Crypto Trader Kidnapped in France After Ransom Demand Fails

A crypto trader known for his content on TikTok was recently kidnapped in France, only to be released a day later when his abductors discovered he lacked the funds to meet their extortion demands. The 26-year-old trader was taken on Friday night as he returned home to Juvisy-sur-Orge in Northern France. The kidnappers initially demanded 50,000 euros ($57,000) in cryptocurrency, forcing the trader into a stolen vehicle and subjecting him to physical abuse during the ordeal.

The trader, who has amassed 40,000 followers on TikTok, was released on Saturday after he revealed his inability to pay the ransom and showed the kidnappers the low balance in his account. This incident highlights the growing trend of crypto-related kidnappings in France, which has prompted the country's interior minister to engage with crypto entrepreneurs to address rising security concerns.

In a separate incident on May 13, assailants attempted to kidnap the daughter and grandson of Pierre Noizat, the co-founder and CEO of a French crypto exchange. Additionally, on May 3, the father of a crypto entrepreneur was held for several days and had his finger severed as part of a 7 million euro ($7.8 million) kidnapping plot. French police have made several arrests in connection with these incidents, including the arrest of a key figure behind a series of recent crypto-related kidnappings in Morocco on June 4. The Paris public prosecutor’s office also charged 25 individuals on May 31 for their involvement in multiple plots targeting prominent crypto figures and their families.

The Organized and Specialized Crime Division is currently investigating the incident involving the TikTok crypto trader. The trader has been given six days of work incapacity benefits as a result of the kidnapping. This event underscores the need for enhanced security measures within the crypto community, as the allure of digital assets continues to attract both legitimate investors and criminal elements. The trend of targeting crypto traders and entrepreneurs for ransom is a concerning development that requires vigilant law enforcement and community awareness to mitigate future risks.