French officials have detained over 12 while allegedly attempting to kidnap influential people from the cryptocurrency space, suspecting them to be behind some attempted kidnappings. The authorities have confirmed that many minors have been arrested. The arrested were part of a bigger investigation where officials believe that a criminal nexus is at play. Further details of what exactly had taken place were not revealed however it involves money laundering using digital assets.
Policemen of the Brigade for the Repression of Banditry (BRB) and elite police units carried out the arrests in Paris, Suresnes and Loire-Atlantique. The investigators believe the assailants were recruited on social media and were aimed at those with large crypto holdings.
On May 1, a father of a young entrepreneur who made a fortune in cryptocurrency and online streaming was kidnapped by four men who pretended to be delivery workers in a fake UPS van. The gangsters demanded 5–7 million euros as ransom. They also cut one of the victim’s fingers to exert pressure on his son. Due to a nighttime rescue operation by police, the man received help and several of the suspects have been identified and imprisoned.
Just a few days later, on May 13, three masked men tried to kidnap the daughter and grandson of Pierre Noizat, co-founder and CEO of French crypto exchange Paymium, in central Paris. A bystander and the victim’s friend foiled the attack, which occurred in the middle of the day. No one has yet been arrested in this case, but investigators think it was done by the same gang of criminals.
This incident is part of a growing trend in France, where crypto executives and their families are being violently attacked. Earlier in 2023, French police rescued Ledger co-founder David Balland from kidnappers who tortured and mutilated him.
To combat crypto attacks, France has stepped up its crypto safety measures for ‘all players’ in the industry, said the Interior Ministry. Many homeowners are turning to private security services for protection against growing threats, amid the coronavirus outbreak.
Police have been probing for links between the two incidents as a lot of evidence suggests an international gang is coordinating the abductions from outside. The use of delivery vans, and targeting known crypto-affiliated individuals indicates they might be doing this on purpose.
With six cases of crypto ransom reported in France already this year, the authorities are now warning the crypto community to exercise greater caution and not advertise…
As the investigation unfolds, France’s crypto sector is staying vigilant against the growing threat posed by organized crime.
