In a significant development, French authorities have detained seven suspects in connection with the kidnapping of a 20-year-old Swiss man, marking yet another incident in a troubling trend of cryptocurrency-related abductions in France. This case highlights the growing concern surrounding the safety of individuals involved in digital currencies.
The victim was rescued during a specialized operation in Valence, which involved approximately 150 gendarmes. Reports from the regional newspaper Le Dauphiné Libéré indicate that the young man was found bound inside a house near the city’s high-speed train station. This incident is part of an alarming series of what are termed “wrench attacks,” where kidnappers target affluent cryptocurrency traders and executives for ransom, frequently resorting to violent measures to extract digital assets.
As of 2025, security experts assert that France has become the epicenter of such incidents in Europe. Analyst Jameson Lopp has documented at least ten wrench attacks within the country this year alone, representing nearly a quarter of the 48 incidents reported globally. David Sehyeon Baek, a cybercrime consultant, noted that the actual number of incidents may be even higher, as many victims opt for silence to avoid damaging their reputations or becoming repeat targets.
“Many cases never reach the public eye because victims choose silence to protect their reputation or avoid becoming repeat targets,”
Baek stated.
The severity of these occurrences is underscored by several notable cases in recent months. In January, Ledger co-founder David Balland was kidnapped, and his finger was severed as part of a ransom demand for his release. In May, the father of a Malta-based crypto executive was taken hostage in Paris and similarly injured before a police raid secured his freedom. Additionally, in June, law enforcement apprehended alleged mastermind Badiss Mohamed Amide Bajjou in Morocco and charged 25 individuals involved in various schemes, including an attack on the pregnant daughter of Paymium CEO Pierre Noizat.
The issue extends beyond France’s borders, as criminal networks globally exploit the anonymity and portability of cryptocurrencies to extort victims. This trend has turned digital wealth into a particularly attractive target for kidnappers. Victims often include not only those directly involved in cryptocurrency but also other affluent individuals whose families are targeted for ransom payments in crypto. For instance, in March, Anson Que, a Chinese-Filipino steel magnate, was tragically killed after his kidnappers demanded $20 million in cryptocurrency. Other notable incidents include a Turkish man ambushed during a multimillion-euro crypto trade in Hong Kong, and a Spanish businessman in Brazil who was drugged and held for five days while criminals sought a ransom of $50 million.
The increasing prevalence of these attacks poses a serious challenge for both law enforcement and individuals involved in the cryptocurrency space. As awareness of these threats grows, it becomes imperative for stakeholders to prioritize security measures to safeguard their interests in an increasingly perilous landscape.
For further details, you can read the original article on Decrypt.
