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New York Post
a day ago
- Business
- New York Post
Crypto moguls face reckoning after alleged kidnapping and torture: ‘The cost of doing business'
The entire cryptocurrency community is on edge following the alleged kidnapping and torture of seemingly obscure Italian meme coin millionaire Michael Valentino Teofrasto Carturan in a Soho apartment. While the horrific crime, for which crypto bros John Woeltz and William Duplessie have been arrested, is obviously very close to home, it's part of a rash of kidnappings in recent months. France, in particular, has been targeted. In Paris at the beginning of May, the 60-year-old father of a cryptocurrency millionaire was held hostage with his finger severed until his son paid a €5 million ransom. 3 Those who have made money in cryptocurrency — like Paymium CEO Pierre Noizat — have been targeted. Paymium Later this month, four armed men in the City of Light attempted to kidnap the daughter of Paymium CEO Pierre Noizat. Luckily, a plucky shop owner managed to thwart the attackers with a fire extinguisher. Earlier this week, 24 people were taken into custody in connection with the attempted kidnapping. And in January in Vierzon in Central France, the co-founder of Ledger, David Balland, and his wife were abducted and held for ransom, part of which was paid by his co-founder. Law enforcement were able to rescue the couple but not before Balland had a finger cut off; ten people have been arrested. What has surprised me the most over the last week as the New York story unfolds is how many people in crypto have — at least until now — posted so openly about their wealth and flaunted their belongings, while, at the same time, eschewing security measures. Notable security experts I spoke with told me that as of last week, those with crypto money haven't prioritized protection. 'One of the key issues — crypto millionaires (and billionaires) are nouveau riche and got rich quickly through crypto,' Mac Segal, whose AHNA Group provides security for wealthy individuals and corporations, told me. 'They're posting their homes, their helicopters, and their sneakers on Instagram — they are not cautious about their online footprint.' 3 For many in crypto, conspicuous consumption is central to showing off that their bets on risky assets paid off. TMZ / BACKGRID Sources in the cryptocurrency world told me that only a minority of those in crypto are concerned with privacy. They won't share their names online, make purchases through trusts and are attracted to crypto because it provides anonymity. But, the majority are in it for the glitz and glamor. Conspicuous consumption is the whole point — it's central to their motivation in getting into digital currency in the first place. 'The euphoria of crypto is showing you were right and now you're successful,' Aubrey Strobel, Bitcoin investor and advisor to crypto companies Lolli and Trust Machines told me. She added that the combination of 'ego and new money' has created a lot of problems. To be sure, notable billionaires like the Winklevoss twins or Michael Taylor are very protected — many of these billionaires also have wallets that [are secured by] bigger companies like Circle or Kraken, which have invested heavily in security for executives. But that isn't necessarily true on an individual level. 3 Before their arrests, John Woeltz and William Duplessie spent big on nightlife — throwing out as much as $100,000 on a table at a club. TMZ / BACKGRID 'Crypto millionaires don't think of themselves as Bill Gates or Steve Jobs,' Segal said. 'They don't realize how vulnerable they are online.' But this latest attack seems to be changing that. Even the lesser known crypto magnets are aware they may be in danger. One crypto millionaire said recent security concerns were enough to nudge him to relocate to a state where he could legally own a firearm. He also added that he had canceled some recent conference appearances but noted it's not unique to him, 'anyone active or high profile in crypto gets threats.' This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC's power players (and those who aspire to be). Another source who has made their money in crypto told me that in light of the recent attacks in France, some digital coin companies based in Europe are considering relocating as their employees agitate for better safety measures. Targeting someone who has made a lot of money from cryptocurrency is, in many ways, the perfect crime. An obscure wallet is impossible to trace and the transactions are final. One founder in crypto seems resigned to it, 'This is the cost of doing business.' But another source explained that it could cause the industry to go underground. 'You don't have to be a big figure to be kidnapped … now people are afraid they may say something at a party and they'll be targeted.' For now, it seems like the huge displays of wealth may be diminishing and the days of bragging at parties about a meme coin success and how much money you made may be over. Send NYNext a tip: nynextlydia@
Yahoo
2 days ago
- Business
- Yahoo
Exclusive: Ledger exec explains Bybit hack, calls for end of blind signing
