In a report by Bloomberg, it’s noted that Infinite Risks International, an Amsterdam-based private security firm, is witnessing a rise in inquiries for bodyguard services, with a growing number of long-term clients enlisting private security details.

Following three distinct kidnapping occurrences in 2025, French law enforcement has announced intensified security protocols for cryptocurrency entrepreneurs and investors. These protocols include security briefings and immediate access to police assistance in emergencies for the entrepreneurs and their families.

French authorities have also counseled cryptocurrency investors to avoid showcasing their wealth or wearing cryptocurrency-themed apparel to reduce their chances of becoming targets. The unsettling series of events underscores the importance of proactive safety measures and vigilance for cryptocurrency investors and industry professionals.

In January 2025, David Balland, the co-founder of hardware wallet company Ledger, was kidnapped and held for ransom for several days before being rescued by French police. A year prior, in May 2024, the father of an anonymous crypto entrepreneur was released from a ransom attempt after French law enforcement stormed the Paris suburb location where the individual was held captive by organized criminals.

According to Le Parisien, the suspects had mutilated one of the victim’s fingers, a chilling similarity to other crypto-related kidnapping cases in France. On May 13, Pierre Noizat’s family, the co-founder and CEO of French crypto exchange Paymium, was targeted in an attempted kidnapping. Masked attackers assaulted the family on the street and tried to force Noizat’s daughter and grandson into a van in broad daylight. Thanks to the efforts of the daughter and a passerby, the assailants were repelled, and the kidnapping attempt was thwarted.

The brazen and public nature of the crime sent shockwaves through the cryptocurrency community. Bruno Retailleau, the French interior minister, consequently arranged a meeting with industry executives to address the incidents and propose improved security measures for high-risk cryptocurrency professionals and affluent investors.

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As per a recently disclosed FBI affidavit, the kidnappers posed as individuals who had accidentally damaged the family’s garage door, knocked on the door of the townhouse, and gained forced entry using firearms. The family was then reportedly compelled into a van and taken to an Airbnb an hour away, and subsequently to another residence the following day.

The abductors allegedly extorted ransom payments in Bitcoin (BTCUSD), Ether (ETHUSD), and other cryptocurrencies, threatening the victims with death. The victims were purportedly held captive for a period of five days. During this period, one of the victims managed to communicate with his father via the Chinese messaging app WeChat, informing him of their abduction.

According to the victims, they were set free on November 1st and managed to reach a nearby dry cleaner from where they called an Uber to a local hospital. Though the victims claim that cryptocurrencies worth $15 million were transferred, US officials have only traced $6 million worth to date.

On December 13th, charges were pressed against six individuals. Only Zehuan Wei, 34, was arrested while attempting to re-enter the US from Mexico on January 17th. The other suspects – Fan Zhang, Huajing Yan, Shengnan Jiang, Shiqiang Lian, and Ye Cao – are believed to have fled to China following Wei’s arrest.

Before filing charges, US officials gathered evidence which included surveillance footage from the Airbnb, examination of cryptocurrency wallets, and contents from the white Ford van used in the crime. DNA samples were also collected from a white Chrysler Pacifica vehicle rented by Wei on October 29th. US officials matched the footage with Cao’s picture from US Customs and Border Protection, while others had their state-issued driver’s licenses compared. At least two victims were able to identify some of the alleged kidnappers from a photo array.

The post Crypto Ransom: Chicago Family Kidnapped for $15M Crypto Transaction appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Citing Tether’s official Twitter account, the source says that the company has no intention to pay the ransom demand. They explain the decision by suggesting that hackers did not make their intentions clear, so the demand might be simply a part of an extortion scheme, and the documents are likely fake.

Cryptocurrency prices continue to fluctuate, and Bitcoin is making its way to new highs. As a result, hacking and ransomware attacks, in particular, are increasing. According to Chainalysis, hackers made at least $350 on ransomware attacks in 2020. Moreover, the firm found that this amount is 311% more than what victims of attacks paid in 2019.

Tether has been a victim of hacking before. In 2017, the firm had USDT worth $30 million stolen. Hackers moved the funds from the company wallet to an unauthorized Bitcoin address. At the time, the company made attempts to prevent the movement of stolen tokens into the broader ecosystem. Tether is a stablecoin pegged to the US dollar, with the value of each coin being $1.

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