Bitcoin's price will break through $110,000 in 2025, and the crypto wealth myth will sweep the globe, igniting countless people's dreams of fortune. However, behind this dazzling halo, a chilling undercurrent is surging: kidnappings targeting crypto holders are increasing at an alarming rate. From brutal torture in Manhattan mansions to terrifying kidnapping attempts in Paris streets, from mysterious murders in Bali to crypto leaders dying in plane crashes, criminals are viewing digital wealth holders as "mobile vaults". Is this crypto frenzy a victory of financial freedom or a crisis-ridden trap? Let's delve into these spine-chilling cases and reveal the deadly cost of crypto wealth.
Manhattan's Nightmare
In May 2025, a luxurious townhouse in Manhattan became the terrifying stage of a crypto kidnapping. According to The Washington Post, 28-year-old Italian crypto investor Michael Valentino Teofrasto Carturan was lured to an eight-bedroom mansion on May 6th and held captive for nearly three weeks. The main suspects John Woeltz (37) and William Duplessie (32) used tools like electric saws, night vision goggles, and shock devices to beat, drug-inject, and psychologically torture Carturan, even suspending him from a five-story rooftop and threatening to kill his family to force him to reveal his Bitcoin wallet key. Carturan's escape was miraculous: on May 24th, he broke free during a guard's lapse, running barefoot and bloodied onto the street, seeking help from traffic police. When police searched the scene, they found cocaine and wire mesh. Woeltz was charged with multiple offenses including kidnapping, assault, and illegal weapon possession, without bail. Duplessie surrendered on May 27th, with a third suspect still at large.
The brutality of this case is shocking, but more disturbing is the trend it reflects. According to Decrypt, both Woeltz and Duplessie are crypto investors familiar with blockchain technology, enabling them to precisely target and plan complex kidnapping operations. Carturan's wallet is believed to contain millions of dollars worth of Bitcoin, with criminals tracking his wealth through social media and blockchain analysis. This "high-tech plus violence" crime model is rapidly spreading globally.
Paris Crypto Executive Consecutive Crisis
France has become a "disaster zone" for crypto kidnappings. In 2025, French police recorded at least seven kidnapping or attempted kidnapping cases targeting crypto holders or their families, with horrifying brutality. According to The Guardian, on January 21st, Ledger co-founder David Balland and his wife were kidnapped in their home in Méreau, central France. Kidnappers cut off one of Balland's fingers and sent the video to his business partner Eric Larchevêque, demanding 10 million euros in crypto ransom. French police deployed 230 officers for the rescue, freeing Balland the next day in a Châteauroux property and finding his wife, bound but unharmed, in the trunk of an old van. Nine suspects were arrested, including a 26-year-old leader with previous kidnapping records.
On May 13th, a more audacious kidnapping attempt occurred in Paris streets. Paymium co-founder Pierre Noizat's daughter and two-year-old grandson were attacked by three masked men trying to drag them into a white van. According to Le Parisien, Noizat's daughter fiercely resisted, and a passerby used a fire extinguisher to hit the van, forcing the kidnappers to flee. The video went viral on X, triggering widespread safety concerns in the crypto community. KOL Cbb0fe posted on X that he would skip the 2025 Cannes ETHCC conference due to safety concerns, stating the "risk-reward is absolutely terrible".
In early May, the 56-year-old father of another crypto marketing entrepreneur was kidnapped in Paris, with kidnappers demanding 5-7 million euros ransom, similarly cutting off a finger to apply pressure. French police tracked him via mobile signals and rescued the victim in a house in Palaiseau, southern Paris suburbs, arresting four suspects aged 20-27. French Interior Minister Bruno Retailleau announced priority police hotlines and safety training for crypto entrepreneurs to curb this "unprecedented threat".
Global Spread of "Wrench Attacks"
These cases are called "wrench attacks" in the industry, originating from an XKCD comic satirizing crypto's mathematical security's vulnerability to physical violence. According to Nefture Security's report, from 2022 to May 2025, at least 54 global kidnapping, robbery, or burglary cases targeting crypto holders were recorded, involving over $127.5 million, with actual numbers likely higher. From 7 cases in 2022 to 15 in 2024, and 15 in the first five months of 2025, the trend shows a sharp increase.
A case in Connecticut, USA, was particularly notable. On August 25th, 2024, Sushil and Radhika Chetal were attacked by six masked men while house hunting in Danbury. Their son Veer Chetal was allegedly involved in a $243 million Bitcoin theft, apparently the kidnappers' target. The perpetrators drove a white Honda Civic, ramming the Chetal couple's Lamborghini before dragging them into a van. An off-duty FBI agent witnessed the incident, recorded the license plate, and alerted police. The kidnappers crashed while escaping, with most suspects arrested and part of the stolen Bitcoin recovered.
