Crypto ransom case in Paris ends with $7.9 million demand

French police rescued the father of a cryptocurrency entrepreneur after he was abducted in Paris and held for ransom, with kidnappers demanding up to $7.9 million for his release.

“The victim was identified as the father of a successful cryptocurrency investor, and the event included a ransom request,” according to the prosecutor’s office, which stated that the abduction took place on a Thursday morning.

Authorities located the hostage in a residence in the Essonne area, south of Paris, and freed him during a nighttime raid on Saturday.

The man received medical care for injuries sustained during his captivity, though officials did not provide further details.

French media reported that the captors had cut off one of the man’s fingers to pressure the family to pay the ransom.

Five suspects were arrested in connection with the case, with four found at or near the location where the victim was held and a fifth apprehended while driving a vehicle believed to have been used in the kidnapping.

The investigation is considering several criminal charges, including kidnapping with torture or a barbaric act, according to the prosecutor’s office.

This incident follows a series of similar crimes targeting cryptocurrency figures in France and internationally.

In January, David Balland, a co-founder of the crypto-wallet firm Ledger, and his wife were kidnapped from their home in central France, with a ransom demand made in cryptocurrency.

Balland and his wife were rescued after a police operation, and authorities arrested ten suspects in that case.

According to experts, the rise in kidnappings for cryptocurrency ransom reflects growing risks for individuals associated with digital assets, as criminals increasingly target those perceived to have access to significant funds.

“This case was highly intricate,” said a law enforcement spokesperson, highlighting the complexity and severity of such crimes.