Eighteen suspects are currently in pre-trial detention, three have requested a deferred hearing, and four remain under judicial supervision, Le Monde reported.

Crypto CEO’s Family Targeted In Failed Abduction

The investigation focuses on a failed May 13 kidnapping attempt in Paris’ 11th arrondissement. The intended victims were the daughter, son-in-law, and grandson of Paymium CEO Pierre Noizat. CCTV footage showed four masked attackers violently confronting the family. All three were hospitalized and treated for minor injuries.

Authorities believe this was not an isolated incident. A similar attempt had failed the night before, and another kidnapping operation near Nantes was thwarted days later.

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The suspects come from varied backgrounds, including regions in France and countries like Senegal, Angola, and Russia. Defense attorneys say many were “young and lured by money, unaware of the consequences.”

Plot Leaders Still Missing

French law enforcement believes the arrests have so far only netted the lower-tier operatives and logistics personnel. The main orchestrators of the kidnapping ring remain unidentified.

This case is part of a broader trend of physical attacks tied to digital wealth. In January, Ledger co-founder David Balland and his partner were abducted. On May 1, the father of a crypto millionaire was also targeted, with links to the same network.

France’s Interior Minister Bruno Retailleau recently met with crypto industry players to address the growing threat. As a result, new cooperation protocols were announced, including home security assessments conducted by police and gendarmerie officers.

Insurance providers are also entering the space. At least three firms are now developing custom kidnap and ransom (K&R) policies tailored for crypto investors. Meanwhile, security firms report a surge in demand for private protection from industry figures.

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The post 25 Charged In Paris Crypto Kidnapping Ring As Ringleaders Remain Free appeared first on Coin Engineer.

Insurers Working on Ransom and Kidnapping Policies

Several US-based security and insurance companies are redesigning their K&R coverage to fit the needs of digital asset investors as attacks continue to rise. Rebecca Rubenfeld, COO of AnchorWatch, stated that fear of violence was one of the dominant topics at the Bitcoin Conference in Las Vegas. According to Rubenfeld, the K&R policies will be launched in the fall.

Physical attacks on cryptocurrency holders have been known for a long time. However, recent incidents – such as the torture of an Italian tourist in Manhattan and the kidnapping of crypto executives in France – have deepened concerns. The decentralized nature of cryptocurrencies and the irreversibility of transactions make investors prime targets.

Crypto Wealth Turns to Ransom Insurance

Wealthy individuals in the crypto sector are now turning to ransom and kidnapping policies that were previously reserved for corporate executives. According to Andrew Kurt from Hylant Capital, these policies are among the most profitable for insurers due to their low frequency but high payout nature.

“I don’t think this will happen often, but when it does, the consequences can be severe,” said Kurt.

Relm Insurance CEO Joseph Ziolkowski noted that their K&R product is nearly complete. However, he emphasized that pricing is not simple and requires detailed evaluation of both physical and cyber protection measures. “If someone travels with a 24/7 personal security team, that obviously becomes a credit factor and reduces the premium,” he added.

Rise in Crypto-Related Crime

An incident in South Korea on May 27 further increased concerns in the sector. A Russian national attempted to steal around 1 billion won (approximately $730,000) in cash by luring investors to a hotel in Seoul under the pretense of a fake crypto deal.

Just two weeks earlier, the family of Pierre Noizat, co-founder of the French crypto exchange Paymium, was the target of a failed kidnapping attempt.

Following these events, many crypto investors and executives have turned to personal security services. On May 18, private security firm Infinite Risks International reported an increase in protection requests from high-profile figures within the crypto space.

These developments highlight that cryptocurrencies face not only cyber threats but also real-world risks, pushing digital asset holders to be more vigilant.

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The post Insurance Companies Face Rising Crypto Ransom Risks appeared first on Coin Engineer.

Support Agents Allegedly Bribed, Millions Affected

In a lawsuit filed on May 16 in a New York federal court, plaintiff Paul Bender alleged that Coinbase failed to protect user data during a serious breach. The incident, which began on May 11, involved cybercriminals bribing support agents to gain access to internal systems.

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The stolen data included names, addresses, phone numbers, emails, the last four digits of Social Security numbers, bank details, driver’s licenses, passports, and account data like balances and transaction history. The attackers reportedly demanded a $20 million ransom, which Coinbase refused to pay.

At Least Six Lawsuits Allege Negligence, Delayed Response

Between May 15 and 16, at least six lawsuits were filed against Coinbase. Plaintiffs allege the exchange failed to maintain proper security measures, delayed informing users, and offered no meaningful steps to mitigate harm.

One California-based lawsuit demands Coinbase delete all sensitive data and hire independent auditors to evaluate its systems. Another suit added a claim of unjust enrichment, arguing that Coinbase underinvested in data security to boost profits.

In a filing with the U.S. Securities and Exchange Commission (SEC), Coinbase estimated potential reimbursement costs to range between $180 million and $400 million. The company has pledged to compensate users who were tricked into sending crypto due to phishing scams linked to the data breach.

Following the news, Coinbase (COIN) shares initially dropped 7% to $244, but recovered with a 9% gain, closing at $266 on May 16.

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The post Coinbase Faces Legal Firestorm After Massive Customer Data Breach appeared first on Coin Engineer.