French Crypto Sector Confronts Rising Threat of Violent Kidnappings

A man was discovered in the trunk of a car, bruised and soaked with gasoline. In separate incidents, a couple was abducted before dawn from their rural home and taken to different locations. On a busy Paris street, a woman was assaulted in broad daylight by assailants attempting to force her into a van.

Over the last six months, these violent kidnappings or attempted abductions in France have all shared a common victim profile: individuals connected to the cryptocurrency sector, often family members of crypto entrepreneurs or influencers.

While criminal activity linked to cryptocurrencies has been increasing worldwide, including in the United States, the recent wave of attacks in France has alarmed many due to its boldness, brutality, and apparent copycat nature. In two notable cases, kidnappers severed a victim’s finger to pressure families and associates into paying multi-million euro ransoms. Authorities also reported threats to inflict further harm, such as drilling into a victim’s knee.

Thanks to police intervention or courageous bystanders, these kidnappings were prevented from fully unfolding. Parisian law enforcement recently detained 24 suspects in connection with the attempted abduction of a crypto entrepreneur’s daughter, an event that was recorded on video and widely shared.

As concern mounts within France’s growing cryptocurrency industry, prominent figures argue that new European regulations on cryptocurrencies may inadvertently be exposing sensitive personal information, enabling criminals to identify and track targets. These industry leaders are urging authorities to revise the rules to enhance protections and are increasing their own security measures.

“Everyone is wondering who might be targeted next,” said Owen Simonin, a French crypto influencer and entrepreneur, who himself faced a terrifying encounter in 2022 when an armed man showed up at his home demanding money.