Based on reports, French police have stepped up their efforts after a crypto entrepreneur’s father was brutally kidnapped and had a finger severed to force a ransom. It’s a crime that has rattled the industry and raises tough questions about personal safety.
They even cut off one of his fingers to show they meant business. A police raid on May 3 freed him and led to five arrests at the scene.
Back home in France, more than 12 people linked to high-profile cases were held on May 26. Under French law, suspects can be held for up to 96 hours without charges.
Chainalysis CEO Jonathan Levin told attendees at the 2025 Consensus conference on May 15 that criminals still believe digital money is untraceable. And on June 5, Kraken’s security chief Nick Percoco warned in a blog post that many crypto users lack basic situational awareness at events.
Experts warn these “wrench attacks” might be even more common than numbers show. A University of Cambridge study in September found that victims worry about being targeted again, or about public shame.
Industry leaders now face a stark choice: leave personal safety up to chance, or treat security as a top priority. For many in crypto, that means using hardware wallets, keeping travel plans private, and working with vetted security teams.
The brutal nature of these crimes shows that simply relying on code won’t be enough to keep people safe.
Featured image from Public Discourse, chart from TradingView
