Crypto Kidnappings: The Rise of Violent Crime in the Age of Digital Wealth

High-net-worth individuals known to hold substantial cryptocurrency assets are the primary targets of these kidnappings. This group includes crypto entrepreneurs, exchange executives, influencers, and traders, particularly those with public profiles or who display their wealth online. Attackers commonly conduct extensive surveillance, combing social media, blockchain addresses, and even monitoring attendance at crypto events to identify vulnerable individuals with access to significant digital holdings.  

Recent cases have amplified the lucrativeness of these attacks with ransoms ranging from six-figure sums to multi-million dollar demands.

Several high-profile examples bring the dangers into sharp focus. In France, a crypto firm co-founder was abducted alongside his wife; his captors severed a finger and sent a video to his company as leverage for a €10 million ransom.ⁱⁱⁱ Meanwhile, in Las Vegas, a high-profile entrepreneur was abducted at gunpoint and forced to surrender $4.8 million in crypto assets before being dumped in the desert.^iv The family of crypto holders are also targets, and criminals exploit emotional leverage to force compliance. Most notably, in May 2025, the attempted abduction of the young daughter and toddler of a CEO in broad daylight on a Paris street was foiled by a passerby.^v  

Everyday users are also at risk and are increasingly targeted by opportunistic groups or individuals. These attackers exploit trust and ambush victims in socially engineered settings, using coercion or drugs to extract wallet credentials and other sensitive information.  

While early clusters were most common in Latin America and Southeast Asia, the pattern of violence has evolved to a global phenomenon. While Asia still tops the regional tally, Europe and the United States now follow closely behind. France alone has reported six major incidents in the first half of 2025, including high-profile abductions and violent mutilations. The United States leads globally with 48 confirmed crypto-related kidnappings since 2019.^vi Unlike large, coordinated, international syndicates, American cells tend to act with ruthless efficiency and operate independently, making them unpredictable and more challenging to dismantle. 

While the true scope of these crimes is likely being masked by victims' reluctance to come forward, the trend nonetheless represents a dramatic escalation in the physical risks associated with crypto ownership. Increasingly common attack methods include:

• Wrench Attacks: One of the most brutal tactics employed by criminals targeting cryptocurrency holders is the so-called “wrench attack.” In these attacks, perpetrators conduct violent home invasions or kidnappings, using prolonged torture designed to wear down resistance, forcing victims to disclose private keys or comply with ransom transfers. A stark example of a wrench attack occurred in May 2025 when an Italian investor was held captive for 17 days. He was subjected to severe physical abuse, all aimed at forcing him to surrender access to his Bitcoin holdings, reportedly valued at $28 million.^vii His eventual escape and the arrest of his captors brought international attention to the extreme cruelty and high stakes involved in such attacks.  
• Spiking and Social Engineering: Not all attacks rely on overt violence. Social engineering and spiking are emerging as common tactics, particularly in urban centers. Criminals increasingly impersonate ride-share drivers to approach and exploit crypto holders. In May 2025, a man posing as an Uber driver in London offered the victim a cigarette laced with a drug known for its ability to incapacitate and cause memory loss. While the victim was unconscious, the perpetrator accessed his phone and drained $123,000 in Bitcoin and XRP.^viii Such tactics exploit victims’ trust in everyday services and their limited situational awareness.
• Robbery and Coercion in Public Spaces: In other cases, criminals revert to more opportunistic tactics: accosting victims in public spaces and forcing immediate transfers under threat of death or injury. In September 2022, a Russian couple was ambushed by six men during breakfast and coerced into transferring their crypto assets on the spot.^ix This brazen form of robbery exploits the increasing use of instant-transfer capabilities of cryptocurrencies through mobile devices. 

These types of recent cases have exposed a critical vulnerability in self-custody systems where individuals control their private keys. In response, a wave of innovative security solutions has emerged that blends cryptographic innovation with strategic decentralization aimed at reducing the risks inherent in managing personal crypto assets.

