Surge in Crypto Kidnappings in France Puts Bitcoin Holders at Risk
France is experiencing a sharp rise in violent “wrench attacks” targeting cryptocurrency holders. In Maisons-Alfort, a 23-year-old victim was abducted and forced at gunpoint to unlock his Ledger hardware wallet and hand over €5,000. Police also thwarted a planned kidnapping in Normandy and rescued Ledger co-founder David Balland and his wife from a brutal abduction in central France. These incidents mark at least ten public crypto kidnapping plots in the country. Authorities have arrested over 20 suspects involved in ransom-driven attacks on crypto entrepreneurs and their families. The trend isn’t limited to France: similar crimes surfaced in the U.S., India, Hong Kong, Spain and the Philippines. Experts warn that without stronger security and regulation, the growth of digital assets could be overshadowed by crime, undermining confidence in decentralized finance.
Neutral
While high-profile crypto kidnappings highlight security vulnerabilities for Bitcoin holders, they do not directly affect market fundamentals like supply or demand. Historical data shows that crime-related news can raise short-term fear but tends to have limited price impact, as traders focus on macro adoption trends and on-chain metrics. In the long term, calls for stronger regulation and enhanced wallet safeguards could actually boost confidence. Therefore, the net market reaction is likely neutral.