France is grappling with a significant increase in crypto-related kidnappings, with the so-called 'wrench attacks' becoming more brazen, violent, and frequent. This trend was evident during a recent international blockchain and crypto conference in Paris, where security was heightened, and a police motorcade escorted VIP guests to a dinner at the Palace of Versailles. The French government has expressed alarm at the scale of the problem, with at least 41 crypto-related kidnappings and home invasions reported this year.
Minister Delegate to the Interior Ministry, Jean-Didier Berger, announced that a new set of measures is being prepared to tackle the issue, including a prevention platform that has already drawn thousands of registrations. However, authorities acknowledge that further steps are needed as incidents continue to rise.
The term 'wrench attack' refers to the use of physical force to extract access to digital assets, and researchers note that attackers are now identifying victims by building profiles, tracking social media activity, public appearances, and leaked datasets. Unlike traditional bank transfers, crypto transactions cannot be reversed, making it easier for attackers to quickly move funds across wallets and chains.
The problem is exacerbated when attackers receive insider information from government officials. The pool of potential victims has widened, with mid-level holders increasingly being targeted. Cases now include families, with children targeted alongside crypto-holding parents, making the attacks harder to categorize by severity.
Security experts point to measures such as multi-signature setups, withdrawal delays, and spending limits as ways to reduce risk by limiting how much can be accessed under duress. As crypto adoption grows, attacks are becoming more frequent and severe, turning what was once a niche concern into a broader security risk.