A mother and her 10-year-old son were kidnapped in Burgundy, France, in a ransom plot targeting the father’s cryptocurrency business. France’s elite GIGN police unit rescued them from a hotel room the following morning after the kidnappers demanded $400,000. This incident is part of a wider wave of “wrench attacks” targeting crypto holders in France, prompting government ministers to announce a forthcoming plan to address the issue.
A mother and her son were kidnapped from their home in Burgundy on Monday in a ransom plot targeting the father’s cryptocurrency business, marking the latest violent crime against crypto entrepreneurs in France. Four attackers held the victims overnight before being arrested by the elite police unit, GIGN, in a rescue operation involving 100 officers.
The kidnappers seized about $17,800 in cash and valuables after tying up the crypto entrepreneur and threatening him with mutilation. They abducted his wife and child after discovering the family’s digital assets were held in a time-locked wallet, demanding a $400,000 ransom.
This kidnapping is the latest in a wave of “wrench attacks” that have plagued the country. Recent incidents include the kidnapping and mutilation of Ledger co-founder David Balland, a home invasion attempt targeting Binance France‘s CEO, and an attack where perpetrators posed as police.
French minister Jean-Didier Berger stated that his office has taken “preventative measures” against crypto wrench attacks, including the launch of a prevention platform. He added that he and Interior Minister Laurent Nuñez were working on a more detailed plan to address the issue in the coming weeks.
The issue has been linked to data breaches; a former tax agent jailed for exposing a prison guard’s details had also researched cryptocurrency investors. The industry is seeking solutions, with one specialist insurer launching dedicated kidnap and ransom insurance for digital asset holders.
