French Police Arrest Kidnappers Who Demanded Over $5M for Crypto Millionaire’s Father

French authorities have successfully rescued the father of a cryptocurrency millionaire who was kidnapped during a raid late Saturday night. According to a local media report, the victim, whose identity was not disclosed, was held in a Paris suburb.

“The victim appears to be the father of a man who made his fortune in cryptocurrencies, with the crime involving a ransom demand,” the prosecutor’s statement said.

Details of the Kidnap

On mid-morning Thursday, four men wearing ski masks reportedly abducted the man and bundled him into a delivery van. The kidnappers demanded a ransom of between €5-7 million (approximately $5.4 million-$7.5 million) for this release.

The officials also disclosed that the kidnappers had severed one of the victim’s fingers. All five attackers, including the driver of the vehicle used in the abduction, have been arrested by French police. They were all in their 20s.

According to the victim’s wife, her husband and son own a cryptocurrency marketing firm based in Malta. She revealed that they had previously been targeted by individuals making threats. Notably, they did not pay any ransom before police rescued the victim.

The authorities highlighted that they are probing the suspects for conspiracy to commit unlawful imprisonment, kidnapping, torture, blackmail, and armed extortion.

Similar Incidents

This violent crypto-related crime highlights the growing physical threat faced by prominent crypto figures and their families. The latest incident follows a recent abduction of David Balland earlier this year. Balland, the co-founder of the crypto firm Ledger, also had his finger mutilated by the kidnappers, who demanded a hefty ransom.

He was freed the next day, and his girlfriend was found tied up in the trunk of a car in a Paris suburb. Seven suspects are under criminal investigation in that case, and the charges carry a potential life sentence.

Also, earlier in January, a 56-year-old man was found in the boot of a car near the city of Le Mans. Several news outlets reported he was the father of a crypto-influencer based in Dubai who boasted online of his profits. The man was freed after a ransom was paid.