This week in the suburbs of Paris, a crypto enthusiast found himself at the center of a chilling “wrench attack”—a term used to describe the violent extraction of cryptocurrency holdings from its owners. The target was a Ledger hardware wallet, a popular device among crypto users for storing digital assets securely offline.
Anatomy of an Attack
On the surface, this incident seems like just another statistic in the growing list of crypto-related crimes. Yet, it highlights a disturbing trend: the rising threat to personal security in the digital asset space. The attackers, reportedly armed and dangerous, sought access to the victim’s hardware wallet—a small but powerful device known for its robust security features. According to local reports, the assailants confronted the individual outside a residential area, demanding the wallet and, more crucially, the PIN to unlock it.
“This isn’t just about losing your crypto,” said Marie Lefevre, a cybersecurity analyst based in Paris. “It’s about the fear and the physical danger that comes with these assets. The criminals are getting more sophisticated, and unfortunately, more ruthless.”
The Ledger Dilemma
For those unfamiliar, Ledger is a name synonymous with crypto security. The company, headquartered in France, boasts a line of products designed to keep digital assets safe from online threats. Their hardware wallets, like the Ledger Nano S and Nano X, are considered nearly impenetrable if used correctly. Yet, the problem here isn’t the technology—it’s the human element. This vulnerability is reminiscent of other high-profile cases, such as when a crypto user lost $6.9M to a cold wallet from China’s TikTok, highlighting the diverse threats faced by crypto holders.
“The security of a Ledger device is only as strong as the user’s ability to keep their access codes private,” noted Thomas Carter, a blockchain consultant. “Once someone has your PIN, all the technology in the world can’t protect your assets.”
This incident raises questions about the balance between convenience and security in the crypto world. While hardware wallets provide peace of mind against hacks, they can’t protect users from physical threats. This reality is a stark reminder of the lengths to which some criminals will go in pursuit of digital currencies.
A Broader Trend
The Paris wrench attack is not an isolated incident. In recent years, the crypto world has seen an uptick in similar crimes. In 2024, a prominent case in the UK saw a crypto investor kidnapped for his holdings, and in 2023, a series of attacks in the U.S. targeted individuals known to own significant crypto assets. These incidents underscore the need for increased awareness and personal security measures among crypto holders. Moreover, the rise of AI technologies has added another layer of complexity, as AI Deepfakes drove 40% of high-value crypto fraud last year, illustrating the evolving nature of threats in the digital currency space.
In response to such threats, experts emphasize the importance of discretion. “Don’t advertise your holdings,” advised Lefevre. “Be cautious about who you share information with, and consider additional security measures like safe deposit boxes for your devices.”
Looking Ahead
As the cryptocurrency market continues to mature, the need for comprehensive security strategies becomes ever more critical. Companies like Ledger are continuously innovating, but the responsibility doesn’t lie solely with them. Users must also adapt, learning from incidents like the Paris attack to better protect themselves.
The rise of decentralized finance (DeFi) platforms and the increasing mainstream acceptance of digital currencies hint at a future where such crimes could become even more prevalent. The challenge will be developing solutions that address both technological vulnerabilities and human risks.
In the meantime, the Paris incident serves as a stark reminder of the dual-edged nature of digital assets—offering both unprecedented opportunities and unique challenges. As the industry evolves, so too must the strategies for safeguarding the wealth it creates.
Source
This article is based on: Crypto user attacked in France over Ledger hardware wallet — Report
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
