A 26-year-old TikTok crypto trader was kidnapped in France but released after revealing he lacked sufficient funds.
French police are investigating rising crypto-related abductions, including failed and violent ransom plots across the country.
Authorities have arrested suspects, charged 25 individuals, and are coordinating internationally to combat crypto-targeted crimes.
A young crypto trader, who is a TikToker, was freed by his kidnappers, who found out that he did not have the amount of money they wanted. It happened in Juvisy-sur-Orge, which is a northern French suburb where the trader was said to have been targeted on Friday night. The kidnappers were asking for 50,000 euros in digital currency, but released the victim after discovering that he had funds, as noted by Beau's post on X.
https://twitter.com/beausecurity/status/1934222669538316305 Victim Forced into Vehicle and Beaten
According to local media reports, the trader was returning home when four individuals intercepted him and forced him into a stolen car. The victim was reportedly beaten during the ordeal. The attackers intended to extort €50,000 in digital currency, but their plan failed when they found out he did not possess that amount.
The victim was released the following day after showing the assailants the low balance in his crypto account. He currently has around 40,000 followers on TikTok, where he shares crypto-related content. Following his release, the trader received six days of work incapacity benefits under French law.
France’s Organized and Specialized Crime Division has launched an investigation into the case. Authorities are working to identify the suspects and examine how the victim was located and targeted. The investigation continues, with no arrests confirmed as of now.
Rise in Crypto-Related Abductions in France
This incident adds to a growing number of cryptocurrency-related kidnappings across France in recent months. On May 13, assailants attempted to kidnap the daughter and grandson of Pierre Noizat, CEO and co-founder of French crypto exchange Paymium.
In another case, Paris police rescued the father of a crypto entrepreneur on May 3 after he was held for several days. During his captivity, the man reportedly had one of his fingers severed. That kidnapping involved a ransom demand of €7 million (approximately $7.8 million).
French Government Responds to Security Threats
In response to the increasing number of cases, France’s interior minister held meetings with crypto business leaders. These discussions focused on measures to improve personal security for those involved in the crypto sector.
On June 4, one of the individuals was apprehended by the Moroccan authorities, who are held as one of the prime movers behind various abduction schemes that have been taking place recently. In the meantime, on May 31, French prosecutors accused 25 suspects of various kidnapping schemes involving crypto entrepreneurs and their relatives.
The French police, in collaboration with other international forces, are still pursuing the person involved in these kidnappings. Adjusting efforts continue as the government tries to reduce the surge in crimes related to the possession of cryptocurrencies and the exposure on social media.