France rounds up 25 suspects in reaction to rising crypto abduction cases

Authorities in France have charged 25 individuals, including minors, in connection with the kidnappings and attempted abductions of high-profile cryptocurrency industry figures in the country. Local news outlet Le Monde shared the report, citing an announcement from the Paris public prosecutor’s office.

According to previous reports, there has been an increase in the number of crypto-related kidnappings targeting prominent crypto personalities and their relatives since the beginning of the year in Paris. The prosecutor’s office mentioned that the suspects are between the ages of 16 and 23, with about six minors in the mix.

The report mentioned that 18 suspects have now been placed in pre-trial detention, three have requested a deferred hearing, while four remain under judicial supervision.

France charges 25 suspects in connection with crypto-related kidnappings

According to the report, the investigation centers on the botched abduction attempt in Paris’ 11th arrondissement, which occurred on May 13. The targets were the daughter and grandson of Pierre Noizat, the CEO of the French cryptocurrency exchange Paymium. Although the assailants were able to escape after the failed attempt, they did enough to leave visible damage in their wake, with the husband of the target being hit on the head and eyewitnesses mentioning that blood was everywhere.

Authorities mentioned that that was not the first crypto-related kidnapping attempt, with a similar failed attempt being staged the previous day, and the police foiling one some days later. The suspects, according to the report, were from diverse backgrounds, including individuals born in the Paris region, Châtellerault, Senegal, Angola, and Russia.

According to the defense attorneys, most of the suspects were young, describing them as “young profiles lured by money and caught in a situation beyond their control.”

The Paris case is not the first, as it is part of a rise in crypto-related kidnappings across the country this year. Several high-profile individuals have been affected by the ongoing menace, including Ledger co-founder David Balland and his partner.

Another one occurred on May 1, which involved the father of a crypto millionaire in the city. The criminals were said to have carried out brutal attacks on the father, mutilating him to force his son to pay the ransom for his release. Investigators also say the case is linked to the current wave of attacks.

French minister convenes urgent meeting, insurance companies to cover risks

According to the police, while they have been able to apprehend some of the goons used in wreaking this havoc, the mastermind behind the operations remains unidentified. The incident has also drawn national attention, with France’s Interior Minister Bruno Retailleau meeting with crypto industry professionals to discuss protective measures.

The ministry later released a memo mentioning enhanced cooperation between law enforcement and crypto firms, including home security checks conducted by the police and gendarmerie officers.

Meanwhile, insurers are developing new protections aimed at the growing physical threat against their clients in the target demography. According to a report by NBC News, more than three firms specializing in crypto insurance and security are now preparing tailored kidnap and ransom (K&R) policies for cryptocurrency investors.

At the same time, crypto executives and investors have been seeking personal security services for their protection.

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