Crypto TikToker freed after kidnappers find empty wallets

A crypto trader who creates content on TikTok was reportedly released a day after being kidnapped in France on Friday when the abductors discovered he didn’t have enough funds to cover their extortion demands. Four assailants had forced the victim into a stolen vehicle as part of a €50k kidnapping plot.

According to a report on Sunday by French radio station Europe 1, the 26-year-old TikToker was grabbed on Friday night while returning home to Juvisy-sur-Orge in Northern France. The kidnappers forced the victim into a stolen vehicle, where they reportedly harmed him physically.

France sees a surge in crypto-related kidnappings

The kidnappers demanded over €50k ($57k) in digital assets for his release. The crypto trader, who has 40k followers on TikTok, was released on Sunday after he revealed he couldn’t pay and showed the kidnappers the low balance in his account.

According to Europe 1, France’s Organized and Specialized Crime Division is currently investigating the incident, and the trader has been given six days of French work incapacity benefits. France has experienced a rise in crypto kidnappings this year, which has prompted the country’s interior minister to meet with crypto entrepreneurs to address rising security concerns.  

“If you’re in crypto and still flaunting it online, you’re not just stupid, you’re putting your family in danger.”
–Michael Englander, CEO of Plasbit.

On May 13, assailants attempted to kidnap the daughter and grandson of Pierre Noizat, the co-founder of the French crypto exchange Paymium. The daughter and passersby reportedly fought off three masked men as they tried to force the victims into a waiting van. 

Police said that an accompanying male partner was assaulted when he tried to intervene, but Noizat’s daughter resisted and managed to take one of the guns of the assailant in a scuffle and throw it away. The Paris public prosecutor’s office also charged 25 individuals on May 31 who were connected to multiple plots targeting prominent crypto figures and their families, including the failed May 13 abduction attempt in Paris 11th arrondissement.

French authorities also freed the father of a crypto entrepreneur on May 3, who was held for several days and had his finger severed as part of a €7 million ($7.8 million) kidnapping plot. According to state-owned media outlet France 24, the police reportedly made more arrests on June 11 in connection with the abduction of the crypto entrepreneur’s father.

David Balland, co-founder of crypto hardware wallet manufacturer Ledger, was abducted from his home in central France during the early hours of January 21. The crypto mogul was held captive until a police operation the following night secured his release.

France introduces legislation to tackle increased kidnapping attacks

On June 13, a new bill meant to improve the personal security of French crypto entrepreneurs was drafted and filed in Paris. French officials are now taking concrete steps to strengthen the confidentiality of the personal details of the executives and their families while trying to maintain a balance between security and transparency.

One proposal to remove the addresses of owners and managers of crypto firms from official trade registers has gained support among politicians in Paris. It was alleged that the kidnappers may have used the files to identify the places of residence and their victims. On June 11, French Justice Minister Gerald Darmanin announced a new decree to implement the demanded change swiftly.

French lawmaker Paul Midy from the center-right Renaissance Party submitted a bill in June designed to protect the privacy of business leaders by deleting their addresses from publicly available company records. Midy wants to restrict access to the data that is currently freely accessible on online platforms.

Jameson Lopp, co-founder of self-custodial firm Casa, has created a list on GitHub recording dozens of offline crypto robberies, with 22 incidents of in-person crypto-related theft so far this year. A study by the University of Cambridge revealed that the so-called wrench attacks are often underreported due to revictimization fears and involve a diverse group of attackers ranging from organized crime groups to friends and family.

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