French Authorities Boost Security for Crypto Entrepreneurs Amid Kidnappings

French authorities are enhancing security measures for crypto entrepreneurs due to a rise in kidnappings. Under new initiatives, affected individuals will have priority police access, home assessments, and safety training. Recent kidnappings highlight the urgency of these measures, prompting calls for better police training and community awareness.

In response to a worrying surge in crypto-related kidnappings, French authorities are ramping up security measures for crypto entrepreneurs and their families. A report by Politico on May 16 reveals that these enhanced precautions will include priority access to emergency police lines, home security assessments, and safety briefings from law enforcement to ensure awareness of best practices. This initiative is being led by France’s Interior Minister Bruno Retailleau, who aims to confront the recent wave of attacks on the crypto industry.

“We’re implementing immediate and short-term tools to prevent, dissuade, and protect those in the sector,” Retailleau said, emphasizing the need for proactive responses to these crimes. It’s critical, he added, that police officers also receive training in anti-crypto asset laundering practices as part of this comprehensive security overhaul. The Minister had discussions with local crypto industry leaders to formulate these security strategies following several alarming kidnapping incidents.

The situation escalated dramatically on May 13, when assailants attempted to kidnap Pierre Noizat’s daughter and grandson in Paris. Noizat, who is the CEO of the crypto platform Paymium, reported that they fended off their attackers in a brazen daylight incident. Local police confirmed that Noizat’s daughter managed to disarm one of the assailants during the struggle, averting what could have been a serious crime.

Earlier on May 3, Paris police successfully freed the father of a crypto entrepreneur who had been held captive for several days in a €7 million ($7.8 million) kidnapping scheme. These shocking events follow the January abduction of David Balland, co-founder of the crypto hardware wallet firm Ledger. Balland was taken from his home but was rescued during a police operation shortly thereafter.

Retailleau expressed concerns that this surge in violent targeting is likely interconnected, suggesting a larger trend of organised crime focused on the lucrative crypto market. A database maintained by Bitcoin cypherpunk Jameson Lopp reveals there have been over 150 instances of crypto-related robbery or kidnapping since 2014; notably, 23 of those occurred just this year.

Lopp further pointed out that many kidnappers identify their victims through social media, public gatherings, and industry conferences, stressing the need for individuals to be cautious. He advises against sharing too much personal information online or engaging in peer-to-peer transactions with untrusted parties, along with recommendations to avoid flaunting wealth and wearing marketed crypto apparel.