France arrests over 12 suspects linked to crypto kidnappings: Report

French authorities have arrested more than 12 people who have been linked to two high-profile crypto kidnapping cases in Paris, France, local media reports.

Those arrested include several minors, with charges against them including kidnapping, attempted kidnapping and criminal conspiracy, Le Parisien  reported  on May 26.

French investigators are exploring the possibility that a criminal organization is behind two recent crypto-linked kidnapping cases, with social media networks being used for recruitment.

In one recent alleged kidnapping attempt on May 13, three men  tried to snatch  the daughter and grandson of Pierre Noizat, the co-founder and CEO of French crypto exchange Paymium, in broad daylight in Paris.

That attempt, which bystanders captured on video, shows that the alleged attempt was thwarted as Noizat’s daughter fought back and passersby intervened.

In another case earlier in May, French authorities  rescued the father  of a crypto marketing entrepreneur who was kidnapped and held for a ransom of between 5 million and 7 million euros.

Le Parisien reported that authorities have not yet made any arrests regarding the alleged botched kidnapping of Noizat’s family, but up to six people allegedly tied to the kidnapping of the crypto entrepreneur’s father have been identified and imprisoned, including the alleged kidnappers themselves.

Earlier this year, the co-founder of crypto hardware wallet maker Ledger, David Balland,  was kidnapped  from his home with the perpetrators allegedly demanding crypto. Balland was subsequently rescued by the French police days later.

Security measures beefed up

France’s Interior Minister Bruno Retailleau increased  security measures  for crypto entrepreneurs and their family members residing in France earlier this month after the series of high-profile attacks.

A GitHub  page  created by Jameson Lopp, a cypherpunk and co-founder of self-custodial firm Casa, indicates that six incidents of criminal activity demanding crypto ransom have taken place in France so far this year, with half of the incidents taking place in Paris.

Further, industry executives are bolstering their security by hiring  professional bodyguards  in a bid to deter malicious actors.