A Bitcoin Fraud Shakes France: 18 Victims And 12 Million Lost

The French justice system is currently faced with a considerable bitcoin fraud case, involving two Franco-Israelis accused of diverting nearly 12 million euros. One of them, Julien-Daniel X., is held in custody after being arrested in France during a ski trip.

Bitcoin scam in France: 12 million euros gone and a suspect arrested!

It all started in December, when the Rennes Research Section was alerted by a financial advisor from Saint-Grégoire (Ille-et-Vilaine). Victim of a scam after investing on a site promising returns in bitcoin, he brought along other investors, including an entrepreneur and his son. Together, they reportedly lost 5.5 million euros.

Arrested in January 2025, Julien-Daniel X is the main suspect. Originally from Boulogne-Billancourt and having settled in Israel for a decade, investigators discovered that he set up a cryptocurrency conversion platform. The method consisted of proposing deceptive investments in bitcoin, claiming to verify the financial reliability of victims through a crypto transfer. Once the funds were transferred, they diverted the amounts for their benefit.

This method allegedly served to launder significant sums from other financial scams. In total, 18 clients, scattered across France, claim to have lost their investments. Seizures have been carried out, including bank accounts, cryptocurrencies, vehicles, and luxury items, for an estimated total of 12 million euros.

Arrested because he is Israeli?

In the face of the accusations, Julien-Daniel X. vigorously defends himself. He claims that his business has always complied with regulations and that no connection to the scams has been proven. His lawyers denounce an instrumentalization of the case due to his nationality and point out accusations of anti-Semitism against the investigators. Despite these statements, the justice system has decided to keep the suspect in custody to prevent any collusion with possible accomplices and to avert a flight risk.

This case highlights the growing dangers associated with investments in cryptocurrencies, particularly bitcoin. Scams in this field have proliferated in recent years, targeting investors and even CEOs of crypto companies, such as the recent kidnapping of the CEO of Ledger. Caution is therefore required to navigate this universe safely.