France makes new arrests in ongoing crypto kidnapping case

French authorities have arrested more suspects believed to be linked to a string of violent abductions targeting cryptocurrency executives and their families.

According to a June 11 Barron’s report, the latest arrests were made on Tuesday as part of the ongoing investigation into a kidnapping-for-ransom operation.

Officials have not disclosed the exact number of suspects apprehended, but sources familiar with the case confirmed that they are being held under France’s anti-organized crime provisions, which allow up to 96 hours of detention without charge.

The arrests are tied to the May 1 abduction of the father of a wealthy crypto entrepreneur, who was forcibly taken from Paris’s 14th arrondissement in broad daylight by four masked men. The attackers, posing as delivery workers, reportedly forced the man into a van while onlookers watched.

In an effort to extort millions of euros in cryptocurrency, the kidnappers reportedly cut off one of the victim’s fingers. A tactical police unit later rescued him after being held for several days in a house on the outskirts of Paris.

Subsequently, authorities launched a wide-scale manhunt to dismantle what they described as a coordinated extortion network targeting individuals with substantial cryptocurrency holdings. 

The latest arrests come just days after Moroccan police detained 24-year-old Badiss Mohamed Amide Bajjou in Tangier.

Bajjou, a dual French-Moroccan national, is accused of masterminding multiple abduction plots, including the January kidnapping of David Balland, co-founder of French crypto wallet provider Ledger.

Acting on a French-issued Interpol red notice, Moroccan authorities seized Bajjou along with a cache of weapons, electronic devices, and suspected illicit funds. French officials have requested his extradition.

Investigators believe Bajjou played a central role in coordinating the broader network, which recruited young operatives via social media and messaging platforms.

By May 31, French prosecutors had charged 25 people, aged between 16 and 23, in connection with attempted kidnappings. Most of the accused were from the Paris region, while others came from countries such as Senegal, Angola, and Russia. Authorities say they were recruited with promises of financial gains and used as foot soldiers in high-risk operations.

Among the cases tied to the group is the failed May 13 abduction of the daughter and grandson of Paymium CEO Pierre Noizat. The incident occurred in central Paris and was captured on video by bystanders. Though the attackers fled, authorities later linked the attempt to the same network.