France Boosts Security for Crypto Executives After Kidnapping Surge

France has intensified security measures for cryptocurrency executives and their families in response to a recent surge in kidnapping attempts. Interior Minister Bruno Retailleau announced on May 16 that the government is taking a coordinated approach to combat what he described as a growing threat to industry leaders. This decision comes after a series of violent attacks and kidnapping attempts targeting prominent figures in the crypto sector, where criminals have demanded cryptocurrency payments in exchange for their victims' freedom.

The latest incident occurred earlier this week in central Paris, where masked men attempted to kidnap the daughter of Pierre Noizat, head of French crypto exchange Paymium. Fortunately, the attempt was thwarted, but it marked the third serious attack on a crypto executive in France this year. In a particularly harrowing case from last year, David Balland, co-founder of cryptocurrency storage wallet firm Ledger, was kidnapped along with his wife. The couple was held for ransom, and Balland was brutally assaulted, including being mutilated, before being rescued by police. Ten suspects were arrested, some of whom had demanded cryptocurrency in return for their freedom.

Éric Larchevêque, one of the founders of Ledger, attended a high-level meeting with Retailleau and representatives from the police. He emphasized the severity of the threat, noting that out of around 50 attacks known to have been endured by crypto bosses globally in the past year, 14 occurred in France alone. “France has become the epicenter for crypto kidnappings,” Larchevêque stated, and welcomed the government’s proactive measures to counter this alarming trend.

In response to these incidents, government officials are developing a comprehensive plan that includes direct protection for vulnerable individuals, enhanced cooperation between crypto companies and law enforcement agencies, and specialized training for police departments dealing with digital finance crime. Additionally, legal reforms are being examined to increase punishments for technology-targeted violence and ransom payments in cryptocurrency. These measures aim to address the growing threat to the crypto sector, which continues to attract wealth and innovation.

The French government's actions are seen as a model for other regions facing similar threats, marking the beginning of a new era of security consciousness in the cyber world of finance. By prioritizing the safety of crypto entrepreneurs, the government aims to promote innovation while ensuring public safety. This initiative is part of a broader effort to support the growth and development of the crypto industry, positioning France as a leader in the global cryptocurrency landscape.