Kidnapped Father of Crypto Millionaire Rescued by French Police 

A man in his fifties, whose son is a crypto entrepreneur, was rescued in a French police raid after being held captive for two days. Seven suspects were arrested in the case, Le Parisien reports. 

The abduction took place on May 1 around 10:30 a.m. in the 14th arrondissement of Paris, in front of several witnesses. Attackers demanded a €5-7 million ransom from his son, who manages a cryptocurrency company based abroad.

Reportedly tortured and having had a finger severed, the victim was taken to the hospital for treatment.

Five suspects were arrested the same day: 

• two inside a house in Palaiseau, 
• two nearby, 
• one near the driver of a vehicle believed to have been used in the kidnapping. 

As the investigation progressed, two more people were arrested.

In total, seven suspects – all in their 20s – are now in police custody.

This crime was reported two and a half months after the kidnapping of Ledger co-founder David Balland and his wife, who were abducted in late January from their home in Vierzon, France.

Criminals took the couple to separate locations and demanded a large ransom to be sent to their digital wallet. The victims were found and released by police after 48 hours.  To pressure the victims’ associates, the attackers mutilated one of Balland’s hands and sent it as a threat.

According to local media, after several weeks of investigation, six men and one woman were charged and imprisoned in the case. The head of the criminal organization was allegedly a 26-year-old man known for a similar kidnapping.

Violent crypto-related crimes have been on the rise. GitHub records compiled by software engineer Jameson Lopp show that attackers often target family members of crypto founders and influencers.

These incidents tend to increase during bullish markets, when crypto prices are climbing.