A 26-year-old TikTok influencer specializing in cryptocurrency was abducted and assaulted in Essonne, France over the weekend. His release came when his captors discovered that he lacked the digital assets they sought.
Key Highlights:
The influencer was kidnapped for a ransom of €50,000 ($58,000) in cryptocurrency but was freed when his wallet was found nearly empty. France is witnessing a rise in “$5 wrench attacks,” where perpetrators resort to physical violence to extort crypto holders. Experts caution that ransoms in cryptocurrencies are often ineffective, as transactions are traceable and can be halted by authorities.
According to a report by Europe1, the influencer was taken by four men who demanded a hefty ransom. However, upon reviewing his digital wallet, they quickly realized that it contained little to no funds, leading them to release him.
Increase in “$5 Wrench Attacks” Targeting Cryptocurrency Holders
This incident is part of a worrying trend known as “$5 wrench attacks,” a term used in cryptocurrency communities to describe violent acts aimed at bypassing digital security measures. France has experienced a noticeable uptick in such criminal activities. In response, MP Paul Midy has introduced legislation aimed at enhancing the privacy of public figures in the cryptocurrency industry, making it harder for potential assailants to track them down.
The attack coincides with a more severe incident that occurred on May 1, in which four masked men kidnapped the father of a crypto entrepreneur in Paris, brutally injuring him before law enforcement intervened. Authorities arrested twelve suspects linked to that case, some of whom were connected to other kidnapping attempts in the capital.
Additionally, law enforcement apprehended the alleged mastermind behind a series of kidnappings targeting crypto individuals earlier this month. This suspect, wanted by Interpol, has been implicated in numerous ransom demands related to cryptocurrencies.
Wallet manufacturer Trezor spoke out regarding the alarming trend of crypto-related kidnappings, labeling the perpetrators as “misguided.” The company stressed that Bitcoin transactions are traceable, and stablecoins, such as USDT, can be frozen or reversed, offering little advantage to criminals.
In a notable case, the ransom of Ledger co-founder David Balland was demanded in USDT, and authorities managed to recover 95% of those funds.
France has emerged as a hotspot for these crimes, recording 14 of the 50 global wrench attacks over the past year. Meanwhile, Moroccan police recently arrested a suspect believed to have been involved in the kidnapping of cryptocurrency executives.
In a separate incident in France, the father of another crypto millionaire was brutally assaulted, while a tourist in New York was subjected to torture for over two weeks as kidnappers sought to extract his Bitcoin credentials.
Crypto Executives Seek Personal Security Amid Kidnapping Fears
These rising inquiries followed a series of violent incidents and multiple kidnapping attempts that have unsettled both investors and law enforcement officials.
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