• Multi-Signature Wallets: Multi-signature wallets are among the most effective defenses against coercive attacks, requiring multiple private keys, often in a 2-of-3 setup, to authorize transactions. This means a single compromised key is not enough to access funds. The main challenge lies in coordinating key management and developing robust recovery mechanisms, as the loss of multiple keys can result in permanent loss of funds.  
• Multi-Party Computation (MPC): MPC takes the idea of shared control even further by splitting a private key into cryptographically secure fragments, each stored across multiple devices or trusted individuals. MPC never reconstructs the full private key at any point in the transaction process. Instead, participants collaborate to sign transactions without any single party ever holding the full credentials. In this way, MPC eliminates any single point of failure, making it extremely difficult for an attacker to gain full control of a wallet, even with physical access to one of the devices.
• Decentralized Seed Phrase Storage: Traditional seed phrase storage, the series of randomly generated words that act as the master key to a crypto wallet, remains dangerously vulnerable to physical coercion when stored in a single location. Decentralized seed phase storage protocols built on top of solutions such as Filecoin, Arwever, or InterPlanetary File Systems (IPFS) offer a far safer alternative by enabling the splitting and distributing the phrase across multiple physical or digital locations, often using peer-to-peer networks or secret-sharing protocols. This architecture ensures no single point of compromise, making it extremely difficult for an attacker to access all components.  

Beyond technical safeguards, all cryptocurrency holders must be aware of the risks associated with revealing their ownership. Any public disclosure of holdings, even among acquaintances, should be completely avoided. Using pseudonymous identities and fresh wallet addresses for different transactions can be effective in this regard.

Perhaps more important is the need to avoid public displays of wealth, such as geotagged photos, luxury possessions, or travel announcements, which can attract unwanted attention. Crypto holders’ digital footprint often serves as a beacon for criminals who combine online reconnaissance with real-world surveillance to identify and target victims.

Physical safety measures should accompany digital privacy practices. High-net worth individuals must be extremely cautious in public environments, particularly when approached by strangers or seemingly legitimate service providers. Those visiting or operating in kidnapping hotspots should consider employing professional security teams and secure residences equipped to deter home invasions or kidnappings.      

The evolving threat landscape of crypto crime has made it clear: no single tool is sufficient on its own. True security lies in layers. By combining multi-signature wallets, MPC, decentralized seed phrase storage, and strong operational discipline, individuals can create robust defenses that are resilient even under extreme pressure. As crypto becomes increasingly mainstream, and more visible, investors would be wise to fortify their holdings not just against hackers, but also against the very real risk of physical attack.

Ultra-high-net-worth families face growing cyber risks. Crisis24 Private Strategic Group CISO On-Demand service offers discreet, 24/7 protection tailored to your family’s lifestyle and risk profile. 

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References

 ⁱ https://www.theguardian.com/technology/2025/jun/28/cryptocurrency-hacks-kidnappings-crime
ⁱⁱ https://medium.com/coinmonks/crypto-up-kidnapping-up-dissecting-cases-from-2022-to-2025-b735fa62c88a
ⁱⁱⁱ https://www.bbc.com/news/articles/c20qee5030do
^iv https://crystalintelligence.com/news/crypto-kidnappings-the-new-crypto-crime-wave/
^v https://www.lemonde.fr/en/france/article/2025/05/16/french-crypto-boss-hails-heroic-duo-who-foiled-kidnap-attempt-on-his-family_6741350_7.html
^vi https://coinstats.app/news/81d44702abec7187142d569c1b1fe2e17ee6a561a38de6b1fd702390758e28f2_US-Leads-in-Crypto-Kidnapping-Cases-Despite-Recent-Incidents-in-France/
^vii https://www.cbc.ca/news/world/world-us-cryptocurrency-related-crimes-1.7546701?cmp=rss
^viii https://economictimes.indiatimes.com/news/international/uk/crypto-tourist-nightmare-in-london-fake-uber-driver-allegedly-drugs-american-and-steals-vi 123k-in-bitcoin-and-xrp/articleshow/121373435.cms?from=mdr
^ix https://medium.com/coinmonks/crypto-up-kidnapping-up-dissecting-cases-from-2022-to-2025-b735fa62c88a