Franco-Moroccan man arrested in Morocco for leading kidnappings of crypto entrepreneurs in France; 25 others charged as France boosts security for industry figures.

A 24-year-old Franco-Moroccan man suspected of orchestrating a wave of kidnappings targeting cryptocurrency entrepreneurs in France has been apprehended in Morocco, according to French authorities.

Badiss Mohamed Amide Bajjou, who was being sought by French law enforcement, was the subject of an Interpol red notice on charges of "arrest, kidnapping, false imprisonment or arbitrary detention of a hostage."

The suspect was taken into custody in Tangier, a city in northern Morocco, as announced in a statement issued by Morocco’s General Directorate for National Security and reported by the state-run Moroccan news agency MAP.

France has recently experienced a disturbing rise in kidnappings and attempted abductions involving individuals in the cryptocurrency sector and their families. The incidents have alarmed the industry, with one prominent crypto entrepreneur even urging the authorities to "stop the Mexicanisation" of the country—a reference to the type of organized criminal activity commonly associated with Mexico.

French Justice Minister Gerald Darmanin took to X (formerly Twitter) to express his appreciation: “I sincerely thank Morocco for this arrest, which demonstrates excellent judicial cooperation between our two countries, particularly in the fight against organised crime.”

Bajjou, originally from Le Chesnay, a suburb west of Paris, is suspected of being one of the key figures behind the high-profile kidnapping in January of French crypto entrepreneur David Balland and his partner, as reported by the French newspaper Le Parisien.

David Balland is the co-founder of Ledger, a leading cryptocurrency firm valued at over $1 billion at the time of the incident. In a shocking act of violence, Balland's kidnappers cut off one of his fingers while demanding a substantial ransom.

Just last week, French authorities brought charges against 25 individuals, including six minors, in connection with the spate of kidnappings and attempted abductions.

The crimes have dealt a serious blow to the French government's image and raised serious concerns regarding the safety of wealthy cryptocurrency executives, who have amassed considerable fortunes through the booming digital asset market.

In response to the growing threat, French Interior Minister Bruno Retailleau convened an emergency meeting with leaders from the cryptocurrency sector in May. Following the meeting, the ministry announced plans aimed at enhancing the security of individuals involved in the industry.