Crypto Kidnappings: The Rising Threat
- A New york man's ordeal highlights a growing trend: crypto kidnappings.Michael Valentino Teofrasto Carturan, enjoying a lavish lifestyle funded by cryptocurrency investments, was held captive and tortured for...
- John Woeltz and William Duplessie, Carturan's captors, sought access to his Bitcoin wallet, allegedly containing $28 million.
- This "wrench attack," combining cybertheft with physical violence, is part of a global surge in crypto-related kidnappings.
Crypto kidnappings are surging, with criminals targeting digital fortunes through violent extortion. A New York man endured 17 days of torture in a Bitcoin-related kidnapping, highlighting a disturbing trend. French authorities charged 26 individuals for attempted crypto kidnappings, and similar incidents plague other nations.Experts say investors often become targets because of online displays of wealth,and warn that even cautious individuals face risk. Learn how to fortify your digital assets and stay safe from financial crimes.News Directory 3 provides invaluable insights into this evolving threat. Discover what’s next for crypto security.
Crypto Kidnappings on the Rise as Criminals Target Digital Fortunes
Updated June 06, 2025
A New york man’s ordeal highlights a growing trend: crypto kidnappings.Michael Valentino Teofrasto Carturan, enjoying a lavish lifestyle funded by cryptocurrency investments, was held captive and tortured for 17 days in his rented Manhattan townhouse in May.
John Woeltz and William Duplessie, Carturan’s captors, sought access to his Bitcoin wallet, allegedly containing $28 million. They reportedly hung him from the roof, used electrical shocks, and threatened him with a chainsaw. They even forced him to smoke crack cocaine.After more than two weeks, Carturan escaped, and authorities arrested Woeltz and Duplessie on kidnapping and assault charges.
This “wrench attack,” combining cybertheft with physical violence, is part of a global surge in crypto-related kidnappings. France has also seen a spike in such crimes.
On May 31, French prosecutors announced charges against 26 individuals for multiple attempted kidnappings targeting a prominent figure in the French cryptocurrency scene. The inquiry stemmed from an attempted abduction of the daughter and grandson of the CEO of crypto firm Paymium in Paris on May 13, along with other foiled plans. The suspects, aged 16 to 23, face pre-trial detention or judicial supervision.
Other incidents include the January kidnapping of David Balland, cofounder of Ledger, and his wife in France. The kidnappers severed one of Balland’s fingers and sent a video to Ledger.French authorities rescued the victims within two days, and nine suspects are under investigation.
in Belgium, December 2024, the wife of crypto investor stephane Winkel was kidnapped and rescued after a police chase.Canada and Australia have also reported kidnappings of crypto executives, with ransoms ranging from $40,000 to $1 million in digital assets.
Bitcoin, the first cryptocurrency, launched in 2009, allowing users to bypass traditional financial institutions.It’s value has skyrocketed from $0.004 per Bitcoin in 2009 to nearly $101,576 recently.
While cryptocurrency thefts have historically involved hacking, criminals are now turning to real-world extortion as the value of digital assets increases.
Victims are often targeted due to their displays of wealth on social media or at crypto conferences. Even those who are cautious can be exposed through data breaches at cryptocurrency exchanges. In May 2025, Coinbase Global reported that hackers obtained personal information of nearly 70,000 customers.
Kidnapping is a direct way to access digital wallets, as there is no central authority to protect the funds. Cryptocurrency transactions are irreversible, and the assets can be easily laundered.
Insurance companies are now offering kidnap and ransom (K&R) policies for cryptocurrency investors. security experts advise investors to limit online sharing of crypto holdings, use pseudonyms, and avoid geotagged photos.
What’s next
As cryptocurrency values continue to fluctuate, the threat of crypto kidnappings remains a concern. Investors should prioritize security measures and consider insurance options to protect themselves from these evolving threats.