French Officials to Confer with Crypto Leaders Amid Increasing Kidnapping Risks

France’s Interior Ministry is set to engage with prominent figures in the cryptocurrency sector on May 16 in response to a troubling increase in kidnappings aimed at those involved in digital assets, as reported by Le Monde on May 14.

Interior Minister Bruno Retailleau indicated that the focus of this meeting will be on enhancing security measures and awareness among businesses in the industry. He emphasized the necessity for firms to recognize the associated risks and to better shield themselves from potential threats.

Retailleau mentioned:

“I will bring together cryptocurrency industry professionals at the Interior Ministry to collaborate on their security and ensure they are aware of the risks they face. We need to work together to implement protective measures.”

He also noted that law enforcement agencies are ready to pursue criminals beyond national borders if required.

### Significant Crypto Kidnappings

This initiative follows a recent attempted kidnapping of a French cryptocurrency executive’s daughter and grandson.

Footage shared on social media displayed three masked individuals approaching the victims, who suffered only minor injuries. The attackers fled after the victim’s husband intervened, leaving their vehicle behind in the process.

Reports indicate that the target was the daughter of the CEO and co-founder of Paymium, a leading cryptocurrency exchange in France.

This incident reflects a larger trend related to physical assaults on cryptocurrency owners, commonly referred to as “wrench attacks,” where threats or violence are employed to gain access to wallets or coercively transfer assets.

One of the most alarming incidents in France involved David Balland, co-founder of Ledger, and his partner, who were reportedly subjected to torture and held for ransom. During this harrowing experience, Balland had a finger severed.

Similar crimes have been reported in the United States, where three teenagers allegedly kidnapped a man in Las Vegas, absconding with $4 million worth of cryptocurrency and NFTs. The victim was subsequently abandoned in a desolate area of the Arizona desert.