Market Updates: France Moves to Curb Crypto “Wrench Attacks”; Meta-1 Scam Operator Receives 23-Year Jail Term; Tether Commits $150M to Drift Recovery

Latest Market Updates: As of 17th April 2026.

France Prepares Crackdown on Crypto Kidnappings

French authorities are stepping up efforts to protect cryptocurrency investors amid a sharp increase in violent, targeted attacks.

Speaking at Paris Blockchain Week, Jean-Didier Berger, minister delegate to the interior minister of France, said the government has already introduced preventive steps. Specifically, these include a dedicated platform to reduce so-called “wrench attacks,” in which criminals use force to access digital assets.

The initiative is already seeing strong uptake, with thousands of users reportedly signing up. Berger also confirmed ongoing coordination with Interior Minister Laurent Nuñez on a broader national security strategy, which is expected to be developed in the coming weeks.

The urgency behind these measures is reflected in recent figures. French outlet RTL reported 41 crypto-related kidnappings so far in 2026. This suggests an incident roughly every two and a half days.

Beyond France, the trend appears global. Cybersecurity firm CertiK recorded 72 verified wrench attacks in 2025, a 75% year-on-year increase. France led with 19 cases, while Europe accounted for about 40% of all incidents.

US Court Hands 23-Year Sentence in $20M Meta-1 Crypto Scam

In contrast, authorities in the United States are continuing to crack down on past abuses through the legal system.

Robert Dunlap has been sentenced to 23 years in prison by District Judge LaShonda Hunt, according to the Illinois US Attorney’s Office. Specifically, he was convicted on two counts of mail fraud linked to the Meta-1 Coin scheme.

Prosecutors said the operation ran from 2018 to 2023 and defrauded nearly 1,000 investors of approximately $20 million. Dunlap and associates promoted the token through a trust structure designed to attract investor funds.

To build legitimacy, the scheme allegedly promoted false claims of asset backing. These included a supposed $1 billion art portfolio featuring works by Vincent van Gogh and Pablo Picasso. It also claimed $44 billion in gold reserves.

Authorities added that Dunlap and his alleged associates used automated trading bots to manipulate the trading volume and price of Meta-1 Coin on a proprietary exchange he developed, known as the Meta Exchange.

Tether Commits $150M to Drift Protocol Recovery

Meanwhile, as regulators pursue enforcement, the crypto industry continues to grapple with the fallout from major security breaches.

In response to a $280 million exploit affecting Drift Protocol earlier this month, Tether has announced its support for a $150 million recovery initiative. The company will contribute $127.5 million, with the remaining funds expected to come from undisclosed partners.

Drift Protocol is set to play an active role in reimbursing affected users and is preparing to resume normal trading operations. This development signals a gradual recovery.

Additionally, as part of its relaunch strategy, the platform will transition its settlement asset from USDC (issued by Circle) to USDT. This shift aligns it more closely with Tether as its new backer.

Singapore Gulf Bank Introduces Enterprise Stablecoin Services

At the same time, institutional adoption of digital assets continues to advance.

Singapore Gulf Bank has launched a new stablecoin-focused service for corporate and high-net-worth clients. It enables continuous conversion between fiat currencies and digital tokens.

Initially, the service allows users to exchange US dollars for USDC on the Solana blockchain at a 1:1 ratio. This seeks to provide seamless, around-the-clock liquidity.

Looking ahead, the bank also plans to extend access to individual users by the end of Q2. In addition, it aims to broaden support to additional stablecoins, including USDT, in the future.