A crypto trader involved with creating content on TikTok was kidnapped in France on Friday night and released on Saturday following the undisclosed extortion demands.
French media outlet Europe 1 reported the incident on Sunday. The 26-year-old individual, returning home to Juvisy-sur-Orge in Northern France, was abducted by four suspects who extorted 50,000 euros (approximately $57,000) worth of cryptocurrency.
TikTok creator lacked crypto funds
According to reports, the kidnappers forcibly took the trader into their vehicle and assaulted him during the incident.
The victim was released on Saturday after revealing he could not raise the demanded funds. Observers noticed his cryptocurrency wallet’s balance, reportedly an extremely low amount, failed to meet the Extortionists’ expectations.
France’s Organized and Specialized Crime Division is examining the incident. The victim has received six days of French work incapacity benefits.
Rising trend of crypto kidnappings
Educated estimates suggest the number of cryptocurrency-related kidnap-for-ransom cases in France has significantly increased this year, prompting security discussions at the highest levels of government. This surge has reportedly led to a meeting between French authorities and the country’s crypto business elite.
A recorded attempt on May 13 pinned to Pierre Noizat, the co-founder and CEO of Paymium, saw assailants targeting his daughter and grandson.
Separately, law enforcement intervened in Paris on May 3 to prevent a kidnapping plot; a father of a crypto entrepreneur was held for several days, subjected to torture resulting in amputation, as investigators say the demand was up to 7 million euros ($7.8 million).
Law enforcement response
According to reports from France 24 (June 11), French police connected to the abduction of the crypto entrepreneur’s father have made several additional arrests.
Related: Chainalysis CEO offers a clue into recent spate of Paris crypto attacks
A week prior, on June 4, a key figure allegedly involved in several French crypto abductions was arrested in Morocco.
On May 31, the Paris public prosecutor’s office charged 25 individuals. According to official statements, these individuals were linked to multiple plots targeting prominent figures within the cryptocurrency industry and their families.
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