French police arrested over 20 people in connection with a dozen kidnapping schemes. In reality, these plots specifically targeted cryptocurrency entrepreneurs and their families. These arrests come on the heels of some shocking incidents in Paris and the region of Nantes. These incidents, including failed attempts to kidnap prominent figures and their family members, have raised significant security questions in the emerging and expanding digital currency ecosystem.
On May 1, something dramatic happened across Paris. He saw his son—whose crypto holdings exceeded $1 billion—beaten and dragged away by men dressed in balaclavas. Fortunately, police were able to find and save him within hours of his kidnapping. Just weeks later, on May 13, a masked gang attempted to abduct the daughter of a crypto mogul. They even threatened her small grandson out in the metropolis. The criminals had initially demanded a ransom of €10 million to free the latter. Thanks to law enforcement’s immediate involvement, both victims were recovered within 48 hours.
David Balland, co-founder of Ledger, was one of them. At the beginning of this year, he and his wife were kidnapped from their house in central France. Accounts suggest that throughout the course of his kidnapping ordeal, Mr. Balland endured life-threatening injuries including having a finger amputated. Six of the men and one woman were accused of conspiracy in the May kidnapping attempt on his daughter and grandson.
French media is reporting that as of this morning, authorities have arrested or detained 24 people. Today’s announcement is an extension of their highly regarded and important ongoing investigations into these crimes. Prosecutors and police are remaining vigilant following the kidnapping attempts in Nantes and Paris. They have made it their mission to protect all those engaged in the crypto sphere from any and all future intimidation.
French Interior Minister Bruno Retailleau underlined the government’s willingness to counter these heinous crimes with utmost seriousness. He stated that the “entire state apparatus” was “fully mobilised to track down the perpetrators and instigators of this violence and put them out of action.”
The wave of kidnappings has drawn attention to the need for better protection for crypto executives and their families. Retailleau promised to strengthen protection prevention efforts. There is increasing alarm that people are being targeted within the lucrative digital currency industry.
Despite evidence to the contrary, authorities point to an increase in child kidnappings. They connect this disturbing trend to the increasing value and popularity of cryptocurrencies. To this end, they have found themselves tracking links between these incidents and OCGs (organised criminal groups) that are trafficking persons into France.