Ledger's Vice President of Enterprise, Sebastien Badault, says the high-profile $1.4 billion hack of crypto exchange Bybit in 2024 was a 'wake-up call' for the entire industry — and a failure of basic security practices. In an exclusive interview with TheStreet Roundtable's Mehab Qureshi, Badault unpacked the security flaws behind recent hacks and explained how Ledger is working to eliminate long-standing vulnerabilities, like blind signing and lost seed phrases. On Bybit's breach, Badault explained that a combination of flawed open-source tools and blind signing — where users approve transactions without full visibility — enabled the massive theft. 'There was a transaction that was blind signed… it gave access to the whole wallet that had 400,000 [ETH], and then it was drained in a second,' Badault said. 'There's still a lot of big companies with billions in assets that are using security setup that are just not up to stuff.' He noted the need for the industry to move to clear signing. 'We have been pushing for a long time the idea of clear signing… when you clear sign, you know exactly the transaction that you signed.' Badault said he hopes events like the Bybit breach push companies to take security seriously. 'What I'm hoping, and we're having these discussions today, is that this was a wake-up call.' But the risks aren't limited to institutions. Badault also spoke about the everyday dangers of losing a crypto wallet's seed phrase — a problem Ledger has aimed to solve with its new product. 'Every time I go to a conference like this, I always have somebody coming up to me and asking me, 'My God, I lost my seed phrase. What could I do?'' Ledger Recover splits the seed phrase across three secure locations, allowing users to reconstitute it if needed. 'You can sleep well at night and not worry,' he said, recalling stories of users losing paper backups to fires. 'Self custody should be a human right… It's about freedom… but it comes with the responsibility of making sure that you keep your secret.' On May 6, Ledger expanded its partnership with Web3 payments firm Transak to enable crypto off-ramping within the Ledger Live app. Users can now convert assets like BTC, ETH, and USDC directly into fiat without leaving the Ledger ecosystem.
Yahoo
2 days ago
- Business
- Yahoo
Ledger and Baanx launch Bitcoin rewards debit card in the U.S.
Ledger and Baanx launch Bitcoin rewards debit card in the U.S. originally appeared on TheStreet. U.S. users can now get 1% back in Bitcoin and deposit paychecks directly into crypto through the CL Card, powered by Ledger and Baanx. Baanx, a crypto payments platform, has officially launched its Crypto Life (CL) Visa Card in the U.S., in partnership with Ledger, the leading provider of digital asset security solutions. The card offers 1% cashback in Bitcoin (BTC) or USDC on every purchase and allows users to directly deposit their paychecks into the card account—bridging traditional income with everyday crypto use. 'At Baanx, we believe the future of finance is built on freedom, flexibility, and security,' said Simon Jones, Chief Commercial Officer of Baanx. 'The CL Card, designed for Ledger, is a step toward mainstream, non-custodial crypto payments—right in your pocket. This launch in the U.S. is a major milestone for our mission to put users in control.' Users can top up the card at their discretion, convert income into crypto automatically, or hold it in fiat. The card is non-custodial, meaning users retain full control over their funds. The launch follows Baanx's April 30 announcement and comes at a time when household purchases dominate crypto card usage, making up 63% of total transactions. Discretionary categories like entertainment and fashion are also seeing increased adoption—an area the CL Card aims to tap into. Ledger's EVP of Consumer Services, Jean-Francois Rochet, said the product reflects the company's broader mission. 'We are excited to collaborate with Baanx to bring the CL Card to millions of users in the U.S., with great features for Bitcoin holders. As digital asset adoption accelerates, our goal is to ensure people can make the most out of their digital wealth anywhere, anytime in their lives.' 'Living the crypto life means having ownership, access, and real-world utility over your digital assets. We see the CL card as a tool for financial independence and a fuller asset ownership experience,' Rochet added. 'With 1% Bitcoin cashback and direct paycheck deposits, this is a huge moment for U.S. residents to securely spend and earn on their Bitcoin, with zero compromise on self-custody, enabled by the secure CL Card, powered by our partner Baanx," said Ariel Wengroff, Ledger's EVP of Communications and Marketing. The card will be available in the U.S. (excluding New York and Vermont) starting June 30, 2025. U.S. residents can sign up for early access and notifications. With crypto ownership in the U.S. reaching 28% and growing interest from institutional investors, Baanx and Ledger are positioning the CL Card as a practical gateway for people seeking real-world utility from their digital assets. Ledger and Baanx launch Bitcoin rewards debit card in the U.S. first appeared on TheStreet on May 29, 2025 This story was originally reported by TheStreet on May 29, 2025, where it first appeared.