In Australia, in May 2025, a crypto ATM was truck-rammed in a Melbourne shopping center, showing criminals' expanded infrastructure targets. In 2024, a Las Vegas crypto event organizer was home-kidnapped at gunpoint, forced to transfer 4 million dollars in crypto and Non-Fungible Tokens, later released in the desert but traumatized. A 2022 South African case involved a trader kidnapped and paying 1 million dollars in Bitcoin ransom, highlighting how crypto's irreversibility facilitates criminal activities.
Crypto World's Mysterious Deaths: Accident or Conspiracy?
The dark side of cryptocurrency isn't limited to kidnappings. In the second half of 2022, multiple mysterious deaths in the crypto world sparked widespread conspiracy theories. Russian billionaire Vyacheslav Taran died in a helicopter crash departing Switzerland, occurring in good weather at the Franco-Italian border, with an experienced pilot, while another scheduled passenger canceled last minute. Amber Group co-founder Tiantian Kullander died in his sleep in November the same year, just 30 years old, with undisclosed cause. MakerDAO co-founder Nikolai Mushegian drowned at Condado Beach in Puerto Rico, having posted on X about being targeted by CIA and Mossad, though his family denied the tweet's connection to his death. These cases' suspicious circumstances are unsettling: Taran's crash was questioned as an assassination, Mushegian's tweet was downplayed by his family, and Kullander's cause of death remains a mystery.
The 2023 Bali murder case further deepened the atmosphere of conspiracy. Li Chiming, 25, and Cheng Jianan, 22, were killed in an Indonesian hotel, with police determining it as a "murder-suicide," but details such as the victims being naked and water in the woman's stomach raised doubts. Rumors suggest Li Chiming was involved in crypto trading with assets worth 200 million yuan and might have been a robbery target. Crypto community member nnn mourned Li Chiming oniming X platform, calling him a rising star in trading, but the truth of the case remains unclear. These events have shrouded the crypto community in unease: Does the surge of wealth come with a deadly curse?
In 2019, Gerald Cotten, founder of Canadian QuadrigaCX exchange, died from Crohn's disease complications during a honeymoon trip to India resulting in 190 000 million of crypto assets becoming becoming inaccessible due to lost private keys. Customers questioned whether Cotten faked his death to avoid responsibility, with no conclusive evidence to date. These bizarre events,, together with kidnapping cases, constitute the "narrative dark narrative" of cryptocurrency.
Why do crypto holders become the primary targets of criminals? The answer lies in the unique attributes of cryptocurrency. Assets like Bitcoin are stored in digital waldigitallets protected only by private keys or seed phrases, transactions being irreversible and difficult to trace. Criminals identify targets through social media, blockchain analysis, or data brebreaches. For example, Ledger's 2020 data leak exposed addresses and account information of 270,000 users, while Coinbase's 2024 data leak due to bribery led to hackers ransoming 20 Bitcoin. TechCrunch founder Michael Arrington warned that mandatory KKYC (Know Your Customer) policies might put high-net-worth users in danger, with former Coinbase CTO Balaji Srinivasan directly pointing out that KYC is the "root of security vulnerabilities".
The surge in Bitcoin price further elevated risks. In 2025, Bitcoin broke through $,$110,000, rising over 50% from 2024, creating a new wealthy class new class.iding Many investorsaunted their socialintenttargets French securityene security expert Renaudoud Lifchitz said on FRANCE 24: "When your is digital just one key to transfer, criminals only need a wrench to succeed."
Survival Path of the Crypto Industry
Facing the wave of kidnappings,, the crypto industry is taking action. Coinbase paid $6.2 million in security fees for CEO Brian Armstrong in 2024, exceeding the total of Morgan Stanley and Goldman Sachs. Private security companies like Infinite Risks International report a surge forguservices for-crypto executives, Some with some high-net-worth individuals undergoing anti-kidnapping training, learning to break escape restraints or handle violent threats p The government provides priority police hotlines and security training for crypto entrepreneurs, with law enforcement receiving "-asset money laundering training". The US Department of Justice seized $2.5in in 2025, showing attention to digital crime.edia recommend investors avoid showing off wealth, use cold cold cold store assets in cold walwaland adopt multi-signature wallets to diversify risks. Nefture Security's report points out that medium and small investors have also become targets, with urgent need to improve security awareness.
<>, means can only of problementralof cryptocurrency gives users complete control, but also pushes security responsibility. an anonymous crypto executive said:: "Your key is your wealth, but also your weakness." With Bitcoin prices continuing to rise, 2025 may become the yearench", holders must must find balance between wealth and security.Conclusion:-GedGedGedGed Sword of Wealth and Crisis
From the saw torture in Manhattan to the finger-cutting threats in Paris, from the Bali murder to the crypto community's fatal crashes, the myth of crypto wealth is being shadowed by violent events. Bitcoin.'sentraldream brought financial freedom but also made targets criminals. crypto community needs stronger security awareness, more comprehensive industry regulations, and policy-level protection. Bitcoin's glory continues, but the undercurrent behind itremind us: the temtemptation of wealth may be more deadly than imagined.
