French Crypto Kidnappings Prompt Increased Security Measures and Arrests in Paris

French authorities have detained over 12 individuals connected to two prominent kidnapping cases involving cryptocurrencies in Paris, according to local reports. Among those taken into custody are some minors, with accusations including kidnapping, attempted kidnapping, and conspiracy to commit crimes, as reported by Le Parisien. Investigations suggest that a criminal organization may be behind these incidents, with social media being utilized for recruitment efforts. One such attempted kidnapping occurred on May 13, targeting the daughter and grandson of Pierre Noizat, co-founder and CEO of crypto exchange Paymium, but was thwarted during the daylight attack thanks to the victim's resistance and bystanders. Additionally, earlier in May, authorities rescued the father of a crypto marketing entrepreneur who was kidnapped for a ransom estimated between €5 million and €7 million. While no arrests have yet been made in connection with the failed kidnapping of Noizat’s family, six suspects linked to the other case have been identified and detained, including the alleged perpetrators. The co-founder of Ledger, David Balland, was also kidnapped earlier this year, with demands for crypto ransoms, and was rescued days later. To bolster security amid these threats, France's Interior Minister has increased protection measures for crypto entrepreneurs and their families. A GitHub profile reveals at least six crypto-related ransom crimes in France this year, with three occurring in Paris. Many industry leaders are hiring security professionals to safeguard themselves from such threats.