Surge in Crypto Kidnappings Targets Bitcoin Millionaires in France

Surge in Crypto Kidnappings in France

France is witnessing an alarming rise in kidnappings specifically targeting individuals with significant cryptocurrency holdings. Known as “crypto kidnappings,” these violent crimes involve criminals abducting victims to demand ransom payments in digital currencies. As these incidents escalate, the French crypto community is growing increasingly concerned for their safety.

One of the most disturbing cases involved David Balland, co-founder of the cryptocurrency firm Ledger, who was abducted along with his wife in central France. The kidnappers severed one of Balland’s fingers and demanded a ransom of €10 million in Bitcoin. The couple was ultimately rescued by French authorities, but this high-profile case highlights the risks now associated with being a cryptocurrency millionaire.

This surge in crypto-related kidnappings is not only affecting high-profile entrepreneurs but also ordinary investors, particularly those holding significant Bitcoin or other digital assets. The increase in these attacks has created a sense of fear and vulnerability, with many in the crypto space now taking extra precautions regarding their personal security.

Government Response and Industry Concerns

In response to this rising threat, French authorities have begun taking steps to address the issue. The French Interior Minister has convened meetings with cryptocurrency leaders to discuss how to improve security measures and protect individuals involved in the industry. The government has pledged to provide enhanced protection, including priority access to emergency services and home security upgrades for high-net-worth crypto holders.

Despite these government measures, many in the cryptocurrency sector remain skeptical. Benjamin Cohen, a well-known crypto entrepreneur, shared his decision to move to Canada after receiving threats and experiencing an unsettling incident at a Paris crypto event. He expressed concerns over the adequacy of the government’s actions and the continued safety risks for those in the crypto space.

This wave of crypto kidnappings is stirring broader discussions about the need for stricter regulations in the crypto industry, as well as stronger enforcement to ensure the safety of investors.