Over the past six months, at least four kidnappings or attempted kidnappings targeting crypto millionaires have occurred in France, Spain, and Belgium. French police are investigating these violent crimes, which involve ransom demands and brutal tactics, raising concerns about the safety of crypto entrepreneurs in Europe.
A Surge in Violent Crypto-Related Crimes
In the last six months, Europe has witnessed a disturbing rise in kidnappings targeting cryptocurrency millionaires, with at least four incidents reported in France, Spain, and Belgium.
French authorities are investigating these cases, which often involve extreme violence, including torture and mutilation. One high-profile case in Paris involved the father of a crypto entrepreneur who was abducted in broad daylight, with his finger severed and a ransom demand of €5-7 million. The victim was rescued by French police, and five suspects were arrested.
Other incidents include the January 2025 kidnapping of a Ledger co-founder, who was tortured to extort cryptocurrency holdings, and a May 1, 2025, abduction of another crypto influencer’s father, also involving mutilation to pressure the victim’s family. In March, French police arrested ten individuals planning a similar kidnapping.
French gendarmes investigate the kidnapping of cryptocurrency entrepreneur David Ballard in Méreau, France, January 2025. Source: AFP
These cases highlight a pattern of organized crime targeting crypto entrepreneurs, leveraging the decentralized and often anonymous nature of cryptocurrency to demand untraceable ransoms, typically in Bitcoin BTC or stablecoins like USDT.
The high liquidity of crypto assets makes crypto entrepreneurs an attractive target, as criminals can quickly move funds through mixing services or unregulated exchanges.
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Growing Risks for Crypto Millionaires
The targeting of crypto millionaires underscores the vulnerabilities faced by those in the cryptocurrency industry. Many victims are high-profile figures, such as influencers or founders of crypto firms, whose wealth is often publicized through social media or blockchain transparency.
For instance, the blockchain’s public ledger allows criminals to track wallet addresses linked to large holdings, making crypto entrepreneurs prime targets. Not only millionaires but also their families, including parents and spouses, are increasingly at risk.
French police have responded by enhancing security protocols for known crypto figures and collaborating with Europol to track cross-border criminal networks. However, challenges remain, including the difficulty of tracing cryptocurrency transactions once funds are moved to non-compliant exchanges.
Experts recommend that crypto entrepreneurs adopt stricter security measures, such as using hardware wallets, employing private security, and minimizing public disclosure of their wealth.
The wave of kidnappings has also sparked debate about the broader implications for the crypto industry. Regulatory bodies are under pressure to tighten oversight of crypto transactions to curb illicit activities, though such measures risk stifling innovation.
