Market News

French Police Take Action: Kidnappers of Crypto Millionaire's Father Arrested

French police successfully rescued a kidnapping victim over the weekend, escalating concerns over violence linked to cryptocurrency wealth.

The victim, who has not been publicly named, is believed to be the father of a crypto millionaire and was abducted for a ransom demand between €5-7 million.

Reports indicate that the kidnappers resorted to extreme measures, including severing one of the man's fingers, mirroring other violent incidents involving crypto millionaires.

Four masked assailants reportedly forced the victim into a delivery van in broad daylight while he was walking in Paris.

Police apprehended the alleged kidnappers, all in their 20s, along with a fifth accomplice who served as the getaway driver.

The victim's family had previously experienced threats related to their crypto business, according to a police source.

Fortunately, no ransom was paid prior to the successful rescue of the victim.

This incident sheds light on the increasing trend of violent crimes associated with cryptocurrency fortunes, raising alarms among investors.

Earlier this year, a similar incident involving a Canadian crypto investor highlighted the dangers, as the victim was wrongly believed to possess far more crypto than he actually did.

As cryptocurrency gains popularity, so does the risk of extortion and violence, pressing the need for enhanced security measures within the sector.