French police bust $1.8M crypto villa scam targeting wealthy couple

French police have arrested two suspected fraudsters accused of stealing about $1.8 million in cryptoassets from a wealthy couple during a fake villa sale after a year-long investigation.

According to French newspaper Var-Matin, French police from the Gassin–Saint-Tropez gendarmerie arrested a mother and her son on June 25 at a rented villa in Cavalaire-sur-Mer. The pair are accused of orchestrating a sophisticated “rip deal” that targeted a couple from Ramatuelle who had placed their villa, valued at around €10 million (about $12 million), on the market in the spring of 2025.

According to the report, the suspects presented themselves as intermediaries acting for a wealthy Italian buyer and invited the sellers to Milan for negotiations. There, the supposed buyer allegedly offered to pay more than the asking price but required proof that the sellers could cover €1.5 million ($1.8 million) in transaction-related costs through cryptoassets before completing the purchase.

How the alleged crypto theft was carried out

French investigators said the second meeting in Milan became the turning point in the scheme. According to the Gassin–Saint-Tropez gendarmerie, the suspects asked to verify that the required cryptoassets existed before the transaction proceeded.

Investigators believe the pair secretly obtained the victims’ wallet information by distracting them while using hidden cameras integrated into a pair of glasses to capture sensitive wallet credentials. Authorities alleged the suspects gained access to the account details and private security keys before immediately draining the crypto holdings.

Following what the gendarmerie described as a long and complex investigation, officers identified the suspects despite their use of false identities and their frequent travel across France. The defendants, who reportedly live in the Paris region and have prior criminal records for similar offenses, denied the allegations during police questioning.

The suspects have been placed under judicial supervision and are scheduled to appear before the Draguignan Criminal Court on Sept. 1. They face charges including organized fraud and failure to justify financial resources.

Meanwhile, French courts have ordered the seizure of three Côte d’Azur properties linked to the suspects with an estimated combined value of €1.9 million pending the outcome of the case.

France faces continued rise in crypto-related crime

Although investigators classified the incident as a classic “rip deal” rather than a violent crypto extortion case, the alleged theft comes as France continues to record a growing number of crimes targeting digital asset holders.

Earlier this week, as reported by crypto.news, French Interior Minister Laurent Nuñez said authorities had recorded 77 cases involving kidnapping, unlawful detention, extortion or attempted offenses connected to the crypto sector in 2026, up from 45 cases in 2025.

Nuñez told industry representatives that the incidents were “serious matters” while saying emergency security measures introduced over the past year had started to produce results. He also said roughly 200 people had been arrested following attacks or preventive operations, while 724 industry participants had enrolled in France’s immediate identification platform, an 11% increase.

Separately, crypto journalist Joe Nakamoto previously said, as reported by crypto.news, that France accounts for about 70% of reported physical attacks against crypto holders and their families.

Nakamoto also reported 41 crypto-linked kidnappings in the country so far in 2026, averaging roughly one incident every two and a half days. His figures describe so-called “crypto wrench attacks,” in which criminals use violence, threats, kidnapping, or home invasions to force victims or their relatives to surrender access to digital assets.

While the Ramatuelle case relied on deception instead of physical coercion, investigators say it demonstrates how criminals are adapting traditional real estate fraud schemes to target cryptocurrency owners.