crypto criminals are going physical
Long the target of online heists, cryptocurrency holders have moved many of their assets offline to avoid digital theft. But that shift has inspired a new, more brutal form of crime: the “wrench attack,” so named because attackers need nothing more than a blunt tool—and a willingness to inflict pain.
Victims have been pistol-whipped, threatened with mutilation, and in some cases had fingers severed to compel transfers of bitcoin or tether. The motive is clear: fast, untraceable money. And with bitcoin up over 50% in the past year, the number of potential targets is growing.
Inside a crime wave: France, the U.S., and beyond
French officials say at least five crypto-related abductions have occurred in the country in recent months. In January, Ledger co-founder David Balland and his partner were kidnapped at gunpoint from their home. The attackers demanded €10 million and chopped off Balland’s finger to prove they were serious.
Other high-profile incidents include:
An Australian crypto billionaire assaulted in Estonia in a fake painter scam.
A Houston crypto influencer whose home was stormed in the middle of the night.
Killian Desnos, a French YouTube star, whose father was kidnapped and held at gunpoint in a ransom video.
Last year, a Florida man received 47 years in prison for leading a multistate home invasion ring that targeted crypto holders—including one victim he threatened with genital mutilation to secure $150,000 in bitcoin.
How criminals are finding their targets
Data breaches, public bragging, and the dark web are making it easier for attackers to build dossiers on victims.
The 2020 hack of Ledger, which exposed 272,000 customers’ names and addresses, and a breach of advisory firm Kroll have provided attackers with valuable information. Meanwhile, Coinbase recently disclosed that the data of nearly 97,000 customers was stolen—likely by insider contractors.
Public incorporation documents and personal social media accounts make matters worse. Influencers flaunting their wealth online have become easy prey, and even executives trying to stay private are being tracked through leaked databases or doxxing efforts.
‘We’ve lived through unimaginable violence’
Balland and his partner were freed in a police raid after the first ransom was paid. Authorities were able to freeze roughly 80% of the ransom—paid in the cryptocurrency tether—before it could be laundered. But the trauma lingered. “Fingers: 9/10,” Balland wrote on X in a grim update afterward.
Larchevêque, another Ledger co-founder, helped coordinate the rescue and later warned about the “Mexicanization” of France—saying violent gangs are operating with impunity, and that many entrepreneurs are now questioning whether the country can protect them.
France scrambles to respond
French Interior Minister Bruno Retailleau met with crypto company leaders on Friday to introduce new security measures. He said Tuesday’s failed abduction appeared linked to the same underground networks as previous attacks. Police believe some gangs are recruiting young criminals through encrypted apps like Telegram and directing them remotely.
Still, attacks keep coming. Just weeks before the latest incident, the father of another Malta-based crypto executive was kidnapped while walking his dog. A finger was severed on video to pressure a ransom payment.
Crypto’s dark side is going offline
As virtual wealth translates into physical danger, the crypto community is scrambling. Many executives have taken their profiles private, removed addresses from records, and beefed up home security.
“This is no longer about anonymous digital hacks,” said Jameson Lopp, co-founder of bitcoin security firm Casa. “If you’re high-profile in crypto, the threat now walks up to your front door.”
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