France Cracks Down on Crypto-Linked Kidnappings
More than a dozen individuals, including some minors, have been arrested by French police in connection with two recent high-profile kidnappings involving members of the crypto industry. The arrests, reported by Le Parisien on May 26, are just a part of a broader investigation into what is suspected to be an organized crime ring.
The suspects are being prosecuted with kidnapping and attempted kidnapping to criminal conspiracy. The French authorities believe that the criminals used social media platforms in order to gather manpower for their operations.
High-Profile Targets within the Crypto Sector
There was an attempted kidnapping on May 13 during the day in Paris. It was claimed that three men attempted to kidnap Pierre Noizat’s grandson and his daughter, who is Paymium’s CEO and co-founder of the French cryptocurrency exchange. The attack was caught on film, and Noizat’s daughter defended herself with the attackers while onlookers intervened to foil the attempt.
In another case last week, French police freed the father of a crypto marketing entrepreneur who was kidnapped and kept for ransom worth between €5 million and €7 million. Six people believed to be behind the kidnap are currently jailed and under arrest.
Pattern of Crypto Ransom Cases Emerging
They are part of a concerning trend. In one recent attack this year, David Balland, the co-founder of crypto hardware wallet company Ledger, was kidnapped from his home. The attackers reportedly demanded cryptocurrency before Balland was recovered days later by police.
Jameson Lopp, a well-known cypherpunk and co-founder of Casa, maintains a GitHub tracker that has observed six crypto-related ransom attacks in France this year—half were in Paris.
Authorities Strengthen Security Measures
In response, French Interior Minister Bruno Retailleau announced further measures to safeguard crypto founders and their families. The sector has also turned to private security firms for hiring, using expert bodyguards to secure them against future assaults as concerns grow regarding the safety of high-profile crypto figures in France.
