12 Kidnappers Arrested in Paris Linked to Crypto Ransom Cases

• Over a 12 people arrested in Paris are linked to crypto kidnapping cases, including several minors.
• France boosts security for crypto leaders amid rising ransom kidnappings in Paris.

French authorities have detained more than twelve people in connection with two prominent cryptocurrency kidnapping cases in Paris. Among those arrested are several minors charged with kidnapping, attempted kidnapping, and criminal conspiracy. These arrests followed coordinated raids carried out by the Brigade for the Suppression of Banditry early Monday morning, according to reports from Le Parisien on May 26.

Investigators suspect that a criminal group is behind the recent spate of crypto-linked kidnappings. The group reportedly uses social media platforms for recruitment.

High-Profile Crypto Kidnappings in France Spark Security Concerns

One recent incident on May 13 involved an attempted kidnapping of the daughter and grandson of Pierre Noizat, co-founder and CEO of the French crypto exchange Paymium. The attempt occurred in broad daylight in Paris but was thwarted after Noizat’s daughter resisted and bystanders intervene. Though no arrests have been made so far in that case, authorities are actively investigating.

Earlier in May, French law enforcement rescued the father of a crypto marketing entrepreneur after he was abducted and held for a ransom demand ranging between 5 million and 7 million euros. Up to six individuals linked to this kidnapping have been identified and arrested, including the alleged perpetrators. This marks one of several high-profile kidnappings connected to cryptocurrency in France this year.

David Balland, who co-founded the crypto hardware wallet firm Ledger, was involved in a similar case. The kidnappers struck earlier this year when they took Balland from his home and requested payment in cryptocurrency. Several days after the crime, French authorities rescued him, illustrating just how risky things can be for prominent crypto figures.

France Strengthens Security for Crypto Leaders Amid Rising Kidnappings

To respond to the attacks, Bruno Retailleau, the Interior Minister of France, has better protected the families and companies in the cryptocurrency industry. These enhanced measures aim to protect individuals residing in France who are involved in the crypto industry. The move comes amid growing concerns about physical threats targeting crypto professionals.

A recent GitHub page by Jameson Lopp, co-founder of self-custodial company Casa, notes six recorded incidents of crimes demanding cryptocurrency ransom in France this year. Paris accounted for half of the cases, showing that the capital is especially susceptible. Because of this, many company leaders have brought in professional security teams and personal bodyguards to keep their families out of harm’s way.

French officials are working hard to solve the kidnappings and to avoid further crimes against the crypto community. Because of the increase in violent crimes related to cryptocurrency, more attention is being paid to better protecting cryptocurrency users in France.,