As thousands prepare to descend on Cannes for ETHCC the Ethereum Community Conference excitement around innovation, community, and the future of decentralised finance is mounting. But beneath the optimism, a sobering reality is gripping France’s crypto scene: a sharp rise in violent crime targeting high-profile figures in the Web3 space.
According to the May 2025 Global Guardian Risk Barometer, France currently leads the world in cryptocurrency-related extortion and kidnapping. Of the 21 such cases reported globally in just the first five months of 2025, five occurred in France, more than in any other nation.
The alarming trend has turned France into a real-world “Money Heist” episode, where the promise of digital wealth is colliding with physical danger.
Assault in the Spotlight: A Disturbing Pattern Emerges
Last month, the crypto world was rattled when the daughter of Pierre Noizat, CEO of the French crypto exchange Paymium, was the target of a failed daylight kidnapping in Paris. The attack was captured on video and foiled only due to the swift action of her partner and nearby witnesses.
It wasn’t an isolated case. In January, David Balland, co-founder of hardware wallet firm Ledger, and his wife were kidnapped in Vierzon. The attackers severed one of Balland’s fingers and demanded a ransom in Tether. After 58 harrowing hours locked in a car trunk, the couple was rescued by French special forces. Five suspects were arrested, two of whom had prior convictions for crypto-related crimes.
And the violence hasn’t been limited to industry veterans. Just this June, a 23-year-old was ambushed outside Paris after being lured into a fake meeting. His attackers demanded €5,000 in cash and a Ledger hardware wallet. Authorities later confirmed the victim had been tracked through social media posts and online crypto communities.
These “wrench attacks,” where physical violence is used to extract crypto keys, are increasingly targeting ordinary investors, not just multimillionaires.
Why France? Innovation Meets Exposure
France’s embrace of Web3 may partly explain its vulnerability. The country has positioned itself as a European hub for blockchain innovation, offering regulatory clarity and hosting major events like ETHCC. But visibility comes with risks.
Many of the victims were active on social media, broadcasting their locations and lifestyles, unintentionally providing criminals with roadmaps. Unlike banks, most crypto wallets lack panic features or transaction freezes. And the decentralised nature of digital assets means there are no fraud alerts or reversible transactions.
Criminal networks are taking notice. Investigators in the Noizat case uncovered evidence suggesting organised groups are deliberately targeting French crypto CEOs. Some executives are now reportedly hiring private security or seeking firearms permits.
ETHCC Attendees Urged to Boost Security
As ETHCC opens in Cannes, operational security (opsec) is no longer optional. From developers to venture capitalists, attendees are being urged to take extra precautions.
Basic advice includes travelling discreetly, avoiding solo meetings in remote areas, and storing crypto in hardware wallets with multisignature protections. One ETH investor summed it up in a private Telegram group: “You can’t decentralise kidnapping.”
Security firms have also reported a surge in enquiries from crypto clients in the lead-up to the conference.
The Industry’s Blind Spot: Real-World Risk in a Virtual Economy
While blockchain technology promises financial freedom, it also introduces vulnerabilities. Crypto lacks the consumer protections of traditional banking; there’s no fraud department or chargeback feature.
Until exchanges and wallet providers implement features like emergency withdrawals, geographic locking, or duress modes, the burden of security falls squarely on users. Education, vigilance, and real-time precautions are now as vital as software updates.
French law enforcement is beginning to respond. Over 20 suspects have been arrested in recent months as authorities crack down on kidnapping rings. Still, the pace of arrests raises the question: can law enforcement move fast enough in a world where private keys are transferred in seconds?
Crypto’s Bright Future Casts a Long Shadow
France has become a beacon for blockchain innovation but that beacon is attracting more than just builders. The same ecosystem fostering groundbreaking financial tools is now drawing violent opportunists.
As the ETHCC crowd celebrates decentralisation and financial autonomy, it must also confront the darker side of self-custody and public prominence. Crypto, at its best, empowers. But without safeguards, it can also expose.
The message from recent victims is clear: innovation must be accompanied by protection. Because in the world of crypto, it’s not just your wallet that’s at risk; it’s you.
