A disturbing wave of kidnappings and attempted abductions targeting high-profile figures in France’s cryptocurrency sector has led to the charging of 25 suspects, including six minors, according to prosecutors in Paris. The chilling developments have prompted urgent action from French authorities, raising alarm over the personal safety of crypto entrepreneurs whose fortunes and fame have made them targets for organised criminal groups.

A Coordinated Crime Wave Across France

The Paris public prosecutor’s office announced that the suspects, aged between 16 and 23, face charges of “attempted kidnapping by an organised gang”. Of the 25, eighteen are currently in pre-trial detention, while others remain under judicial supervision or await deferred hearings.

The most recent case unfolded on 13 May in eastern Paris, when the daughter, son-in-law and grandchild of Pierre Noizat, CEO of the cryptocurrency platform Paymium, were violently attacked in a broad daylight abduction attempt. The brazen act, caught on video and widely shared on social media, showed four masked assailants targeting the family in the capital’s 11th arrondissement. All three victims sustained minor injuries and were later hospitalised.

Noizat later hailed his son-in-law and a bystander who intervened with a fire extinguisher as heroes for thwarting the kidnapping. The attack came just a day after a failed initial attempt on the same targets, illustrating a chilling determination among the perpetrators.

From Paris to Nantes: Plots Uncovered

As police pursued leads related to the Paris attack, they uncovered a broader criminal operation – including a disrupted abduction plan near the city of Nantes. This foiled attempt led to the arrest of over 20 suspects connected to both the Noizat family plot and the planned kidnapping in western France.

The suspects include not only those believed to have physically carried out the attacks but also individuals suspected of overseeing logistics and planning. Most were born in France, while others originate from Senegal, Angola, and Russia. Legal representatives have described the accused as impressionable and motivated by financial allure, with some deeply regretful of their involvement.

“My client admitted to being a fuse in a criminal machine,” said Ambroise Vienet-Legue, lawyer for an 18-year-old implicated in the Nantes operation. Other legal teams emphasised the youth of several suspects, with courts reportedly mindful of legal protections for minors in their pre-trial rulings.

Balland Abduction Set a Dangerous Precedent

This disturbing trend began in January with the brutal kidnapping of David Balland, co-founder of the prominent French crypto company Ledger, then valued at over $1 billion. Balland and his partner were abducted by criminals who severed one of his fingers to access crypto wallets and demanded ransom. He was released the following day, while his partner was discovered bound in a car boot outside Paris.

The Balland case was a grim wake-up call for France’s crypto industry and law enforcement, highlighting the vulnerabilities of digital asset leaders in a market where financial value is often tied to personal security.

Government Response and Industry Concerns

In response to the recent escalation, French Interior Minister Bruno Retailleau convened an emergency meeting in mid-May with key cryptocurrency figures. The meeting aimed to assess the risks facing the industry and outline strategies to enhance security for crypto executives.

The French government is now working on increased protective measures, though specific details remain undisclosed. This response underscores both the seriousness of the threat and the need for comprehensive safeguards in an industry that has, until recently, operated in a relatively unregulated and decentralised environment.

As France continues its investigation and prosecution of those involved in these coordinated attacks, the nation’s cryptocurrency entrepreneurs are left to grapple with a sobering reality: success in the digital finance world may now come with life-threatening risks in the real one.