Kidnappers are targeting crypto millionaires

Your local crypto bros will likely stop bragging about their gains in the future.

Law enforcement agencies across the globe are seeing a spike in violent abductions targeting major crypto investors, executives, and their families—the most recent of which occurred in France last week, when kidnappers attempted (and failed) to grab a prominent crypto executive’s daughter and grandchild.

These assaults, referred to as “wrench attacks,” have seen victims get abducted, pistol whipped, and even have fingers cut off in an effort to extract millions of dollars in crypto ransom.

• At least five successful crypto-related abductions have occurred in France over the past year, with dozens of other such cases recorded around the world during that time, per government officials and specialists.
• In September, a Florida man was sentenced to 47 years in prison for leading a ring that carried out home-invasions across multiple states in search of crypto.

Why use physical force for digital cash? Major crypto investors have increasingly taken their digital wallets offline in recent years due to the threat of being hacked, instead favoring physical devices. But criminals adapted accordingly, leading to a spike in real-world crypto crime.

Big picture: Concerns across the industry intensified last Thursday, when crypto exchange Coinbase revealed up to 97,000 customers had their personal info stolen—including addresses and balance snapshots—after criminals bribed employees and contractors in India for access. The DOJ is reportedly investigating the incident.