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Crypto Millionaire's Father Rescued After Kidnapping, Ransom Demand

Coin WorldSunday, May 4, 2025 9:41 pm ET
2min read

French authorities successfully rescued the father of a crypto millionaire in a coordinated raid on Saturday night, following a kidnapping that occurred earlier in the week. The victim, whose identity has not been disclosed, was abducted in broad daylight on Thursday morning in Paris's 14th arrondissement by four masked men who forced him into a delivery van. The victim was held captive for over two days, during which his captors severed one of his fingers, raising fears of further harm if their demands were not met.

The victim was rescued from a rental property in the Essonne region south of Paris. Five suspects, all in their twenties, were arrested during the operation led by specialized cybercrime and intervention units. The kidnappers had demanded a ransom estimated to be between €5 million and €7 million in cryptocurrency. The victim's wife informed investigators that both her husband and their son had previously received threats, hinting at the family’s vulnerability due to their high-profile success in the crypto industry. No ransom was paid before the police intervened.

The incident marks the third crypto-related kidnapping in France this year, highlighting a growing trend of violent extortions targeting crypto entrepreneurs and their families. In January, Ledger co-founder David Balland was kidnapped and mutilated before police rescued him. The attack on the crypto millionaire's father mirrors the January incident, where the victim had a finger severed, and his kidnappers demanded a €10 million ransom in cryptocurrency. A police raid by France’s elite National Gendarmerie Intervention Group freed Balland, while his partner was later found tied up in the trunk of a car in Essonne, the same region where Saturday’s rescue occurred.

Security experts refer to these types of attacks as "wrench attacks," where physical threats are used to override crypto's digital security measures. These attacks undermine the efficacy of existing digital security norms when confronted with real-world threats. The term originates from a 2012 XKCD comic, according to a comprehensive study on wrench attacks done by researchers at the University of Cambridge and the University College of London. The Paris incident is the 21st attack this year, according to a GitHub repository documenting physical Bitcoin attacks by Jameson Lopp, co-founder and chief technology officer of Bitcoin security firm Casa.

Wrench attacks are roughly correlated with the size of the market and overall adoption of crypto. Security experts urge crypto holders to practice "relaxed awareness" and stay "alert and prepared," among other easy security measures that could be done to prevent wrench attacks. The investigation into Saturday’s kidnapping remains ongoing, with prosecutors determined to uncover the full extent of the criminal network behind the attack. The targeting of crypto figures reflects the growing visibility of digital asset wealth, often flaunted online, which may attract criminal attention. As cryptocurrencies continue to reshape global finance, law enforcement faces new challenges in protecting those who profit from the industry.

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Mylessandstone69
05/05
I'm holding some crypto, but diversifying. Can't put all eggs in one basket, especially with these trends.
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lookingforfinaltix
05/05
$5M ransom in crypto? Wild times we live in.
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Turbonik1
05/05
The crypto world's getting messy. Is the risk worth the reward, folks?
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diffvinra
05/05
@Turbonik1 Yeah, crypto's risky.
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stertercsi
05/05
Ransom demands in crypto show how visible our wealth is. Maybe dial it back on social media?
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11thestate
05/05
Wrench attacks: when crypto meets real-world threats
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jobsurfer
05/05
Wrench attacks targeting crypto folks. Stay alert and prepared, like securing your bags.
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ProtonicusPrime
05/05
@jobsurfer K boss
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Agreeable_Zebra_4080
05/05
Crypto kidnappings rising, smh. Time to rethink wealth flaunting online. Security first, folks. 🚨
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Ok_Asparagus_6704
05/05
@Agreeable_Zebra_4080 Cool
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mav101000
05/05
Crypto industry's growth attracting unwanted attention. Law enforcement needs to step up their game.
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I_kove_crackers
05/05
These kidnappings are like something out of a movie. Hope the victims stay safe.
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elpapadoctor
05/05
Security experts warn of "wrench attacks." Crypto holders should stay alert. Physical threats can bypass digital security. Prepare accordingly.
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magenta_placenta
05/05
Ransom demands in crypto highlight its volatility. Pay in fiat, but the kidnappers want digital. Shows crypto's still in the wild west era.
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elpapadoctor
05/05
Stay vigilant, crypto holders. Security's a long game.
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Puzzleheaded-Mood544
05/05
Ransom demands in crypto, a growing trend 🚀
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BB-LETS-GO
05/05
Wrench attacks are the ultimate hack—no need for code, just a good old-fashioned kidnapping.
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ChibaHawk86
05/05
@BB-LETS-GO Guess crypto's digital security can't handle some good ol' fashioned real-world stress testing. 😂
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No-Sandwich-5467
05/05
Third crypto-related kidnapping this year in France. Something's gotta give. 🤔
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