Crypto billionaires on edge as violent wrench attacks fuel new security fears

A wave of violent attacks targeting cryptocurrency figures is forcing some of the industry’s wealthiest players to confront a blunt reality: digital fortunes can make their owners vulnerable offline.

The threat was thrown into sharp focus by the kidnapping of David Balland, co-founder of French crypto hardware company Ledger. Balland and his partner were abducted from their home in central France in January 2025, with the attackers reportedly demanding a large ransom in cryptocurrency. French tactical police later rescued the pair in separate operations, while Balland required medical treatment after the ordeal.

The case shocked the crypto sector not only because of Balland’s profile, but because of the brutality involved. It has since become one of the most prominent examples of a growing type of attack often described as a wrench attack, where criminals use threats, kidnapping or physical violence to force victims to hand over access to digital assets.

The term reflects a grim weakness in cryptocurrency security. Even if digital wallets, passwords and hardware devices are highly protected, attackers may choose to target the person behind them instead. For executives, investors and early adopters who have publicly profited from Bitcoin and other digital currencies, that has created a new category of personal risk.

France has emerged as a particular flashpoint. Authorities have investigated a series of crypto linked kidnappings involving wealthy investors, entrepreneurs and relatives of industry figures. In one later case, police rescued the father of a cryptocurrency entrepreneur after he was abducted for ransom near Paris, in an incident that echoed the earlier attack on Balland.

Security specialists say the danger has grown alongside the value and visibility of digital assets. Unlike many traditional assets, cryptocurrency can be moved quickly across borders, making it attractive to criminals seeking fast payments. The public nature of online crypto culture, where wealth is often displayed or discussed openly, may also increase the risk for high profile holders.

Industry data has pointed to a sharp rise in physical coercion incidents involving crypto owners. Reporting by CoinDesk cited data showing 72 verified physical coercion incidents globally in 2025, a 75 percent increase from the previous year, while physical assaults rose even faster.

The attacks are now reshaping behaviour across the sector. Some executives are reportedly reducing their public visibility, improving home security, avoiding displays of wealth and reassessing travel routines. Insurers and security advisers are also paying closer attention to the risks facing crypto entrepreneurs, with kidnapping, extortion and physical assault now treated as serious concerns for those linked to substantial digital holdings.

For an industry built on the promise of decentralised wealth and individual control, the rise in wrench attacks exposes an uncomfortable trade off. Crypto assets may be difficult to seize through conventional banking systems, but the people who control them remain exposed to old fashioned criminal violence.

Balland’s kidnapping has become a warning for the sector: in the age of digital money, personal security may be just as important as cybersecurity.

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