French police arrest kidnappers who demanded millions in ransom for father of crypto millionaire

A kidnapping victim has been freed by French police after a raid late Saturday night, according to local media reports. 

The kidnappers demanded a ransom of between €5-7 million for the man, who "appears to be the father of a man who made his fortune in cryptocurrencies," according to French prosecutors. The kidnappers reportedly severed one of the man's fingers, mimicking recent violent extortions of the crypto-wealthy, including Ledger co-founder David Balland, a fellow Frenchman who was similarly mutilated. 

Four men wearing ski-masks reportedly ushered the man into a delivery van and abducted him. The attack reportedly took place in broad daylight, at 10:30am on Thursday, as he walked down a street in Paris's 14th arrondissement. The four, and a fifth man identified as a driver, were arrested by French police, who said the men were all aged in their 20s. 

The victim's wife said her husband and son, who both own a crypto marketing firm based in Malta, had been the threat of crypto-related threats in the past, according to a police source quoted by Le Monde. No ransom was paid before the man, who has yet to be publicly identified, was rescued. 

Such violent crypto-related crime appears to be on the rise. A Canadian man was reportedly forced into hiding earlier this year following a similar kidnapping and torture attempt. Though police investigations revealed the attackers thought the man had more than $2.5 million worth of crypto based on the man's social media activity, the man said his actual holdings summed closer to $100,000.