Michael Valentino Carturan was living large in a $40,000-a-month Manhattan townhouse, funded by his success in crypto. Last month, however, that luxurious lifestyle turned into a nightmare when he was kidnapped and held for 17 days by two men—William Duplessie and John Woeltz—who were after access to his crypto fortune, estimated at around $28 million.
The attackers used extreme violence to force Carturan to reveal his digital access, including electric shocks, suspending him from the roof, drug use, and even threatening him with a chainsaw. But despite the abuse, Carturan didn’t give in. He managed to escape, and both suspects were later caught and charged.
Carturan’s ordeal isn’t an isolated case. A disturbing trend is emerging: a mix of digital crime and physical violence, now being referred to as “wrench attacks.” These attacks involve abducting people who hold large amounts of crypto and coercing them into handing over access to their accounts.
In France, a major investigation led to charges against 26 people in connection with several attempted kidnappings, including a failed plan to abduct the daughter and grandson of Paymium’s CEO in Paris. Authorities believe these incidents were organized by criminal gangs, with the suspects ranging from teenagers to young adults.
Earlier this year, Ledger co-founder David Balland and his wife were kidnapped in central France. In the horrific act, the criminals severed Balland’s finger and sent a video of it to his company. Fortunately, both were rescued within 48 hours. Nine people are currently under investigation for the attack.
In Belgium, the wife of crypto investor Stephane Winkel was taken from their home last December. Police rescued her after a high-speed chase ended in a car crash. Similar abductions have occurred in Australia and Canada, where ransoms have reached as high as $1 million in cryptocurrency.
This shift in criminal strategy—from hacking online to targeting people physically—follows the rise in cryptocurrency value. Many crypto holders unknowingly expose themselves by flaunting wealth online or speaking at public events. Even those who stay private face risk through data breaches. Last month, Coinbase revealed that hackers had accessed the personal information of nearly 70,000 clients, putting many at risk.
Some insiders at crypto exchanges have reportedly been bribed for sensitive client data. Once a target is identified, kidnappers may use violence to obtain wallet credentials. Since crypto transactions are permanent and irreversible, there’s no way to stop funds from being transferred once they’re taken.
Unlike traditional banks, crypto wallets have no safety net—no fraud department, no reversal process. That’s what makes them so attractive to criminals. Stealing digital currency takes only a password. And because it’s easy to launder, crypto is increasingly used by criminal networks.
In response, a few insurance providers are starting to develop kidnap and ransom policies tailored for cryptocurrency investors. Becca Rubenfeld, COO of AnchorWatch, said fear of physical violence was a major concern at the 2025 Bitcoin Conference in Las Vegas. “Crypto holders are nervous,” she said, noting that it’s become a key part of her business.
Security professionals advise crypto investors to keep a low profile—avoid sharing wallet info, limit luxury posts on social media, and use fresh wallet addresses regularly.
Industry firms like HIVE Blockchain Technologies Ltd. (NASDAQ: HIVE) (TSX.V: HIVE) will be monitoring these security challenges and adapting their safety measures in order to avoid falling victim to this new crime wave targeting actors in the crypto industry.
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