France Boosts Security for Crypto Entrepreneurs After Kidnapping Wave

Crypto entrepreneurs and their families in France are set to receive enhanced security measures following a series of kidnapping incidents targeting individuals in the crypto sector. The new measures, introduced by France’s Interior Minister Bruno Retailleau, include priority access to police emergency lines, home security assessments, and safety briefings from French law enforcement to ensure best practices are being followed. These steps are part of a broader effort to counter the recent wave of attacks and protect the industry.

The latest incident occurred on May 13, when assailants attempted to abduct the daughter and grandson of Pierre Noizat, CEO of the French crypto platform Paymium. Fortunately, they managed to fend off the attack, which occurred in broad daylight. The assailants tried to force the pair into a waiting van, but Noizat’s daughter managed to take one of the guns off an assailant and throw it away, according to local police.

On May 3, Paris police freed the father of a crypto entrepreneur who was held for several days in connection with a 7 million euros ($7.8 million) kidnapping plot. In January, the co-founder of crypto hardware wallet provider Ledger, David Balland, was abducted from his home in central France during the early hours of Jan. 21. He was held captive until a police operation on the night of Jan. 22 secured his release. Retailleau believes the incidents were likely connected.

Law enforcement officers will also undergo "anti-crypto asset laundering training” as part of the enhanced security measures. Retailleau met with several local leaders from the crypto industry to discuss the measures following three crypto-related kidnapping incidents in recent months. The incidents have raised concerns about the safety of crypto entrepreneurs and the potential impact on the industry's growth.

The government's response to these incidents has been swift and decisive, with new security measures being deployed to protect crypto entrepreneurs. The finance ministry's actions reflect a broader commitment to ensuring the safety of individuals in the crypto industry and maintaining France's reputation as a secure and stable environment for technological innovation. The community's resilience in the face of these challenges demonstrates a collective determination to overcome these obstacles and continue to thrive in the crypto sector.