Crypto riches turned into a nightmare in Paris, where a father was kidnapped in broad daylight to force his millionaire son into paying a brutal ransom. French police freed a man over the weekend who was in Paris as part of a ransom scheme against his rich son, prosecutors said. The victim, whose identity has not been released, was abducted on Thursday, May 2, in the 14th district of the city. He was traced and released in a late-night operation on Saturday, May 3, in a suburb on the outskirts of the capital. Five men in their 20s were arrested in connection with the crime by French authorities. One of them was caught driving a car thought to be used in the kidnapping.

Father Targeted Over Son’s Crypto Wealth

The kidnappers were said to be targeting cash from the man’s son, a who runs a cryptocurrency marketing company in Malta with his father. The police say the kidnapping occurred mid-morning when four masked men abducted the father into a delivery van. The motive was ransom. French news source Le Parisien indicated that the kidnappers demanded for between €5 million and €7 million. Investigators believe the attackers knew about the son’s cryptocurrency wealth and used the father as a means to intimidate him into paying.

The father of a crypto millionaire was kidnapped in broad daylight in Paris on Thursday. Similar to the David Balland attack, a ransom of 5M EUR was demanded and one of the victim’s fingers was amputated. — Jameson Lopp (@lopp)

Finger Severed To Pressure Victim’s Family

In a gruesome act meant to pressure the victim’s son, a source told AFP that one of the father’s off, with police fearing further mutilation if they had not intervened. French Interior Minister Bruno Retailleau took to X to commend the police, terming the operation “decisive.”

As of today, the market cap of cryptocurrencies stood at nearly $3 trillion. Chart: 

Previous Threats And Criminal Charges

Police are now investigating if there was a involved. The wife of the victim informed police that the family had previously received threats. Anti-gang officers and cybercrime experts are collaborating to investigate the scope of the conspiracy. The five suspects may be charged with serious offenses, including kidnapping, blackmail, torture, and armed extortion. Police say the investigation continues.

Similar Attacks Involving Crypto Figures

This is not the first time that a member of France’s community has been targeted. David Balland, co-founder of the billion-dollar crypto firm Ledger, was kidnapped on January 21 as well in Paris. His kidnappers amputated one of his fingers and called for ransom. He was later released. His girlfriend was then discovered in a car trunk. As cryptocurrency wealth gains popularity, French authorities seem to be grappling with an alarming trend: well-to-do individuals in the crypto community, or those associated with them, are falling victim to brutal abductions.

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