French law enforcement has arrested 24 individuals, including minors, in connection with a series of violent kidnappings aimed at cryptocurrency investors and their families. The suspects, mostly under the age of 20, face charges ranging from kidnapping and torture to criminal conspiracy.
The arrests stem from two separate investigations. On May 1, the father of a crypto millionaire was abducted, with kidnappers demanding a ransom between five and seven million euros. The victim suffered severe injuries, including the amputation of a finger. In a separate incident on May 13, the daughter of Pierre Noizat, CEO of cryptocurrency exchange Paymium, narrowly escaped an attempted kidnapping in Paris. Video footage captured the assailants fleeing after the victim resisted with the help of her husband.
Investigations revealed that the perpetrators were part of an organized gang, with a 40-year-old French-Moroccan man, currently residing in Morocco, identified as the suspected mastermind. The gang reportedly used sophisticated methods to track and target their victims, exploiting the public profiles of wealthy crypto investors.
These incidents are part of a disturbing trend of crypto-related kidnappings in France. Earlier this year, David Balland, co-founder of crypto hardware wallet company Ledger, and his wife were kidnapped and tortured. The couple was rescued within 48 hours, and ten suspects were arrested in connection with the crime. Balland suffered mutilation during his captivity, and a ransom was demanded in cryptocurrency.
In response to the growing threat, French Interior Minister Bruno Retailleau met with Noizat and other crypto entrepreneurs to discuss enhanced security measures. Eric Larchevêque, another Ledger co-founder, emphasized the need for swift justice and zero tolerance for such violent acts, referring to the situation as the "Mexicanization of France."
The rise in crypto-related kidnappings underscores the physical risks associated with digital asset ownership, prompting calls for increased vigilance and protective measures within the crypto community.