- Trends in Modern Crypto-Related Crime
- What Are Wrench Attacks?
- High-Profile Theft Cases in Recent Months
France has once again found itself in the spotlight due to crime reports. Prosecutors in Lyon recently announced the arrest of six suspects believed to be involved in the kidnapping of a judge and her mother. The assailants demanded a ransom in cryptocurrency. According to law enforcement, the incident occurred the evening prior to the arrests. The victims were held captive for nearly 24 hours in a garage in southern France.
Crimes of this kind are becoming increasingly common as cybercrime linked to digital assets continues to grow. A similar case took place early last year, when French businessman David Balland, co-founder of Ledger—a company valued at over $1 billion—was attacked and reportedly forced to cut off his own finger in exchange for his freedom. Six months later, another incident occurred in Paris involving the parent of a senior executive at a foreign exchange platform. Both attacks involved threats of mutilation and demands for large cryptocurrency payments.
Trends in Modern Crypto-Related Crime
According to a report by blockchain analytics firm PeckShield, total losses from cryptocurrency hacks and fraud reached $4.04 billion in 2025—a 34% increase compared to the previous year. A significant share of these losses stems from direct scams and social engineering targeting individuals who hold substantial digital assets.
Why are thefts targeting crypto wealth becoming more frequent? Experts point to several factors:
• Cryptocurrency transactions are difficult to trace, and stolen funds are hard to recover due to the decentralized and pseudonymous nature of blockchain networks.
• Individuals with large crypto holdings often lead ordinary lives, making them easy targets for physical attacks for criminals demanding crypto ransoms.
• The lack of clear and consistent international regulation creates favorable conditions for fraud and violent crime.
Investigators warn that wrench attacks targeting wealthy crypto holders are often linked to insufficient awareness of personal security practices involving account and wallet protection. The lack of unified mechanisms to track illicit funds also creates opportunities for criminals.
The recent case involving the French judge “fits a growing pattern of wrench-style attacks,” said Angela Ang, Head of Policy and Strategic Partnerships for APAC at TRM Labs, in an interview with Decrypt. She added that 2025 has been a “record year” for such incidents, with “around 60 reported cases of physical violence against cryptocurrency holders.”
“The increasing use of cryptocurrency in kidnappings and extortion reflects both mainstream adoption and the perception that crypto transactions are irreversible and anonymous,” she said. “Criminals are increasingly using social media to gather detailed information about potential victims, paying special attention to signs of wealth. Reducing the risk of such attacks requires caution, security measures, and awareness—both online and offline.”
What Are Wrench Attacks?
A wrench attack is a physical assault aimed at forcing a victim to hand over private keys, seed phrases, or passwords to cryptocurrency wallets. The term metaphorically refers to the simplest and most direct tool of coercion—a wrench or any object used to inflict physical pain or intimidation.
Such attacks typically unfold in several stages:
1. Target identification.
Criminals determine that a person holds significant digital assets and could pay a ransom in cryptocurrency. This information may come from exchange or service data leaks, social media oversharing, phishing campaigns followed by blackmail, or insider tips from acquaintances or colleagues.
2. Physical assault.
The attacker tracks the victim and confronts them in a vulnerable location—such as an elevator, parking lot, or near their home—using threats or violence.
3. Coercion.
Under threat of harm, the victim is forced to transfer funds, reveal seed phrases or private keys, unlock hardware wallets, or authorize transactions.
High-Profile Theft Cases in Recent Months
In December 2025, an employee of the French Tax Administration was investigated for allegedly leaking personal data belonging to major cryptocurrency investors. The employee allegedly provided a criminal group with home addresses, bank accounts, and phone numbers of wealthy individuals, enabling extortion attempts demanding cryptocurrency payments.
Several weeks ago, a major cyberattack targeted the servers of TaxoFrance, a platform operated by French crypto tax service Waltio. Hackers sought to obtain information about cryptocurrency holders. Approximately 1,000 tax returns were compromised.
These incidents demonstrate that cybercriminals are willing to target even the most secure elements of national financial infrastructure. Despite increased security efforts, systemic weaknesses remain—continuing to fuel the growth of crypto-related crime.
