Crypto Crime Surge: Kidnappings and Violence Target Bitcoin Millionaires
A disturbing trend is emerging in the world of cryptocurrency: a dramatic increase in violent attacks targeting wealthy individuals in the digital asset space. From brazen kidnappings and torture to gruesome threats, “crypto kings” are facing escalating physical danger as their fortunes grow.
The threat is no longer theoretical. In late May, Michael Carturan, a 28-year-old Italian national, was reportedly held captive for 17 days in a $30 million New York townhouse after being abducted shortly after arriving at the airport. According to reports, his captors attempted to extort the passwords to a cryptocurrency wallet holding an estimated $100 million. Carturan allegedly endured torture, drugging, and even electric shocks, with threats involving a chainsaw, as he recounted to New York police.
This incident is not isolated. A Canadian court recently sentenced four individuals to seven years in prison for the torture of a family in Vancouver, British Columbia, resulting in the theft of $2 million in digital coins. Further illustrating the global reach of this problem, the case of French entrepreneur David Balland, whose kidnappers severed a finger and published the image online, has sent shockwaves through the crypto community. A review of discussions on the r/CryptoCurrency subreddit confirms a growing awareness of these attacks, particularly during periods of high Bitcoin value, specifically between summer and November when Bitcoin exceeded $120,000.
Escalating Security Measures
In response to this rising tide of violence, those with significant cryptocurrency holdings are increasingly turning to proactive security measures. Individuals are seeking self-defense training, escape technique workshops, and bolstering their personal security details. The phenomenon has even been dubbed “wrench attacks,” a reference to a viral cartoon depicting a threat with a wrench.
“Since 2021, we have observed a marked increase in security requests from the cryptocurrency sector,” explains Jethro Pijlman, managing director of Infinite Risks International, an Amsterdam-based security firm specializing in protection for Bitcoin entrepreneurs. “These range from the protection of team meetings and trade fairs, up to complete bodyguard services for entire families.” Data from Glok, another security startup, indicates over 260 attacks in the last decade, with 60 occurring in 2025 alone, primarily in the United States. Notably, these attacks correlate directly with increases in Bitcoin’s value – the higher the price, the greater the risk.
Information as a Weapon
A key vulnerability lies in oversharing. “Most crypto-related kidnappings happen because too much information has been shared,” one user, Emergency-Warthog-56, cautioned in a Reddit forum. “I always repeat: don’t publish what you own, and don’t talk to strangers about your assets. I continually see people keeping large sums online, complete with photos and real names associated with them.”
Security experts emphasize the sophisticated methods criminals employ to gather intelligence. Pijlman warns that attackers can digitally track targets for months, building detailed profiles based on publicly available information. “Vehicle license plates, identifiable locations in photos posted on social media, regular restaurants, community events or meetings: everything is analyzed,” he stated. This allows for targeted attacks, including physical surveillance, GPS tracking, and the use of fake social media accounts.
Cyberattacks and Data Breaches Fuel Physical Threats
The threat extends beyond physical abduction. A massive data breach at Coinbase Global, the largest US cryptocurrency exchange, exposed sensitive information – including residential addresses – for 70,000 users between the beginning of the year and May, increasing their vulnerability to aggression and blackmail.
This has led to a surge in security-focused offerings at cryptocurrency trade fairs, including self-defense workshops and insurance policies tailored to the sector. At the Plan B conference in Lugano last October, Glok hosted a $1,000 self-defense course led by former Iraq War veterans, Peter Kayll and Kevin Harris, teaching participants to improvise weapons from everyday objects. Participants, fearing retaliation, requested anonymity, according to the New York Times.
Demand for Protection Soars
The demand for personal security is skyrocketing. Adam Healy, founder of crypto-focused cybersecurity firm Station 70, noted a dramatic increase in inquiries. “Over the past few months, I have been contacted by several companies all grappling with the same dilemma: the physical threat is no longer just theoretical,” Healy wrote on LinkedIn. Kidnapping insurance, traditionally used by corporate CEOs, is gaining traction among Bitcoin millionaires. Becca Rubenfeld, COO of AnchorWatch, a crypto insurance startup, reported heightened anxiety at the Las Vegas Bitcoin Conference last May. “People are tense. And I’m not just saying that because I’m trying to sell insurance,” she told NBC.
The Paradox of Self-Custody
A fundamental challenge in cryptocurrency security is the lack of traditional safeguards found in banking, such as transaction authorization by financial institutions. While the startup Bron Labs recently secured $15 million to develop a security platform offering features like password recovery and transaction limits, this raises questions about the core principle of self-custody. “Without private keys, you don’t really own your cryptocurrencies,” some investors argue, comparing it to storing cash under a mattress.
Market Volatility and Future Concerns
Recent market instability, fueled by tariffs and Federal Reserve policy, has caused a significant decline in Bitcoin’s value, dropping from over $120,000 in early November to around $80,000 – a 23% loss. Digital currencies have collectively lost $800 billion in market value in under a month. Despite this downturn, Coinbase founder Brian Armstrong remains optimistic, stating, “There is no chance that bitcoin will go to zero.” BlackRock CEO Larry Fink, once skeptical of Bitcoin, now sees potential in the “tokenization of all assets.”
The escalating violence and sophisticated attacks underscore a critical need for heightened security awareness and proactive measures within the cryptocurrency community. As the value of digital assets fluctuates, one thing remains constant: the growing risk to those who hold them.
