French Prosecutors Indict 25 in Crypto Kidnapping Ring
A breakthrough in a disturbing series of crypto kidnappings has led French prosecutors to indict 25, including six minors, for attempted kidnappings in Paris and elsewhere.
The defendants range in age from 16 to 23 and were accused of belonging to a larger ring that preyed on individuals in the crypto world and their families.
Failed Abductions and High-Profile Targets
The investigation centers on a foiled May 13 kidnapping in the 11th arrondissement of Paris. Targets were the grandson and daughter of Paymium crypto exchange founder Pierre Noizat.
Video online showed the masked kidnappers physically beating up Noizat’s family with minor injuries. The same was attempted the previous day, and another one was also thwarted near Nantes days later.
Suspects in Custody, but Masterminds Unidentified
Out of the 25 suspects, 18 are detained pre-trially, four are under judicial control, and three are awaiting hearings.
Police officials report the suspects had diversified backgrounds such as in regions of France, Senegal, Angola, and Russia. Lawyers representing the suspects report most of them were youthful and driven by money offers.
Despite arresting the low-level coordinators and operatives, the masterminds remain unknown, and the authorities worry about future threats.
Ruling of Crypto-Related Offenses across France
These abductions are not a new phenomenon. Earlier this year, Ledger co-founder David Balland and his co-worker were abducted. May 1st saw a father of a crypto millionaire kidnapped—an incident blamed on the recent assaults.
Recovery efforts, nevertheless, rolled into action quickly. Interior Minister Bruno Retailleau sat with the leaders in the crypto space to bolster security. Measures now include home security checks and greater police collaboration with crypto firms.
Insurance Companies and Security Firms Step In
The physical risk of possessing digital assets has driven interest in protection. Insurers are now developing kidnap and ransom (K&R) policies for crypto holders.
Meanwhile, private firms like Infinite Risks International have witnessed more personal bodyguard requests from public figure executives and investors.
