A 26-year-old TikTok crypto influencer was kidnapped and beaten in Essonne, France over the weekend, only to be released after his attackers discovered he didn’t have the crypto funds they were after.
Key Takeaways:
A TikTok crypto influencer was kidnapped in France but released after his wallet was found nearly empty.
France is seeing a rise in “$5 wrench attacks”—physical assaults targeting crypto holders for ransom.
Experts warn that crypto ransoms are often futile, as transactions are traceable and funds can be frozen.
According to a report from Europe1, four men abducted the influencer and demanded a ransom of €50,000 ($58,000), to be paid in cryptocurrency.
However, after checking his digital wallet and finding it nearly empty, they let him go.
Surge in “$5 Wrench Attacks” Targeting Crypto Holders
The case adds to a growing trend of “$5 wrench attacks,” a term coined in crypto circles to describe the use of physical violence to bypass digital security.
France has seen a surge in such crimes. MP Paul Midy recently introduced a bill aiming to prevent public figures in the crypto space from being easily located via official registries.
This weekend’s attack follows a more brutal incident on May 1, when four masked men abducted the father of a crypto entrepreneur in Paris, cutting off one of his fingers before police intervened.
Authorities arrested twelve suspects in that case, including individuals tied to other kidnapping attempts across the city.
Earlier this month, police captured the alleged mastermind behind several crypto-targeted kidnappings.
The man, wanted by Interpol, had been linked to multiple cases involving crypto ransom demands.
Wallet manufacturer Trezor weighed in on the recent surge in crypto-motivated attacks, calling the kidnappers “misguided.”
The company emphasized that Bitcoin transactions are traceable and that stablecoins like USDT can be frozen or reversed, offering little utility for criminals.
Trezor cited the kidnapping of Ledger co-founder David Balland, whose ransom was demanded in USDT. Authorities ultimately recovered 95% of the funds.
France has become a hotspot for these crimes, with 14 out of 50 global wrench attacks recorded there over the past year.
Moroccan police this week arrested a suspect accused of kidnapping crypto executives.
In France, the father of a crypto millionaire was brutally attacked. And in New York, a tourist was tortured for over two weeks as kidnappers tried to extract his Bitcoin credentials.
Crypto Execs Hire Bodyguards Amid Influencer Kidnapping Concerns
As reported, crypto executives are turning to personal security services as targeted kidnappings and ransom attempts continue to escalate, particularly in France.
In May, private security firms such as Infinite Risks International, based in Amsterdam, reported a sharp increase in demand from crypto professionals seeking round-the-clock protection amid rising crypto kidnapping.
The rise in inquiries came a after spate of violent attacks, including multiple kidnappings attempts that have alarmed both investors and law enforcement.
The post Kidnappers Beat Crypto Influencer, Then Let Him Go As They Find Out He’s Broke appeared first on Cryptonews.
