Quick overview

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The French government charged 25 individuals, including six minors, in connection with a series of kidnappings and attempted kidnappings linked to the nation’s crypto industry.

According to a May 31 announcement from the Paris public prosecutor’s office, the group, consisting of individuals aged 16 to 23, is charged with orchestrating multiple schemes targeting prominent cryptocurrency figures and their families.

Four suspects are still under court surveillance, three have requested a postponed hearing, and are currently in pre-trial detention.

The investigation centers on an unsuccessful abduction attempt that occurred in Paris’ 11th arrondissement on May 13, with the targets being Pierre Noizat, the CEO of the French cryptocurrency exchange Paymium, along with his daughter and grandson.

The suspects come from Russia, Senegal, Angola, Châtellerault, and the Paris area. “Young profiles lured by money and caught in a situation beyond their control” is how defense attorneys characterized many of them. The Paris case fits into a larger trend of kidnappings in France this year that are connected to cryptocurrency.

Prominent events include the kidnapping of a crypto millionaire’s father on May 1st, which investigators claim is linked to the current wave of attacks, and the January kidnapping of Ledger co-founder David Balland and his partner. So far, lower-level agents and logistics coordinators have been taken into custody by police, but the plotters’ masterminds remain at large.

National attention has been directed at the growing threat. In mid-May, Bruno Retailleau, France’s interior minister, met with experts in the cryptocurrency sector to discuss safeguards. Later, the ministry announced increased collaboration.