France To Bolster Security For Crypto Execs After Violent Attacks

French authorities are looking to provide extra security for cryptocurrency executives and their families following a series of high-profile kidnappings and attempted abductions.

France’s Interior Minister Bruno Retailleau made the announcement in a statement on Friday, May 16.

His remarks came as France grapples with a wave of violent attacks targeting leading figures in the crypto industry. The most recent incident involved an attempted abduction in central Paris. Authorities now say they are enhancing protection measures for prominent individuals in the sector and their families.

“These repeated kidnappings of professionals in the crypto sector will be fought with specific tools, both immediate and short-term, to prevent, dissuade and hinder in order to protect the industry,” Politico quoted Retailleau.

The Interior Minister’s meeting with leading crypto executives followed the latest kidnapping attempt.

On Tuesday, masked men tried to abduct the daughter of Pierre Noizat, founder and chief executive officer of the crypto exchange platform Paymium. The attempted kidnapping took place in the heart of Paris and follows two other recent attacks against French crypto entrepreneurs and their families.

Earlier this year, ransom-seeking criminals kidnapped David Balland, co-founder of the cryptocurrency hardware wallet maker Ledger. Balland and his wife were rescued in a coordinated police operation, though the executive was hospitalized after suffering finger mutilation during the ordeal.

Authorities arrested 10 people in connection with the kidnapping and violence. The individuals had demanded ransom in crypto.In some cases, those targeted have paid demanded ransom.

Éric Larchevêque, another Ledger co-founder, commented on Friday’s meeting with Retailleau and law enforcement officials, saying it demonstrated that authorities now understand the scale of the threat.

According to Larchevêque, the global crypto industry has recorded approximately 50 attacks on executives and industry participants over the past year. Of these, more than 25%, or 14 incidents, occurred in France, which he referred to as the “ground zero” of crypto kidnappings.