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Can holding Bitcoin make you a target? France’s scary new reality
As cryptocurrency adoption grows across Europe, so too does the dark underbelly of crypto-related crime. Unfortunately, France is now grappling with a surge in violent kidnappings targeting crypto holders and industry figures, leaving victims like Ledger co-founder David Balland with severe injuries.
Recently, a 23-year-old man was abducted in Maisons-Alfort near Paris and held hostage for several hours, with the attackers demanding €5,000 in cash and access to his Ledger hardware wallet. Although he was eventually released unharmed, this incident marks the tenth public wrench attack in France. Moreover, over 20 individuals have been arrested by French authorities in connection with multiple abduction plots aimed at crypto entrepreneurs and their families.
These incidents have sparked alarm not only in France but globally, as similar crimes have surfaced across India, Hong Kong, Spain, the Philippines, and even the United States. The increasing frequency of these attacks highlights a growing concern for the safety and security of cryptocurrency investors whose wealth is stored in digital wallets.
The threat is real, and it’s essential to acknowledge that robust regulations and security frameworks are no longer optional but essential. Without them, the promise of decentralized finance could be overshadowed by a rising tide of digital exploitation, transforming the crypto space into a haven for illicit activity rather than innovation.
In light of these incidents, French authorities have pledged to enhance protection measures for crypto executives and their families. However, this may not be enough. It’s crucial that we recognize the gravity of this situation and take immediate action to protect those who are most vulnerable – the cryptocurrency holders and industry figures.
While I would like to believe that holding Bitcoin or any other digital asset should not make someone a target for abduction or violence, the reality is that it has become a worrying new normal in France.
Source: ambcrypto.com
