French authorities are struggling to contain a wave of kidnappings for ransom targeting wealthy individuals in the cryptocurrency industry. This situation not only tarnishes France’s image as a cutting-edge technology hub but also affects the political career of the incumbent Minister of the Interior, who is considered a potential candidate for the upcoming presidential election.
The most recent shocking incident involved the kidnapping of the father of a successful cryptocurrency entrepreneur. According to Interior Minister Bruno Retailleau, after cutting off one of the hostage’s fingers, the kidnappers prepared to drill into his knees to pressure for ransom. Fortunately, French police rescued the hostage in time and arrested seven suspects.
However, this is not an isolated incident. Just days later, another kidnapping occurred in the heart of Paris, targeting the daughter of another crypto entrepreneur. A video taken by a witness showed a struggle between the victim, her husband, and masked assailants. They shouted for help and were assisted by a nearby shopkeeper who used a fire extinguisher, throwing it at the attackers’ car as they tried to escape. The father of the attempted kidnapping victim, Pierre Noizat, founder of the Bitcoin trading platform Paymium, strongly criticized French authorities for “lack of action,” expressing concern that wealthy entrepreneurs in general could become targets if strong measures are not taken.
This crime wave is putting immense pressure on Interior Minister Retailleau, who is striving to build a tough-on-security image to run for the leadership of the conservative Republican party, a crucial stepping stone for his ambitions for the Élysée Palace in 2027. Minister Retailleau has held closed-door meetings with entrepreneurs in the cryptocurrency industry to discuss protective measures. The Ministry of the Interior says it will strengthen security for this group and their families, including security advice from special police units and priority emergency response.
Another crypto entrepreneur, Eric Larchevêque (whose associate was kidnapped for ransom in January), confirmed after the meeting that officials were aware of the severity of the problem. He said that in the past 12 months, there have been 50 attacks targeting people involved in cryptocurrencies worldwide, and alarmingly, 14 of them occurred in France. This shows the emergence of a new type of crime, exploiting the rapid wealth of those involved in the cryptocurrency market.
According to AP News, this situation requires France not only to tighten security but also to raise awareness among people in the industry about the personal security risks associated with financial success.
