Masked Gunmen Tie Up Woman in France, Steal Crypto USB

French authorities reported a recent wrench attack in which masked assailants restrained a woman and stole a USB drive containing cryptocurrency. The incident adds to a growing trend of physical crimes targeting crypto holders. Such attacks, known as 'wrench attacks,' have increased in frequency and severity across the globe.

In January 2025, Ledger co-founder David Balland was kidnapped in France, subjected to severe violence, and held for ransom after the attackers severed one of his fingers. The attackers reportedly pressured his associates to pay a ransom. French authorities later secured his release.

Experts like Dragonfly partner Haseeb Qureshi have analyzed the data and found a strong correlation between the rise in crypto market capitalization and the increase in violent attacks. A regression analysis shows that 45% of the variation in reported violence can be attributed to market cap changes.

What Are the Regional Trends in Wrench Attacks?

Western Europe and the Asia-Pacific region have seen the most significant increases in wrench attacks. North America, while still experiencing a rise in incidents, remains relatively safer.

Qureshi's analysis shows that the number of recorded attacks has risen over time, and the severity of those attacks has also increased. Incidents are categorized on a scale from minor to fatal, with average severity trending upward.

The increase in crypto-related crime is partly attributed to the growing number of crypto users. As more people own crypto, the absolute number of attacks rises even if the per-user risk remains stable.

What Does the Future Hold for Crypto Security?

The alternative lending market in France is expanding, with projections indicating a $22.35 billion market value in 2025, expected to grow to $38.25 billion by 2029. This sector includes emerging models such as crypto-backed lending.

With the rise in wrench attacks, regulatory frameworks are evolving to address security concerns. For example, France is developing frameworks for crypto-backed loans that align with the EU's MiCA regulations.

Post-quantum cryptography is also gaining attention as a solution for securing data against future quantum threats. The market is expected to grow from $1.68 billion to nearly $30 billion by 2034.

What Are Analysts Watching Next?

Investors and analysts are closely monitoring the intersection of crypto adoption and security. The number of Coinbase monthly active users has grown significantly, from about 2 million in 2015 to 120 million in 2025. However, violence per user remains moderate and is similar to levels seen in 2021.

Experts are also evaluating how regulatory developments, including MiCA and DORA, will impact the lending and security landscapes. These frameworks are expected to shape compliance strategies and influence market dynamics.

As the crypto market continues to mature, the industry must balance growth with security. Analysts suggest that normalization of attacks by market cap and user base provides a clearer picture of risk levels.