In a violent crime targeting cryptocurrency entrepreneurs in France, a mother and her 11-year-old son were kidnapped from their Burgundy home on Monday. The ransom demand focused on the father’s crypto business.
The assailants detained the victims overnight until they were rescued by France’s elite GIGN police unit at a Val-de-Marne hotel room around 6am Tuesday, as reported.
During the ordeal, the kidnappers took approximately $17,800 (€10,000) in cash and valuables after threatening to mutilate the father, who is involved in cryptocurrency. Discovering that the family’s crypto assets were secured in a time-locked wallet, they abducted the mother and child, seeking a ransom of $400,000 (€340,000). The operation to rescue them began before any payment was made, involving 100 gendarmes including GIGN members.
Authorities confirmed that both the mother and son are unharmed post-rescue. This incident is part of an ongoing series of ‘wrench attacks’ targeting France’s crypto community, where robbers target wealthy individuals involved in cryptocurrency.
Recent related incidents include a magistrate kidnapped for ransom involving cryptocurrency, an attempted home invasion against Binance France’s CEO, the kidnapping and mutilation of Ledger co-founder David Balland, and an attack by criminals disguising as police to enter a victim’s home.
The problem has been compounded by data breaches. French media reports indicate that a former tax agent imprisoned for exposing prison guard details also researched cryptocurrency investors.
During Paris Blockchain Week, French minister Jean-Didier Berger mentioned his office’s preventive measures against such attacks, including launching a prevention platform. He noted ongoing efforts with Interior Minister Laurent Nuñez to devise a comprehensive plan in the forthcoming weeks.
The crypto industry is proactively addressing wrench attacks by introducing specialized insurance products. A specialist provider launched a kidnap and ransom insurance for digital asset holders earlier this month.