A disturbing trend is emerging in the crypto world. Recently, 25 people were arrested in connection with a series of kidnapping attempts targeting crypto figures. Six of those arrested are minors.
The main target was the family of Pierre Noizat, CEO of the crypto exchange Paymium. On May 13, individuals attempted to kidnap Noizat’s daughter and grandson in Paris. The operation was foiled by authorities, but it highlights a growing concern: crypto figures are being targeted in a wave of kidnappings.
This wasn’t the first attempt on Noizat’s family. There were previous attempts, including one near the city of Nantes just days before. The investigation has identified the suspects, who are mostly young adults from France, as well as some from Senegal, Angola, and Russia.
According to a source close to the investigation, the young suspects were hired as “local muscle” by a crime organization based in Southeast Asia. They were paid a mere $10,000 per operation.
France has seen several similar cases recently. In May, the father of a French crypto millionaire was kidnapped. Earlier this year, David Ballard, co-founder of the crypto wallet firm Ledger, was kidnapped along with his wife. In both cases, the kidnappers cut off the victims’ fingers to demand ransom in videos.
The French government is taking these threats seriously. In May, the Interior Minister, Bruno Retailleau, met with members of the crypto community to discuss protection measures.
Currently, 18 of the suspects are in preventive detention, while three have requested a delayed hearing and four are under judicial supervision. The prosecutor hasn’t ruled out more arrests as the investigation unfolds.
While France seems to be the epicenter of these crimes, authorities warn that crypto-related kidnappings are on the rise globally. The US has also seen similar cases recently.
This phenomenon highlights the urgent need for stronger security measures to protect crypto actors and increased coordination between governments to combat transnational crime networks.