Crypto Crime in Paris: A Misconception of Untraceability?
A recent string of crypto-related kidnappings in Paris has raised concerns about the security of the industry, but Chainalysis CEO Jonathan Levin believes these incidents highlight a crucial misconception: that crypto is untraceable. During the 2025 Consensus crypto conference, Levin emphasized the growing success of law enforcement in tracking stolen funds and crypto ransom payments.
“For whatever reason, there is a perception that’s out there that crypto is an asset that is untraceable, and that really lends itself to criminals acting in a certain way,” he said. “Apparently, the know that crypto is not untraceable hasn’t been received by some of the organized crime groups that are actually perpetrating these attacks, and some of them are concentrated in, you know, France, but not exclusively.”
Two High-Profile Kidnappings in Paris
The recent incidents in Paris include the attempted kidnapping of the daughter and grandson of Pierre Noizat, co-founder and CEO of French crypto exchange Paymium, on May 13. Earlier in the month, on May 3, Paris police freed the father of a crypto entrepreneur who was held for several days as part of a 7 million euro ($7.8 million) kidnapping plot. These attacks have prompted France’s interior minister to meet with crypto professionals to address rising security concerns.
Law Enforcement‘s Success in Tracing Crypto
Levin highlighted the increasing effectiveness of law enforcement in tracing crypto transactions, emphasizing the potential for recovering stolen funds. “There is the ability to potentially recover some of those payments as well. I think that in general, the goal here is not necessarily the recovery of the money, but it’s holding those people to account,” he said.
A Warning for Criminals
Levin hopes that the recent arrests of criminals targeting the crypto industry will send a clear message: “It’s not such a profitable business to be in,” he stated. He believes that the perception of crypto as untraceable is leading criminals to underestimate the risks associated with these crimes. “The message needs to get out there that these payments are traceable and that these units within the law enforcement agencies have actually been very successful at holding some of those people to account in those kidnapping cases,” he said.
The Need for Industry-Wide Security Measures
While law enforcement has made progress in tracking down crypto criminals, Levin acknowledges that the spate of offline robberies remains a serious concern. He emphasizes the importance of taking proactive security measures to deter theft, urging individuals to be cautious about sharing personal information online.
“People need to be very careful about what information is shared about them online,” he said. “The industry needs to work together to address these threats and ensure the safety of its participants.”
