French Police Rescue Kidnapped Father of Crypto Millionaire Amid Rising Abductions

Four suspects have been arrested after the father of a cryptocurrency millionaire was kidnapped in central Paris and later rescued. This incident is part of a troubling trend, marking the third abduction related to the crypto sector in France this year.

French law enforcement successfully rescued the father of a wealthy cryptocurrency entrepreneur after he was kidnapped by four assailants in central Paris. The attack occurred in broad daylight on Thursday, when the unidentified man was forcibly taken and placed into a delivery van. Authorities received reports of the incident and moved quickly, ultimately leading to the man's recovery from a location in Palaiseau, a suburb south of the capital.

Upon rescue, it was reported that the victim had already suffered severe trauma, including the loss of a finger. His kidnappers had reportedly demanded a ransom between 5 to 7 million euros (approximately £4.2 to £5.9 million) from his affluent son for his release. The investigation was aided significantly by tracking phone signals, allowing police to pinpoint the location where the man was held captive.

The recent kidnapping incident underscores a troubling pattern: this marks the third abduction linked to individuals in France's burgeoning cryptocurrency industry in just a few months. Earlier this year, David Balland, a co-founder of the cryptocurrency firm Ledger, along with his wife, fell victim to a similar crime at their home. They were fortunately rescued shortly thereafter, although not without significant injury, as Mr. Balland also had a finger severed during the ordeal. In that case, the kidnappers had sought an exorbitant ransom of 10 million euros (£8.5 million), ultimately leading to the arrest of seven suspects.

Additionally, in January, a 56-year-old man kidnapped near Le Mans was found alive after extortion attempts were made on him due to his son’s status as a cryptocurrency influencer living in Dubai.

In light of these rising incidents associated with crypto-related abductions, French Interior Minister Bruno Retailleau expressed his gratitude towards the police for their decisive action in this recent rescue, commending their "exceptional job." As the cryptocurrency sector continues to grow, concerns regarding the security of individuals involved are becoming increasingly salient, prompting discussions on how authorities might better protect those at risk.