Authorities in France have arrested five individuals connected to the kidnapping of the father of a Dubai-based crypto influencer. The Spanish police also recently detained two suspected kidnappers aged 32 and 45.
As markets can’t decide between whether they want cryptocurrencies or not, causing prices to oscillate at levels beneath investors’ targets, criminals continue to show a great affinity for digital assets, resorting to physical violence more regularly.
Experts are now advising traders on ways to protect themselves from physical harm following several cases of individuals being targeted for their digital assets.
Why are criminals choosing physical violence over digital hacking?
A 33-year-old Canadian cryptocurrency entrepreneur, who had traveled from Barcelona to Madrid to finalize a financial deal, was leaving a dinner on Claudio Coello Street on March 16 when he was ambushed.
Several men were said to have been seen pepper-spraying the victim and then forcing him into a Ford Transit van with manipulated license plates.
The Spanish National Police, acting on a tip-off, intercepted the vehicle and arrested two Serbian nationals, aged 32 and 45. A third suspect escaped, but they rescued the victim. Inside the van, police found plastic zip ties and sedative pills. The attackers attempted to steal the victim’s Bitcoin and his luxury watch valued at €100,000.
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In the early days of cryptocurrency, it was mostly sophisticated hackers who stole from traders, but now that hardware wallets and multi-factor authentication (MFA) have become the industry standard, there’s been a rise in wrench attacks (physical attacks).
France has recorded 11 of the 14 major global wrench attacks so far in 2026. French authorities recently arrested five new suspects, including a 16-year-old, across Le Mans, Angers, and Épinal. They are linked to the kidnapping of the father of a Dubai-based crypto influencer in a 2024 incident.
On New Year’s Eve 2024, armed men broke into a home in Saint-Genis-Pouilly looking for the son’s digital assets. When they couldn’t get what they wanted, they doused the 56-year-old father in gasoline, threw him into the trunk of a car, and drove him 700 kilometers away to Le Mans.
His partner was found tied up at the original scene.
How can traders protect themselves against physical extortion?
The danger of wrench attacks has quickly become a global concern. In Istanbul, the body of 38-year-old Chinese businessman Yong Wang was discovered buried in a field in Arnavutkoy, his hands and mouth bound with packing tape.
Ten suspects were eventually caught in China via Interpol, but the recovery of the funds remains nearly impossible due to the irreversible nature of blockchain transactions.
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Similarly, in Vienna, the son of a deputy mayor from Kharkiv, Ukraine, was found dead in a burned-out Mercedes after his wallets were drained. Austrian investigators reported that the victim had suffered extreme physical abuse before the vehicle was set on fire with a gasoline canister.
Some experts suggest “multi-sig” setups to protect from these attacks. Under this system, a transaction will require approval from multiple people in different geographic locations, making it impossible for a lone attacker to drain a wallet.
Others are asking investors to practice extreme privacy and avoid “flexing” their wealth on social media, as many of these gangs use these platforms to choose their next targets.