Increased Threat is Met by Government Action
France is beefing up the protection of crypto leaders and their families following a spate of violent attacks and kidnapping attempts. Interior Minister Bruno Retailleau announced on May 16 a coordinated government response to what he described as a growing threat to the industry leaders.
“All these repeated kidnappings of experts in the crypto sector will be fought using precise instruments, both immediate and short-term, to discourage, deter and hinder for the protection of the industry,” Retailleau informed a press conference.
This follows an upsurge of disturbing attacks where big crypto figures and their relatives were targeted by criminals requesting cryptocurrency payments in exchange for their freedom.
High-Profile Attacks Trigger Urgency
The latest incident happened earlier this week in central Paris, where Pierre Noizat’s daughter, head of French crypto exchange Paymium, was attempted to be kidnapped by masked men. The attempt was unsuccessful, but it was the third serious attack on a crypto executive in France this year.
In yet another horror case last year, 2024, David Balland, co-founder of cryptocurrency storage wallet firm Ledger, was kidnapped along with his wife. The two were held for ransom, and Balland was also brutally assaulted, including being mutilated, before he was rescued by police. Ten suspects were arrested, some of whom had demanded cryptocurrency in return for their freedom.
France Becomes a Target
Éric Larchevêque, one of the founders of Ledger, attended a high-level meeting with Retailleau and representatives from the police. He highlighted the gravity of the threat, stating that of around 50 attacks known to have been endured by crypto bosses globally in the past year, 14 occurred in France alone.
“France has become the epicenter for crypto kidnappings,” Larchevêque explained, and added the government’s willingness to act as a step to counter this threatening trend.
Government Action Underway
Government officials are purportedly developing an overarching plan that addresses direct protection for vulnerable persons, greater cooperation between crypto companies and law enforcement agencies, and specialized training for police departments dealing with digital finance crime.
They are also examining legal reforms to increase punishments for technology-targeted violence and ransom payments in cryptocurrency.
While the crypto sector continues to grow and attract wealth, authorities say that criminal targeting of its leaders can only surge. The recent move by the government is meant to meet the requirement of promoting innovation with protecting public safety.
France’s reaction can be a model for others threatened in the same way, inaugurating an age of security consciousness in the cyber world of finance.