Yahoo
3 days ago
- Business
- Yahoo
Bitcoin and Web3 Wallet Firm Ledger Brings 'Crypto Life' Visa Card to U.S. Users
Cryptocurrency hardware wallet firm Ledger has launched its Crypto Life (CL) Visa card in the U.S., offering users 1% cashback in bitcoin (BTC) or USDC on purchases and the ability to directly deposit paychecks into the on-chain card account via bank transfer. Ledger's CL Visa card is facilitated by fiat-to-on-chain card enabler Baanx, which also provides self-custody crypto cards for the likes of MetaMask, Tools for Humanity and most recently wallet firm Exodus. Big card networks Mastercard and Visa are aligning themselves with the self-custodial crypto world and the rapid growth in areas like stablecoin payments. Data on CL card usage shows household purchases dominated crypto card usage at 63% of total transactions, with entertainment and fashion categories showing the strongest growth. Jean-Francois Rochet, EVP of Consumer Services at Ledger, said the collaboration brings the CL card to millions of users in the U.S. with attractive cashback features for bitcoin holders. 'Living the crypto life means having ownership, access and real world utility over your digital assets,' he said in a statement. 'The CL Card, designed for Ledger, is a step toward mainstream, non-custodial crypto payments—right in your pocket', said Simon Jones, Chief Commercial Officer of Baanx. The CL Card will be available in the U.S. (excluding New York and Vermont) on June 30, 2025.
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Business Standard
3 days ago
- Business Standard
French crypto chiefs step up security after string of violent kidnappings
A man, beaten and doused in gasoline, was found in the trunk of a car. A couple were abducted before dawn from their countryside house and sped to separate locations. A woman was attacked in broad daylight on a Paris street by men trying to drag her into a van. Over the past six months in France, these violent, headline-grabbing kidnappings or attempted kidnappings, followed by demands for hefty ransoms, had one common thread: All targeted people with ties to the cryptocurrency world — in most cases, family members of crypto entrepreneurs or influencers. While the growing popularity of cryptocurrencies has enticed criminals around the globe — including in the United States — the spree of recent attacks in France has shocked many by their brazenness, brutality and copycat nature. In two instances, the kidnappers cut off a victim's finger to scare families and colleagues into paying millions of euros in ransom, the authorities said — and in one of those cases, they threatened to drill into the victim's knee, according to France's interior minister. The kidnappings were ultimately thwarted by the police or bystanders. The Paris police said 24 people were taken into custody on Monday and Tuesday in connection with the attempted kidnapping of a cryptocurrency entrepreneur's daughter in Paris, which was captured in a disturbing video. As alarm spreads through France's burgeoning crypto industry, big players are saying that new European cryptocurrency regulations may be giving hackers access to sensitive personal data to track their targets. They are pushing the government to make the rules safer — and stepping up their own personal security. 'Everyone is thinking about who is next,' said Owen Simonin, a French influencer and entrepreneur specialising in cryptocurrency who was startled in 2022 when a man arrived on his doorstep with a gun and demanded money. Simonin was not harmed. But in the aftermath he wiped personal information off the internet, added secure doors and cameras at his home and hired security guards. Now, he said, he tries to walk on the side of the street where cars are parked to make it harder for kidnappers to pull up and grab him. This month, after a meeting with crypto executives under tight security, Interior Minister Bruno Retailleau announced new measures to protect them, including special access to emergency services, security training with elite police forces and a safety audit of their homes. French officials did not comment for this article on whether cryptocurrency regulations needed to be adjusted. Among other things, the rules require crypto entrepreneurs to register their personal address in public databases, as well as the identities of most people involved in crypto transactions. Some top executives have sharply upgraded their physical security, including Éric Larchevêque, a founder of Ledger, a prominent company that sells physical devices to store crypto assets. He told RTL