A disturbing incident in the suburbs of Paris has once again exposed the darker side of cryptocurrency ownership. A young man was reportedly kidnapped and threatened by criminals who were after his digital fortune — all because he was carrying a Ledger hardware wallet.
According to local reports, the victim — a 23-year-old male — was abducted in Maisons-Alfort, a commune just outside the French capital. He was allegedly held hostage for several hours while the attackers demanded a cash payment of €5,000 (approximately $5,760) and access to his crypto wallet secured on a Ledger device.
While the total amount of cryptocurrency on the device was not disclosed, violence was reportedly used to try to force him to give up his keys or passphrase.
A Frightening Trend: Crypto Crimes Go Physical
The incident follows a disturbing pattern where cryptocurrency owners are being targeted in what the crypto community calls "wrench attacks" — real-world assaults intended to extract access to digital wallets through threats, force, or coercion.
This latest case occurred earlier this week and ended when the victim was reportedly released in Créteil, another nearby suburb. As of the latest updates, no suspects have been apprehended.
But this isn’t an isolated event. Recent months have seen a spike in violent crimes against crypto holders — not only in France but around the world.
Global Problem: Crypto Holders No Longer Safe Behind Screens
Similar abductions and attempted robberies have been reported in New York, India, Spain, Hong Kong, and the Philippines. These incidents typically follow a similar pattern: tracking someone suspected of holding significant crypto, cornering them in person, and threatening them until they reveal private wallet credentials.
In a high-profile French case in May, three assailants reportedly attempted to kidnap the family members of a crypto company executive, allegedly to gain leverage over his digital assets.
This surge of physical threats reveals a hard truth: storing digital currency offline does not guarantee safety when criminals can force access through physical means.
11 Years, 232 Real-World Attacks
In a chilling statistic, a well-known Bitcoin advocate and security expert documented over 230 confirmed physical attacks against cryptocurrency users since 2013. These have ranged from burglaries and kidnappings to SWAT team abuse and ransom attempts.
One early case involved Hal Finney, the recipient of the first Bitcoin transaction, who was “swatted” — meaning law enforcement was tricked into storming his home under false pretenses — because cybercriminals wanted to blackmail him for crypto.
How to Stay Safe: Security Beyond the Blockchain
These attacks emphasize the urgent need for physical security awareness in addition to digital safety measures. Here are some general precautions:
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Avoid discussing crypto holdings publicly or online.
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Use multi-signature wallets that require multiple approvals.
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Never store large sums on a single wallet or device.
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Consider off-site or decoy wallets in case of coercion.
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Encrypt and store seed phrases in secure, offline, physically protected locations.
As cryptocurrency adoption continues to rise, so too do the tactics used by criminals to exploit it. This Paris incident is a sobering reminder that decentralized money still comes with very real, centralized risks — to you.
