The Albany Gazette - France makes arrests over cryptocurrency kidnapping

French authorities have been dealing with a string of kidnappings and extorsion attempts targeting the families of high-worth individuals dealing in cryptocurrencies.

The most recent suspects, apprehended on Tuesday according to the source, are believed to have been part of an attempt to extort funds from a wealthy man by abducting his father.

On May 1, he was taken in Paris's southern 14th arrondissement in broad daylight by four men wearing ski masks who bundled him into a delivery van as passers-by looked on.

The kidnappers demanded a ransom of several million euros (dollars) and cut off one of the man's fingers.

He was freed days later by a police tactical unit who stormed the house in a Paris suburb where he was being held.

There was no word Wednesday on the exact number or the locations of the arrests. The suspects can be held up to 96 hours without charges being brought.

Since the start of the year crypto-related kidnappings and abduction attempt haves sparked concern about the security of wealthy crypto tycoons, who have notched up immense fortunes from the booming alternative currency business.

One prominent cryptocurrency entrepreneur urged authorities to "stop the Mexicanisation of France" -- a reference to kidnappings by violent organised crime groups.

The spate of abductions began in January, when kidnappers seized French crypto boss David Balland and his partner. Balland co-founded the crypto firm Ledger, valued at the time at more than $1 billion.

Balland's kidnappers cut off his finger and demanded a hefty ransom. He was freed the next day, and his girlfriend was found tied up in the boot of a car outside Paris.

The suspected mastermind of that operation and other similar attacks, 24-year-old Badiss Mohamed Amide Bajjou, was last week arrested in Tangier, Morocco.

At least nine suspects are under investigation in that case.

Last month, Interior Minister Bruno Retailleau held an emergency meeting with cryptocurrency leaders, with the ministry announcing plans to bolster their security.

(R.White--TAG)