Pallade Veneta - Suspected mastermind of French crypto kidnappings held in Morocco

Badiss Mohamed Amide Bajjou was wanted by the French authorities and was the subject of an Interpol red notice for "arrest, kidnapping, false imprisonment or arbitrary detention of a hostage."

The suspect was arrested in the northern Moroccan city of Tangier, according to a statement from the country's General Directorate for National Security carried by Moroccan state news agency MAP.

France has been shaken by a series of kidnappings and attempted abductions targeting cryptocurrency bosses and their families in recent months, prompting one prominent crypto entrepreneur to call on authorities to "stop the Mexicanisation" of the country.

"I sincerely thank Morocco for this arrest, which demonstrates excellent judicial cooperation between our two countries, particularly in the fight against organised crime," French Justice Minister Gerald Darmanin said on X.

A native of Le Chesnay west of Paris, Bajjou is suspected of being one of the masterminds behind the high-profile kidnapping in January of French crypto boss David Balland and his partner, according to French daily Le Parisien.

Balland co-founded the crypto firm Ledger, valued at the time at more than $1 billion. Balland's finger was cut off by his kidnappers, who demanded a hefty ransom.

Last week French authorities charged 25 people, including six minors, over the series of kidnappings and attempted abductions.

The crimes have become a major embarrassment for the French government and have sparked concern about the security of wealthy crypto tycoons, who have notched up immense fortunes from the booming business.

In May, Interior Minister Bruno Retailleau held an emergency meeting with cryptocurrency leaders, with the ministry announcing plans to bolster their security.

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F.Abruzzese--PV