Binance France President Targeted in Armed Kidnapping Attempt

Binance France CEO David Prinçay was the victim of an armed home invasion in Val-de-Marne. Three intruders entered his home, and after being tracked by police, the suspects were arrested at Lyon Perrache train station. The executive and his family were unharmed and are cooperating with authorities.

This incident is part of a broader trend of rising physical attacks targeting cryptocurrency professionals, particularly in France. These attacks, known as 'wrench attacks,' use violence to bypass digital security measures and extract cryptocurrency holdings. The number of such attacks increased by 75% in 2025, with France recording 19 confirmed incidents.

France has been the most affected region, with these attacks causing confirmed losses of $41 million in 2025. Analysts suggest the actual financial damage could be higher due to unreported incidents. The growing threat has raised concerns about the security of digital assets and the vulnerabilities of key individuals in the crypto space.

Why Did This Happen?

The increase in wrench attacks highlights the real-world vulnerabilities associated with digital assets. Unlike traditional theft, these attacks exploit the physical access to individuals who hold private keys or control accounts. The perpetrators often target high-profile executives, using the threat of violence to force the surrender of cryptocurrency holdings.

France has become a focal point for such attacks due to the concentration of crypto professionals and the high volume of illicit crypto transactions. In 2025, illicit crypto volume reached a record high of $158 billion, providing further incentives for criminals to exploit the industry.

How Did Markets Respond?

The rise in wrench attacks has prompted a reevaluation of security practices among crypto firms. Binance co-CEO Richard Teng confirmed that the company is working with law enforcement and has not disclosed the extent of any potential data compromise. Other exchanges are expanding custody and trading services to mitigate risk through institutional-grade security solutions.

Regulators are also under pressure to respond. The EU's Markets in Crypto-Assets Regulation (MiCA), which became fully effective in late 2024, aims to provide a standardized framework for crypto custody and operations. However, the physical nature of wrench attacks presents a challenge beyond digital compliance.

What Are Analysts Watching Next?

Security experts and investors are closely monitoring how crypto firms adapt to the evolving threat landscape. Binance and other exchanges are expected to increase investments in executive protection and physical security. Some are exploring partnerships with European banks and brokers to enhance custodial solutions and reduce individual risk exposure.

Analysts are also observing whether regulatory bodies will expand MiCA to include physical security guidelines for key industry players. The ability of law enforcement to track and apprehend perpetrators in real-time remains critical, as highlighted by the arrest of the three suspects in the recent Binance France CEO case.

Investors are advised to assess the security protocols of the crypto platforms they use and consider the risks associated with high-profile digital asset holdings. As wrench attacks continue to evolve, proactive security measures and policy updates will be essential to protecting the digital asset ecosystem.