Surge in violent abductions sparks exodus of entrepreneurs and ignites fear across crypto community
A suspected ringleader behind a spate of brutal kidnappings targeting France’s cryptocurrency elite has been arrested in Tangier, Morocco—offering brief relief to a country shaken by a chilling surge in ransom attacks.
French-Moroccan national Badiss Mohamed Amide Bajjou, 24, was captured last week following a red notice issued by Interpol. The long-haired, green-eyed suspect is believed to be one of the masterminds behind a wave of violent abductions involving crypto millionaires and their families.
Among the most high-profile victims was David Balland, co-founder of crypto firm Ledger, who, along with his wife, was kidnapped in central France earlier this year. The assailants reportedly severed one of Balland’s fingers in a bid to extract a €10 million ransom.
Bajjou is also accused of orchestrating an attempted abduction of a pregnant woman, the daughter of a prominent crypto CEO, and of ordering another finger-chopping attack on a separate businessman in May.
“This is both a catalyst and a conflict,” said Dan Weiskopf, portfolio manager at Subversive ETFs. “The more adoption of Bitcoin, the higher the price goes.”
The violence has become a major security concern for President Emmanuel Macron’s government. Interior Minister Bruno Retailleau, who is positioning himself for a presidential run in 2027, met with crypto executives in private last month to pledge emergency response access and priority police protection. But the assurances have done little to stem fears.
Benjamin Cohen, 31, founder of Le Crypto Daily, fled to Canada after receiving antisemitic threats. “I was terrified for my loved ones. I realised how unprotected they were here,” he said.
Cohen recounted a Paris crypto event where his drink was spiked as he showcased a ring functioning as a crypto wallet. Despite Bajjou’s arrest, Cohen has no intention of returning to France permanently. He fears a worsening atmosphere, where hired violence has become alarmingly affordable.
“For €2,000, €3,000 or €5,000 you can hire a hitman,” he said. “These same for-hire henchmen are now being used for crypto extortion.”
A chilling incident last month captured public attention when a couple was attacked in the street. The woman, pregnant daughter of Paymium CEO Pierre Noizat, narrowly escaped being dragged into a van—saved only by a shopkeeper with a fire extinguisher.
“It doesn’t surprise me at all that there are foreign masterminds,” Cohen added. “They call on young accomplices who are barely adults for tiny sums, to do their dirty work.”
According to legal sources, drug-trafficking networks are now expanding their influence into crypto extortion, using social media to recruit youth for logistics, surveillance, and kidnapping operations.
Twenty-five suspects—six of them minors—have been charged over recent abductions. Most are under 23 and include individuals from France, Senegal, Angola, and Russia. “They’re told it’s a simple task and are paid between €1,000 and €4,000,” said lawyer Moad Nefati. “They are not necessarily aware of the risks.”
Bajjou is charged with “abduction, kidnapping or arbitrary detention of a hostage to obtain the execution of an order or condition, committed by an organised gang.” A police source told Le Monde he was “extremely determined” and unhesitant in using violence.
Yet authorities believe Bajjou did not act alone. Another Franco-Moroccan man in his 40s remains at large and is being investigated through cryptocurrency ransom transfer analysis.
Ari Redbord of TRM Labs noted a disturbing shift: “Before, you needed cyber skills to hack someone. Now you can beat the password out of them.”
So-called “wrench attacks”—where physical violence replaces technical expertise—have pushed entrepreneurs to label France as undergoing “Mexicanisation.” Fourteen of the 50 global crypto attacks last year occurred in France, according to Ledger co-founder Eric Larcheveque.
“There’s a real problem,” he told RTL.
Crypto influencer Owen Simonin, known as Hasheur, survived a 2022 armed home invasion. “There are enough problems in the world of crypto not to have to worry about one’s personal safety,” he said.
“In our world, the threat is no longer virtual.”