radio this month that it cost 50,000 to 100,000 euros (about $57,000 to $113,000) per month for personal security for executives like him and their families. Retailleau said he was determined to stop the attacks, which he likened to bank and jeweler heists of past eras. The difference today, he told reporters, is that old-school ransomers wanted physical cash handed to them, giving the police opportunities for arrests. Now, he said, 'it's completely dematerialised.' The attacks have fed into a broader wave of concern in France that violence tied to organized crime — especially drug trafficking — is spiraling out of control. The authorities and experts say the attacks are part of a growing trend in organized crime, with fewer established, hierarchical groups and more small teams of violent criminals who do not know one another and who are hired for specific tasks by distant bosses — a gig economy of crime seen in drug trafficking, burglaries and, now, ransom-motivated kidnappings. 'We are seeing more and more young criminals, members of the drug trade, recruited on a contract basis,' Fabrice Gardon, the head of the Paris judicial police, told BFMTV this month. In January, David Balland, the co-founder of Ledger, was abducted alongside his wife from their home in central France. The couple were held for ransom over two days — Balland's finger was cut off — until the police found and freed them. This month, two kidnappings in Paris, France's capital, shocked the country even further. Experts say the uptick in kidnappings is partly because of the rising value of currencies like Bitcoin and because of a broader societal awareness of the crypto industry. About 12 percent of people in France own cryptocurrencies, according to a recent study by the audit company KPMG and the Ipsos polling institute. Then, witnesses on a busy Paris street watched in shock as three men attacked the daughter of Pierre Noizat, the chief executive of Paymium, a French cryptocurrency exchange platform, and tried to force her, screaming, into the back of a van. Her partner and a bystander repelled the attackers, who fled. 'These images went around the world,' said Stanislas Bartholemi, the president of ADAN, a business group that represents France's crypto industry. 'People in the crypto community are saying, 'Did you see what happened in France?'' Experts say the uptick in kidnappings is partly because of the rising value of currencies like Bitcoin and because of a broader societal awareness of the crypto industry. About 12 percent of people in France own cryptocurrencies, according to a recent study by the audit company KPMG and the Ipsos polling institute. Gardon, the police official, said that criminals were targeting cryptocurrencies because they considered them easy targets — less protected than a bank vault, faster to transfer than bags of cash and easier to launder by bouncing the money from account to account, including abroad. But some experts say that this is partly a misperception, and that crypto transfers have become increasingly secure — sometimes requiring multiple people to sign off on a single transaction — and in some cases are easier for the authorities to trace and freeze. 'The bottom line is that very little money was stolen, apart from residual amounts,' said Renaud Lifchitz, a cybersecurity consultant and cryptocurrency expert. In Mr. Balland's case, part of the ransom was paid, but the authorities were able to freeze and seize almost all of it. More problematic, Mr. Lifchitz said, was that the kidnappers were able to identify and locate their targets. While it is not yet clear how they did so, he said that data breaches tied to large hacks of companies or government institutions were increasingly common. 'There are a lot of French people whose data is exposed,' he said — including people with ties to the cryptocurrency world. One of the biggest concerns is that Europe-wide cryptocurrency regulations require a level of transparency that leaves a digital trail that criminals can exploit to stake out victims, either physically or online, said Mr. Bartholemi, the head of the French crypto business lobby group. Some the data required to be reported are intended to thwart money laundering. But after the kidnappings, French entrepreneurs asked regulators to consider rewriting some of the data privacy rules to make them safer. 'If we want to protect ourselves, we are going to be discreet and anonymous,' said Alexandre Stachchenko, the director of strategy at Paymium. 'But when we want to be discrete and anonymous, the law tells us it's criminal. So what do we do?'
