Key Takeaways
- Crypto kidnappings are on the rise, with criminals targeting high-net-worth individuals and their families, using physical coercion to extract cryptocurrency holdings.
- Major incidents have occurred globally, including a $15M ransom kidnapping in Chicago, the murder of a Bitcoiner in Ukraine, and the abduction of executives like WonderFi CEO Dean Skurka and Ledger co-founder David Balland.
- Family members of crypto holders are also at risk, as seen in the attempted abduction of Pierre Noizat’s family and the finger amputation of a crypto millionaire’s father in Paris.
- Users should focus on bolstering their physical security, remain discreet about crypto holdings and utilize tools like passphrase-enabled hardware wallets to deter theft during physical threats.
Much is said about digital threats to your crypto, be it wallet hacks, exchange collapses, or malicious smart contracts, but one area that gets little attention is physical attacks such as kidnappings. Here, attackers hope to compel you to give them critical details like your seed phrase, or the pin code for your hardware wallet.
The recent spate of crypto kidnappings has caught global attention, with this alarming new trend threatening well-known players in the crypto space, or anyone known for having large holdings. In this article, we’ll cover some of the most notable recent cases, and provide practical advice on how to stay safe.
8 Crypto Kidnappings
Physical threats to crypto holders are not just theoretical. Both high and low-profile figures in the space have turned into targets over the past few years. In most cases, criminals attempt to force them to transfer large amounts of digital assets.
Chicago, USA – November 2024
In a case that played out in early 2025, U.S. authorities charged six men in connection with the November 2024 kidnapping of a Chicago family of three and their nanny. The assailants held the family at gunpoint for five days while demanding $15 million in cryptocurrency. Disguising their entry as a garage mishap, the assailants forced their way into the family’s home. Then, they transported the victims between multiple rental properties, including an Airbnb. All while threatening them with death if the ransom (requested in Bitcoin, Ether, and other digital assets) was not paid.
Reportedly, the victims transferred a total of $15 million but U.S. authorities only managed to recover $6 million. Surveillance footage, DNA evidence, and cryptocurrency wallet analysis helped identify the suspects, with one apprehended at the U.S.-Mexico border and five others believed to have fled to China. The case underscores the growing willingness of criminals to use extreme measures to extract digital wealth from high-net-worth individuals.
Kyiv, Ukraine – July 2024
In July 2024, attackers kidnapped a 29-year-old Bitcoin holder in Kyiv, Ukraine, forcing the victim to transfer approximately $170,000 worth of Bitcoin to them (around 2.55 BTC ). According to Kyiv Police, the four male suspects, aged 24 to 29, had planned the attack in advance, ambushing the victim near midnight and dragging him into a vehicle as witnesses called for help.
The attackers took the victim to an abandoned building, where they extorted the victim’s details by force, before killing him. Authorities later discovered the suspects had altered their car’s appearance to evade capture. They used the stolen crypto to amass large amounts of U.S. dollars and euros. The police arrested all four men and raised charges for murder, robbery, unlawful detention, and attempted cover-up, crimes that could result in sentences of life in prison.
Toronto, Canada – November 2024
In November 2024, Dean Skurka, CEO of Canadian digital asset platform WonderFi, was abducted in downtown Toronto and coerced into paying a $1 million ransom in cryptocurrency. WonderFi is a public Canadian crypto firm listed under the ticker WNDR on the Toronto Stock Exchange. The company has received support from Shark Tank co-host and multimillionaire Kevin O’Leary.
Skurka, a central figure in Canada’s crypto sector known for steering WonderFi through multiple high-profile acquisitions and regulatory milestones, was reportedly taken by assailants who forced him into a vehicle in a coordinated kidnapping. His prominence as a public executive in a rapidly growing digital finance company likely made him a valuable target. The incident shocked the Canadian fintech and crypto communities, highlighting the rising physical security risks facing high-net-worth individuals and executives in the digital asset space.
Vierzon, France – January 2025
In January 2025, David Balland, the co-founder of the popular cryptocurrency hardware wallet firm Ledger, was abducted along with his wife from their home in central France. Balland, whose former company Ledger is a critical player in the crypto security industry, has been instrumental in developing secure hardware solutions for crypto investors worldwide.
This prominence in the security space, coupled with Ledger’s reputation as a trusted provider for millions of crypto users, likely made him a target. According to local reports, the attackers forced their way into Balland’s residence, demanding access to his private keys and confidential information. The kidnappers cut Balland’s finger off and required a solid ransom, finally freeing the couple the following day. This incident has intensified calls for heightened security among crypto entrepreneurs.
