France foils new crypto kidnapping plot, arrests over 20: source

A price chart on the Bybit website for the cryptocurrency Ethereum is seen on a computer screen in New York on Friday evening, Feb. 21, 2025. (AP Photo/Patrick Sison)

PARIS, France — France has foiled the latest in a spate of kidnapping plots targeting cryptocurrency entrepreneurs, and detained more than 20 people over that attempt and another against crypto boss Pierre Noizat’s family, a police source said Tuesday.

The new kidnapping attempt, near the western city of Nantes, was foiled on Monday before it was carried out, the police source said, without providing further details.

It came after a series of attempted abductions targeting cryptocurrency traders and their families, prompting one prominent crypto entrepreneur to call on authorities to “stop the Mexicanisation of France”.

Authorities on Monday and Tuesday arrested 24 people as part of a probe into the Nantes abduction attempt, as well as an investigation into the attempted kidnapping in mid-May of Noizat’s pregnant daughter and young grandson.

Noizat is the CEO and co-founder of Paymium, a French cryptocurrency exchange platform.

“The entire commando unit was arrested,” said the police source, referring to the attack on Noizat’s family.

The public prosecutor’s office said it would issue a statement at a later date, probably on Friday.

In an interview with BFM television, Noizat has praised his “heroic” son-in-law and a neighbour armed with a fire extinguisher, who thwarted the attempted kidnapping in broad daylight in the heart of Paris.

The kidnappings have raised concerns about the security of wealthy crypto tycoons, who have notched up immense fortunes from the booming business.

‘Rise in kidnappings’

French authorities have also been investigating the May 1 abduction of a crypto-millionaire’s father who was later rescued by police.

The victim, for whom a ransom of several million euros was demanded, was freed after being held for more than two days, in a raid on a house outside Paris.

Six people have been charged in connection with that kidnapping.

Five of them -- aged 18 to 26 -- were being prosecuted for organised extortion, kidnapping and false imprisonment involving torture or acts of barbarity by an organised gang, Paris prosecutor Laure Beccuau said in early May.

On January 21, kidnappers seized French crypto boss David Balland and his partner. Balland co-founded the crypto firm Ledger, valued at the time at more than $1 billion.

Balland’s finger was cut off by his kidnappers, who had demanded a hefty ransom. He was freed the next day, and his girlfriend was found tied up in the boot of a car outside Paris.

At least nine suspects have been charged in that case, including the alleged mastermind.

Ledger co-founder Eric Larcheveque, who received a ransom demand when Balland was kidnapped, urged authorities to “stop the Mexicanisation of France”.

Mexico has been plagued by drug-linked murders and disappearances for decades.

“For several months now, there has been a rise in sordid kidnappings and attempted kidnappings. In broad daylight. In the heart of Paris,” Larcheveque said on X.

“Today, to succeed in France, whether in crypto-assets or elsewhere, is to put a target on your back.”

In mid-May, Interior Minister Bruno Retailleau held an emergency meeting with crypto currency leaders, with the ministry announcing plans to bolster their security.