French authorities have charged 25 individuals in kidnappings related to cryptocurrency, indicating a growing threat.
French law enforcement has taken significant measures against a wave of kidnappings and attempted kidnappings targeting the rapidly growing cryptocurrency sector in the country. Twenty-five individuals, including six minors, have been charged in connection with these brazen plots, raising alarm in the digital assets community.
The arrests highlight a troubling escalation of criminal activity specifically targeting prominent figures in cryptocurrency and their families, a trend that has caught the attention of national authorities and the insurance industry.
The Paris prosecutor announced the charges on May 31, as reported by Le Monde. The accused, aged between 16 and 23, are involved in several schemes. Currently, eighteen suspects are in custody pending trial, three have requested to delay the hearing, and four remain under judicial supervision. The investigation is focused on an attempted kidnapping on May 13 in the 11th district of Paris, where there was an attack on the daughter and grandson of Pierre Noizat, CEO of the French cryptocurrency exchange Paymium. Authorities stated that this was not an isolated case: a similar plot was thwarted the day before, and another occurred near Nantes a few days later.
Widespread social media footage of the incident on May 13 captured four masked assailants attacking Noizat's daughter, her husband, and their child, who fortunately suffered only minor injuries.
The biographies of the suspects are diverse, covering individuals born in the Paris region, Châteauroux, Senegal, Angola, and Russia. Defense attorneys mainly characterize them as 'young people lured by money and caught in a situation beyond their control,' suggesting a recruitment dynamic where financial appeal played a significant role.
This Paris case symbolizes a broader surge of cryptocurrency-related kidnappings across France this year. Among the notable incidents is the January kidnapping of Ledger co-founder David Balland and his partner, as well as the May 1 kidnapping of a cryptocurrency millionaire's father, an event that investigators believe is directly linked to the current wave of attacks.
While law enforcement has successfully apprehended lower-level operatives and logistics coordinators, the masterminds organizing these complex schemes continue to evade capture.
The growing threat has not gone unnoticed at the highest levels of the French government. Interior Minister Bruno Retayau met with cryptocurrency industry professionals in mid-May to develop a strategy for protective measures. Subsequently, the ministry announced an enhanced collaboration between law enforcement and crypto firms, including police and gendarmerie conducting safety checks on homes.
In parallel, the insurance sector is rapidly adapting to this kidnapping environment. Insurers are now developing specialized kidnapping and ransom (K&R) policies aimed at digital asset investors, and at least three companies are reportedly preparing such offerings. Moreover, executives and investors in the crypto industry are increasingly seeking personal security services.
Private firm Infinite Risks International reported a surge in requests for bodyguards and protection contracts for high-profile individuals in the crypto space, underscoring a clear shift towards proactive security measures in response to these growing threats.
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article from the portal: TheCoinrise Media