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French authorities have arrested 24 individuals suspected of involvement in a series of kidnappings for ransom targeting cryptocurrency investors and their families. At least two of the suspects are minors, and most are under the age of 20.
According to local media reports, judicial police first arrested around ten suspects in a large-scale raid on Monday after the Banditry Repression Brigade (BRB) intercepted an attempted kidnapping of a crypto businessman, whose name has not been disclosed. Another ten suspects were arrested on Tuesday in connection to the attempted abduction of the daughter of a crypto investor.
The arrests were made in connection with two separate investigations into recent kidnapping attempts. The suspects have been charged with “kidnapping and sequestration by an organized gang with acts of torture and barbarity,” “criminal conspiracy,” and “attempted kidnapping by an organized gang,” according to Le Parisien.
The suspects, including several minors, are accused of being the logisticians and operatives who carried out the crimes. An analysis of the ransom transactions from one of the kidnappings reportedly revealed that the suspected mastermind behind them is a 40-year-old French-Moroccan, currently residing in Morocco.Â
The first case occurred on May 1, when kidnappers abducted the father of a crypto millionaire in an attempt to force the son to pay a ransom between five and seven million euro. The kidnappers reportedly cut off one of his fingers. About six suspects were arrested in connection with this case.
On May 13, the 34-year-old daughter of Pierre Noizat, CEO of the cryptocurrency exchange platform Paymium, narrowly escaped being kidnapped in broad daylight in Paris. Video footage of the attempted kidnapping shows three masked men arriving in a van and attempting to abduct her. She resisted with the help of her husband, causing her kidnappers to flee.
These are not the only cases of crypto figures being kidnapped in France. Earlier this year, in a similar case to the kidnapped father, French police arrested ten individuals for kidnapping David Balland, the co-founder of the cryptocurrency exchange Ledger, and his wife. The couple was rescued within 48 hours of being kidnapped from their home, after which the kidnappers took them to two separate addresses.
While he was held captive, Balland’s kidnappers mutilated his hand and demanded a ransom in cryptocurrency from Ledger co-founder, Eric Larcheveque.
Following the kidnapping attempt of Noizat's daughter, Bruno Retailleau, the French Minister of Interior met with Noizat, alongside other crypto businessmen to discuss the increased security threats facing crypto investors.
“These issues go beyond cryptoassets. They concern all entrepreneurs, and more broadly, all French people fighting for their future. No one should have to hide or fear for their integrity simply because they've succeeded,” Larchevêque said in a post on X.
In a separate post, Larchevêque described the kidnappings as “the Mexicanization of France.” He called for zero tolerance for acts of violence and fast, firm, and clear justice, adding that "we don't have to apologize for being successful.
In other news of bizarre, crypto-related crimes, an American crypto investor was arrested for his involvement in kidnapping and torturing an Italian tourist for weeks in an attempted extortion to force him to reveal the password to his Bitcoin wallet.Â
William Duplessie, 32, turned himself in on Tuesday, three days after his accomplice crypto investor John Woeltz was indicted. The pair allegedly beat and electrocuted the victim for weeks after he refused to hand over the password to his crypto account. The Italian victim was able to escape from the Manhattan townhouse they had held him in last Friday.
