How Crypto Millionaires Became Crime Targets #CriptoNews

In a chilling reminder of cryptocurrency’s darker implications, the co-founder of hardware wallet maker Ledger endured a horrific ordeal this week that has sent shockwaves through the digital asset community. According to Le Parisien, David Balland and his wife were kidnapped from their home in Vierzon, France, by a violent criminal gang who subjected them to brutal torture. In an act of particular barbarity, the attackers severed one of Balland’s fingers and sent it to his associates as part of their ransom demands.

The ordeal ended after 48 hours when France’s elite GIGN tactical unit conducted two successive operations, first rescuing Balland and later his wife from separate locations. The incident marks what some security experts are calling an “unprecedented acceleration” of violent attacks targeting cryptocurrency holders.

The Dark Side of Crypto Self-Custody

The attack represents a disturbing evolution in what the cryptocurrency community has dubbed “wrench attacks” – a grimly humorous reference to the fact that no amount of digital security can protect against physical violence. Cryptocurrency security researcher Jameson Lopp, who maintains a comprehensive database of physical attacks on cryptocurrency holders, notes that this marks the seventh such incident in just the first three weeks of 2025.

“Public figures in this space need to be hardening their privacy and security ASAP,” Lopp warned on social media. “This is not a drill. Do not assume you are safe just because you’re in a low crime area.” Lopp also pointed out that most incidents do not get reported in the media, implying that several other high-profile individuals may have been targeted in the recent past.

The incident highlights one of the fundamental paradoxes of cryptocurrency’s promise of financial sovereignty: while being “your own bank” offers freedom from traditional financial institutions, it also means assuming the considerable security burden that banks typically shoulder. This reality has become increasingly apparent as criminal gangs have grown more sophisticated in targeting high-net-worth individuals in the crypto space.

The attack methodology appears to be evolving beyond mere physical violence. Notable cryptocurrency founder Linda Xie recently revealed that she had been targeted by sophisticated scammers impersonating law enforcement officers. This multi-pronged approach to targeting cryptocurrency holders suggests a level of organisation that has left many in the industry deeply concerned.

Industry Response and Future Implications

Nicolas Bacca, former CTO of Ledger, revealed to The Big Whale that the company worked with legal experts and the SEAL 911 team to freeze a significant portion of the ransom payments through coordination with Tether and various exchanges. While this represents a potential model for future incident response for high profile individuals, it is scant comfort for less influential individuals who may not be able to coordinate such an industry response.

As Bitcoin reaches new all-time highs and institutional adoption continues to grow, the industry faces a crucial inflection point. The promise of democratised finance must now be balanced against the very real security challenges that come with being one’s own custodian. Privacy technology is increasingly being discussed. The Balland incident serves as a stark reminder that in the world of cryptocurrency, security can never be merely digital.