"Crypto Millionaire's Home Address Stolen"...France Accounts for 70% of Crypto Kidnappings and Physical Attacks

▲ Bitcoin (BTC), virtual assets, cryptocurrency theft, cryptocurrency crime/ChatGPT generated image

Reports indicate that physical attacks targeting cryptocurrency holders and their families are concentrated in France. As so-called 'wrench attacks,' where victims are directly threatened to seize digital assets, spread, there is growing criticism that centralized collection of customer information amplifies criminal targets.

CoinTelegraph reported on May 23 (local time), citing Joe Nakamoto, a journalist specializing in Bitcoin (BTC), that approximately 70% of all cryptocurrency 'wrench attacks' occur in France. According to Nakamoto, there have been 41 crypto-related kidnapping incidents in France since the beginning of 2026, meaning an attack occurs approximately once every two and a half days.

Nakamoto pointed to the collection of Know Your Customer (KYC) data as the background for the increase in wrench attacks. He explained that personal information stored on centralized servers, after major data breaches, has become a resource for criminal organizations to select targets. He cited the 2020 customer information leak at hardware wallet company Ledger, stating that the identities, home addresses, and emails of over 270,000 customers worldwide were exposed at the time.

Jameson Lopp, CEO of Casa, a cryptocurrency wallet and key management company, said, “France is the canary in the coal mine. It shows that financial regulations create surveillance mechanisms that cause direct harm to Bitcoin holders.”

Nakamoto explained that attacks are typically planned by criminals residing abroad and executed by employing young people living in France. He advised using custody services that have pre-agreed phrases to inform custodians or key management companies that the holder is under attack. If this procedure is activated, the company can block access to assets and notify law enforcement.

He also suggested preparing a 'decoy wallet' containing a small amount of cryptocurrency in case of an attack. He added advice to avoid publicly mentioning cryptocurrency holdings online and to maintain a low profile. According to Vanessa Perrée, France's national prosecutor for organized crime, at least 88 people have been arrested in France in connection with cryptocurrency wrench attacks.

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