French authorities have apprehended multiple suspects connected to a dramatic kidnapping incident involving the father of a prominent cryptocurrency entrepreneur, according to Shib ($SHIB ) The abduction took place in May in Paris’s southern 14th arrondissement, where witnesses reported seeing four masked men forcefully abduct the victim in broad daylight, pushing him into a delivery van.
During the harrowing ordeal, the kidnappers demanded a ransom of up to €7 million (approximately $8 million). To pressure the victim's family, the abductors reportedly severed one of his fingers. The victim was eventually rescued by a police tactical unit from a suburban house on the outskirts of Paris.
While authorities have yet to disclose the exact number of arrests or their locations, French law permits the detention of suspects for up to 96 hours before formal charges are filed. This case adds to a disturbing rise in crypto-related abductions in France, which law enforcement officials say have increased in frequency over recent weeks.
The incident bears striking similarities to a previous case involving David Balland, co-founder of crypto security firm Ledger, and his wife. In that case, the perpetrators sent Balland’s severed finger to prove their demands were serious. A key suspect in that case, 24-year-old Badiss Mohamed Amide Bajjou, believed to be the mastermind behind multiple such attacks, was recently arrested in Tangier, Morocco.
As physical threats against cryptocurrency investors grow more frequent and violent, the insurance industry is taking notice. Specialized firms are now developing tailored Kidnap & Ransom (K&R) insurance policies, offering enhanced physical protection and crisis response for high-net-worth individuals in the crypto space.
