Crypto-investors have become the target of a string of kidnappings taking place across France and Western Europe. Police are currently investigating whether or not the cases are linked after freeing the latest victim from a home south of Paris last Saturday. Across the cases kidnappers are demanding ransoms in crypto, likely due to its untraceable and somewhat lawless nature. With demands of around $6 million for the safe return of a loved one, having obvious ties to crypto companies seems to be akin to painting a target on ones back.
The most recent case saw a 60-year-old investor abducted by several men in ski masks who forced him into a van in broad daylight. According to The Guardian, the kidnappers cut off his finger (presumably with a tiny guillotine) to send as ransom to his wealthy son, with whom he co-owns a crypto marketing company. During the ordeal he was held captive for two days while the attackers made their demands. It wasn’t until the armed police raid on Saturday when he was freed, and five men in their 20s were arrested.
“The victim appears to be the father of a man who made his fortune in cryptocurrencies, with the crime involving a ransom demand,” said the state prosecutor in a statement.
But this case is far from unique. On January 21, David Balland, the co-founder of the crypto firm Ledger, and his partner were abducted from their home in central France. The pair were attacked early in the morning and then separated. Balland was taken to a house where he also had a finger mutilated for ransom demands before being saved by a police raid. His partner was found tied up in the boot of a car in a different location not long after.
Not long before that, in late December there was an alleged kidnapping where a Dubai-based French crypto influencer’s father was targeted. This took place in eastern France where the father and his wife and daughter were tied up and thrown in a car. The wife and daughter were later released while the father was later found tied up in a car boot. This is on top of other similar reported events in other parts of Europe.
At least with the mining of popular cryptocurrencies, such as BitCoin becoming beyond unprofitable, hopefully we’ll see less crypto millionaires for these kidnappers to target.
Now Police are investigating whether all these crimes are linked to some sort of higher purpose of conspiracy or if they’re all just perceived as easy targets. A bit like the $65,000,000 worth of cryptocurrency heists that all linked to one guy. Though none of the reported kidnappings seem particularly successful at collecting any ransom, crypto would be a relatively safe way to do it. It’s just about finding someone who’s got enough of it to make it all worthwhile.
Most of the ransoms demanded were between $6 and $10 million dollars worth of crypto, so these attackers are looking for people guaranteed to have their digital wallets well and truly stuffed. And it makes sense, crypto’s lack of accountability does make it a prime target for criminal transactions. While none of the reports here had the ransom paid, if they did the kidnappers could in theory get away scott free with little to no trace. Especially if those receiving the money are several steps separated from the kidnapping portion of the crime.
This no doubt makes anyone advertising their crypto holdings a tasty target for these criminals. If you’re in Europe and you’re rolling in crypto I’d recommend keeping that to yourself for a while. Advertising your holdings seems a bit like the modern day equivalent of wearing fleur-de-lis silk britches in the late 1700’s.
