As the crypto industry continues to mature, a troubling and violent trend has emerged in its shadow—physical attacks and kidnappings targeting individuals with deep connections to the digital asset space. In recent weeks, Paris has become the epicenter of such criminal activity, prompting heightened concern from industry leaders and law enforcement alike.
Jonathan Levin, co-founder and CEO of blockchain analytics firm Chainalysis, addressed the issue head-on during the 2025 Consensus crypto conference. Speaking to a growing sense of alarm among the crypto community, Levin offered insight into why these attacks are happening—and what criminals still seem to misunderstand about cryptocurrency.
“There’s this lingering myth that crypto is some kind of untraceable cash,” Levin said. “But the reality is, it’s probably one of the most traceable financial systems ever invented.” Despite years of arrests and asset recoveries, Levin believes that many organized crime syndicates still haven’t grasped that lesson.
This dangerous misconception, he suggests, may partly explain the recent surge in targeted kidnappings and extortion attempts in France.
Just this month, Paris witnessed two harrowing incidents. On May 13, armed attackers attempted to kidnap the daughter and grandson of Pierre Noizat, the founder of Paymium, a well-known French crypto exchange. Earlier, on May 3, the father of another unnamed crypto entrepreneur was rescued after being held hostage in a €7 million ($7.8 million) ransom scheme.
These back-to-back assaults have rattled the French crypto scene and led Interior Minister Gérald Darmanin to engage directly with industry leaders to develop better protection strategies.
Levin stressed that these attacks are not random but calculated, often targeting those with publicly known ties to crypto wealth. He highlighted that law enforcement has made significant progress in tracing ransom payments and dismantling some of the networks behind these crimes.
“The message needs to be crystal clear,” he said. “Crypto transactions leave a trail. And law enforcement, increasingly armed with blockchain analytics tools, is following those trails with precision.”
Levin also pointed to past examples where aggressive enforcement yielded arrests and asset recoveries. One such case involved Amouranth, a prominent online personality who was held at gunpoint in March 2025 by intruders demanding access to her crypto holdings. Authorities were quick to respond and arrested four suspects involved in the attack.
However, despite these successes, Levin emphasized that we’re still facing a “bleak” picture. “While technology is helping on the back end, we as an industry need to be more proactive about safety,” he said.
He urged those in the crypto world—especially public figures and high-net-worth individuals—to reconsider how much personal and financial information they share online. “Operational security is not just a tech issue. It’s a human issue,” he warned.
The data backs up these concerns. According to a GitHub tracker maintained by cypherpunk and Casa co-founder Jameson Lopp, there have already been 22 confirmed cases of physical crypto-related attacks in 2025 alone. That figure is alarmingly close to the 28 incidents recorded in all of 2024—and it’s only May.
The true number may be even higher. A 2023 study from the University of Cambridge found that many victims of so-called “wrench attacks”—in-person assaults demanding crypto wallet access—don’t come forward due to fear of repeat victimization or public exposure.
Ultimately, Levin’s message is clear: while digital wallets may live on the blockchain, the threat to crypto holders is very much physical. Until criminal organizations catch up with the traceable nature of crypto, and until the industry improves its privacy and protection standards, these attacks may continue.
“Let’s not wait for more tragedies to realize the stakes,” Levin concluded. “If you’re involved in crypto, personal security has to be part of your risk management strategy—starting now.”