Ledger co-founder Eric Larcheveque criticized the French government and said that such attacks could force crypto entrepreneurs to leave the country, which is currrently a Eurropean hot spot for blockchain technology organizations. Furthermore, he asked for greater legal protection and the right to carry guns.
Paris, France – April 2025
On 13 May, 2025, masked assailants attempted to abduct the daughter, son-in-law, and grandchild of Pierre Noizat. As the co-founder of the French cryptocurrency exchange Paymium, Noizat was a prime target. The attackers targeted the family as they left their apartment, using blunt objects to beat Noizat’s son-in-law. The man managed to resist despite sustaining injuries. Nearby passersby intervened, with one individual using a red fire extinguisher to fend off the assailants. Consequently, this forced the attackers to flee the scene in a van.
The attackers dropped an airsoft gun during their escape, adding to the chaos that unfolded in front of shocked witnesses. The incident prompted Noizat to publicly criticize what he described as the “Mexicanisation” of France. This referred to the rising threat of violent crime against the wealthy.
The bold and highly public nature of these crypto kidnappings has sparked a widespread alarm in the crypto community, prompting French Interior Minister Bruno Retailleau to convene a meeting with industry leaders. Together, they are working to address the growing threats for the crypto industry, and explore new security measures for vulnerable crypto professionals.
Multiple Arrests in Nantes
In late May 2025, French authorities managed to prevent another cryptocurrency kidnapping. While no exact details were provided by the police, a total of 24 individuals were arrested over the prevented attempt in the city of Nantes. Some of the arrested were also involved in the Noizat family abduction attempt.
Paris, France – May 2025
In May 2025, a dramatic police raid in the Paris suburb of Essonne freed a man who had been abducted by criminals seeking a multimillion-euro ransom from his son, a crypto millionaire. The masked attackers kidnapped the victim in broad daylight, forcing him into a delivery van. According to investigators, the abductors targeted the man in an attempt to extort between €5 million and €7 million from his son, who co-runs a crypto marketing firm based in Malta with his father.
French prosecutors later confirmed five suspects, all in their 20s, and arrested them in connection with the crime.
Buenos Aires, Argentina – May 2025
In late May 2025, a young Russian couple operating a cryptocurrency business became the latest victims of a crypto kidnapping. The kidnappers abducted the couple in the Palermo district of Buenos Aires. They later released them after receiving a $43,000 ransom payment in digital currency. The incident occurred after the couple accepted a dinner invitation from two Chechen nationals staying in a first-floor apartment. The female victim managed to call for help from a balcony, alerting restaurant staff nearby who promptly contacted emergency services.
When the police arrived, they found the victims bound inside the apartment but the kidnappers had already fled to the United Arab Emirates.
New York, USA – May 2025
In New York City, a cryptocurrency dispute escalated into the kidnapping of a 28-year-old Italian man. Throughout May 2025, the victim spent 17 days in captivity inside a luxury townhouse. The captors were revealed as John “crypto king of Kentucky” Woeltz and William Duplessie. The two were after the victim’s Bitcoin password. They lured the Italian national then stripped his passport and electronics and bound him. The victim managed to escape by convincing his captors he would cooperate.
Later, the police recovered weapons, crack cocaine, and disturbing evidence from the townhouse. The kidnappers faced multiple felony charges, including kidnapping, assault, and unlawful imprisonment.
How to Avoid Physical Threats to Your Crypto
While digital security is popular the crypto world, physical security is something a lot of people often neglect. However, as the cases above show, it’s just as important to protect yourself in the physical world. Here are some key steps to reduce your risk.
Be Discreet About Your Holdings
The simplest way to avoid becoming a target is to avoid publicly discussing your crypto holdings. Sharing your involvement in the space, especially mentioning large amounts, can make you a target. This applies not only to social media posts but also to casual conversations, interviews, or conference panels. Even seemingly harmless comments can catch the attention of bad actors, making you a potential target.
Use Advanced Safety Features Like Ledger Passphrase
For those who hold significant amounts of cryptocurrency, hardware wallets like Ledger offer advanced security features. They can help keep your assets safe even in extreme situations. One particularly useful option is the Ledger passphrase. This feature acts as a hidden layer of security by creating a decoy wallet. In other words, it creates a second, secret wallet that you can access with a unique passphrase.
This makes it possible to hand over a “dummy” account with limited funds in the event of physical coercion. Using the dummy account can significantly reduce the risk of losing your main holdings. The real account remains hidden even if attackers compromise the device.
Closing Thoughts
While the rise of crypto kidnappings is a worrying global trend, there are practical steps that anyone in the space can take to protect themselves. Being discreet about your holdings, using advanced hardware wallet features, and maintaining strong personal security practices are all essential in minimizing risk.
