Simply put
- A TikTok crypto influencer was kidnapped and later released in France after it was revealed that the attacker had no money.
- This incident is part of a series of “wrench attacks” targeting cryptocurrency holders in France recently.
- French lawmaker Paul Midy has proposed a bill to limit the publication of public crypto addresses.
Over the weekend, a 26-year-old TikTok crypto influencer was lured and assaulted by four men in Essonne, France, who then demanded a ransom in cryptocurrency.
According to initial reports from a local publication, after checking his wallet balance, the influencer was released when it became clear the attackers had no funds.
This incident suggests there’s been an uptick in similar “wrench attacks” aimed at cryptocurrency holders in France.
Lawmakers are taking notice. Last week, Paul Midy introduced a draft bill intended to protect public figures by restricting access to officially registered crypto addresses.
The aim of this proposal is to prevent attackers from exploiting publicly available information to target potential victims. If enacted, this legislation could represent significant progress in safeguarding the French crypto community against rising physical threats.
Arrested in a crypto-related case
Meanwhile, French authorities have arrested suspects linked to a kidnapping case involving a cryptocurrency entrepreneur’s father, highlighting the country’s escalating issues with crypto-related crime and increasing calls for government action.
These arrests, made last Tuesday, add to a growing list of individuals already detained by the police, as reported by local media.
In May, four masked men abducted a victim in Paris, forcing him into a delivery van while bystanders looked on. The kidnappers demanded millions in ransom, and police later confronted one of their hideouts, resulting in serious injuries to one suspect before releasing the victim.
Subsequent investigations led to the apprehension of 12 suspects, which included individuals involved in another similar event in Paris.
Earlier this month, police also captured a primary suspect believed to be orchestrating these kidnappings.
“Missing” suspect in the case
Trezor, a manufacturer of crypto wallets, stated that the criminals seeking ransom were mistaken, pointing out that Bitcoin transactions are traceable on public blockchains and that authorities can freeze or reverse certain cryptocurrencies.
Trezor referenced a case involving David Balland, co-founder of a crypto company, noting that a substantial portion of a ransom paid in USDT was recovered after his release.
Interestingly, while Trezor and Ledger, another hardware wallet competitor, typically rival one another, Trezor has expressed concern over the threats faced by Ledger.
The company extended sympathy to the victims of recent kidnappings in France, urging authorities to take these incidents seriously in order to protect all citizens, irrespective of their financial assets.
France has seen a striking number of violence targeting cryptocurrency, accounting for 14 out of 50 reported cases globally in the past year.
This troubling trend, often referred to as “wrench attacks,” highlights how physical threats can compromise high-tech security. Notably, similar incidents have been reported outside of France targeting crypto leaders and holders.
In light of these threats, Trezor recommended measures like maintaining physical, offline backups and using additional security features such as passphrases and multi-wallet setups to enhance protection against such attacks.
