The recent kidnapping of a 26-year-old crypto trader in a suburb of Paris highlights growing concerns about cryptocurrency-related crime in France.
Kidnapping of TikTok Trader
A 26-year-old crypto trader with over 40,000 TikTok followers was kidnapped in Juvisy-sur-Orge while returning home. A group of four assailants demanded €50,000 (approximately $57,000) in cryptocurrency. However, after discovering that the trader lacked the funds to meet their demands, they released him the following day.
Authorities Respond and Measures
The French police are investigating the case, which is part of a series of cryptocurrency-related kidnappings in the country over recent months. Authorities have already charged 25 individuals in connection with abductions and extortion. The French government has recognized the need for increased security measures for crypto investors and public figures in the sector.
ZKJ Token Crash and Implications
Simultaneously, the ZKJ token of the Polyhedra Network experienced a dramatic 83% drop due to abnormal transactions and a liquidity crisis. This led to a loss of nearly $500 million in market cap within hours. In response, Binance adjusted its Alpha Points rewards program to address the liquidity issues. Users are calling for greater transparency in tokenomics and risk management.
These incidents highlight the growing threats associated with cryptocurrency activity in France and the need for protective measures for investors and improved risk management in the crypto industry.
