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- France launches new security measures to protect crypto entrepreneurs amid rising kidnapping threats.
- Enhanced police hotlines, home safety checks, and training aim to prevent and respond to crypto crimes.
- Authorities warn crypto pros to avoid flaunting wealth and trade cautiously to reduce targeting risks.
France has implemented new security programs aimed at protecting families and entrepreneurs in the crypto industry due to a rise in related kidnappings. Authorities are introducing a variety of protective measures to ensure the security of those working in the crypto industry. The government has introduced these measures due to a growing number of disturbing events that have captured the attention of both the crypto industry and law enforcement.
Interior Minister Bruno Retailleau unveiled a proposal for new security measures on May 16. Included are increased availability to hotlines for police assistance and an effort to assess the safety of the individuals’ homes. Furthermore, police will deliver presentations to teach crypto experts about the latest security protocols. He noted that these measures will help both stop kidnappings and respond quickly to any new threat.
Recent Kidnapping Attempts
These new measures were prompted by recent incidents involving kidnapping attempts on figures in the crypto industry. On May 13, unidentified perpetrators tried to kidnap the daughter and grandson of Pierre Noizat, the CEO of French crypto platform Paymium. The victims put up a strong fight against the kidnappers, which caused them to abort the abduction attempt. Police reported that Noizat’s daughter succeeded in preventing one kidnapper by disarming him.
A few days ago, French police rescued the father of a crypto business owner who was being held for ransom for a sum of 7 million euros. In January 2023, David Balland, a co-founder of popular hardware wallet service Ledger, was taken from his home. While, his family contacted the authorities, and law enforcement freed him the following day. According to Retailleau, these incidents appear to be deliberately coordinated by an organized group.
However, authorities will provide specific anti-crypto asset laundering training to enhance their ability to fight these crimes. The goal is to strengthen their capacities for detecting and breaking up organized networks designed to victimize workers in the crypto industry. The government is taking steps to ensure the industry remains secure and encourages confidence amid increasing risks.
Crypto Safety Precautions
Jameson Lopp’s records show that there have been more than 150 incidents of robbery or kidnapping involving cryptocurrencies in France since 2014. Attackers frequently watch the online activity, gather information from discussions, attend events, and track movements of crypto professionals. Lopp urges precaution, suggesting traders avoid dealing with strangers and to avoid broadcasting their involvement in the crypto industry to avoid attracting criminals.
However, France is introducing new security measures to increase the safety of the crypto sector. Officials aim to reduce the spate of attacks and ensure a safer landscape for cryptocurrency professionals.
