Kidnappers Release Crypto Trader Because Of Low Balance

A crypto trader who creates content on TikTok was reportedly kidnapped in France on Friday and then released a day later when the abductors discovered he didn’t have enough funds to cover their extortion demands.

The 26-year-old crypto TikToker was snatched on Friday night while returning home to Juvisy-sur-Orge in Northern France, according to a report on Sunday by French radio station Europe 1, with the kidnappers demanding he hand over 50,000 euros ($57,000) in crypto. 

TikTok crypto trader didn’t have the money

The four thieves reportedly forced the trader into a stolen vehicle. He was also beaten during the incident.

However, the crypto trader, who has 40,000 followers on TikTok, was released on Saturday after he revealed he couldn’t pay and showed the kidnappers the low balance in his account.

France’s Organized and Specialized Crime Division is currently investigating the incident and the trader has been given six days of French work incapacity benefits, according to Europe 1. 

French crypto kidnappings on the rise

France has seen an uptick in crypto kidnappings this year, which has even prompted the country’s interior minister to meet with crypto entrepreneurs to address rising security concerns.

On May 13, assailants attempted to kidnap the daughter and grandson of Pierre Noizat, the co-founder and CEO of French crypto exchange Paymium. 

Paris police also freed the father of a crypto entrepreneur on May 3, who was held for several days and had his finger severed as part of a 7 million euro ($7.8 million) kidnapping plot.

Crypto kidnappers hunted by the law

French police reportedly made several more arrests in connection with the abduction of the crypto entrepreneur’s father, state-owned media outlet France 24 reported on June 11.

Related: Chainalysis CEO offers a clue into recent spate of Paris crypto attacks

The previous week, on June 4, one of the alleged key figures behind a series of recent crypto-related kidnappings in France was arrested in Morocco.

Meanwhile, the Paris public prosecutor’s office charged 25 individuals on May 31 who were connected to multiple plots targeting prominent crypto figures and their families.

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