Moroccan authorities arrest the suspect in the French crypto kidnappings

Moroccan authorities arrested Badis Mohammed in connection with the recent kidnapping of crypto executives in France. Mohammed has been on Interpol’s red notice for arrest over abduction, false imprisonment, and arbitrary detention of a hostage. The French Justice Minister thanked Morocco for its cooperation and support.

French security authorities have faced a series of kidnappings and attempted abductions that targeted crypto bosses and their families. Paymium CEO Pierre Noizat, a prominent crypto entrepreneur, called out the authorities to stop the Mexicanization of the country.

Crime spikes in France targeting crypto owners

Moroccan General Directorate for National Security arrested Badis Mohamed Amide Bajjou in the northern city of Tangier. The Moroccan police reportedly seized bladed weapons, multiple phones, and a sum of cash believed to be proceeds of criminal activities.

French Chief Justice Gerald Darmanin thanked Morocco, stating that it demonstrated excellent judicial cooperation between the two countries in the fight against organized crime.

French authorities charged twenty-five people, among them six minors, last week in connection with a series of kidnappings and attempted abductions in the country. The attempted kidnapping of the daughter and grandson of the Paymium crypto exchange CEO, Pierre Noizat, on May 13 drew the attention of authorities.

In an online footage, several masked men attacked the pregnant daughter of Noizat and her husband during the day in the streets of the French capital’s hip 11th district. The suspects fled the scene after the family put up a resistance, with support from a local with a fire extinguisher. 

David Balland, a co-founder of crypto-wallet developer Ledger, was kidnapped with his wife in January this year, and Balland’s finger was severed in the process. Paris public prosecutor Laure Beccuau reported that Balland and his wife were separated and taken to different locations. The kidnappers later made contact with the other Ledger co-founder, demanding a ransom in cryptocurrency, which was paid to them. 

French daily Le Parisien reported that Bajjou, the suspected criminal mastermind, is a native of Le Chesnay, west of Paris, and was the main suspect in the abduction of David Balland and his wife in January. Balland’s crypto firm is valued at $1 billion. 

Lawyer Ambroise Vienet-Legue, a defendant of an 18-year-old suspect in the Nantes case, reported that the case was characterized by young people attracted by cash and ended up in a situation beyond their control. He added that most suspects were born in France, Angola, Senegal, and Russia. He pleaded with the court to recognize the defendant’s age and consider protections for minors.

French Minister of Interior’s agreement on measures to tighten security bears fruit 

The French Minister of the Interior, Bruno Retailleau, called a meeting with cryptocurrency stakeholders on May 16 to discuss possible measures for keeping the targeted individuals alive. Retailleau agreed on measures to tighten security following the series of kidnappings. The team also discussed strengthening collaborations with internal security officers to protect professionals. 

French security briefing provided training on preventing cryptocurrency money laundering. The Director General of the National Police and Gendarmerie, Association for the Development of Digital Assets (ADAN) representatives, and other crypto industry stakeholders were present. 

Another Franco-Moroccan individual in his forties who is suspected to be behind the abductions has yet to be captured. He is alleged to be the online recruiter of the young men to carry out the heinous acts in exchange for cash. There are two police warrants issued for his arrest, including attempted murder in 2023 and the kidnapping of a crypto entrepreneur’s mother the same year.  

Jameson Lopp, co-founder of the Bitcoin security company Casa, said that investors and executives are forced to take their wallets offline for safety, and most wrench attacks target high-profile people. 

Reportedly, over 97,000 Coinbase customers’ personal information has been leaked online, with data likely stolen by bribed contractors or customer support employees. The company revealed that it rejected a $20 million ransom demand from fraudsters claiming to possess customer personal data.

Unfortunately, this data breach could expose more users to targeted crypto theft. 

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