The French government is stepping up efforts to protect the cryptocurrency sector by introducing enhanced security measures for industry professionals and their families. Authorities are now offering crypto entrepreneurs priority access to emergency police services, in-home visits by law enforcement, and customized security briefings.
France’s Interior Minister Bruno Retailleau noted that the goal is to both deter attackers and offer real protection to those operating in the digital finance space. Law enforcement personnel are also set to undergo specialized training focused on anti-money laundering within the crypto context. A longer-term initiative to elevate security practices across the sector is also under development.
The move is part of a broader strategy to counteract an increasing number of criminal incidents involving kidnappings and extortion attempts against crypto leaders and their loved ones. Retailleau stressed that the government is not taking these threats lightly.
In parallel, the Association for the Development of Digital Assets plans to educate its members on practical steps they can take to stay safe.
Recent criminal cases have underscored the urgency. Criminal gangs have tried to kidnap family members of crypto executives. In one high-profile case, masked men attempted to abduct the daughter and grandson of a Paymium executive in broad daylight. The attempt failed thanks to the executive’s quick intervention.
In other cases, victims were not so lucky—two men kidnapped earlier this year each lost a finger before being rescued.
The country’s organized crime units are currently handling the investigations, and multiple suspects have been taken into custody. Authorities suspect that these cases are linked and part of a larger pattern.
The pseudonymity of blockchain makes it difficult to trace illicit transactions, making crypto appealing to criminals. Digital assets are also easy to move, hold value well, and can be transferred instantly, making them attractive targets.
Some industry leaders argue that stricter regulations, like those requiring identity checks for crypto transfers, might ironically make things worse. They believe more anonymity could increase safety by making it harder for criminals to identify and target individuals.
Others have responded by taking private precautions. Some executives are hiring security personnel, avoiding public transportation, and staying under the radar. Alexandre Aimonino, co-founder of a crypto compliance startup, admitted he has adjusted his daily routine to avoid becoming a target.
While cryptocurrencies remain a small fraction of the global financial system, their rapid value growth has made crypto entrepreneurs high-profile targets. Still, experts caution that not everyone in the industry is wealthy, and while vigilance is necessary, widespread panic isn’t.
The developments in France are likely to be followed closely by crypto industry players like Marathon Digital Holdings Inc. (NASDAQ: MARA) in other parts of the world since what is happening there could be a harbinger of what could happen in those other markets.
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