Ledger’s Co-founder David Balland Released After Kidnapped

David Balland, the co-founder of crypto firm Ledger, has been released after being kidnapped in central France. This incident is the latest crypto-related abduction involving an executive. 

Details of the Incident

According to Paris prosecutors, Balland was abducted from his home in the department of Cher in the early hours of Tuesday by a group of kidnappers.

He was then driven to another location, where he was held captive until his release. While he was in captivity, the kidnappers demanded an undisclosed amount of cryptocurrency to be paid as ransom.

The National Gendarmerie Intervention Group, France’s elite police tactical unit, conducted a high-stakes operation and successfully rescued Balland late Wednesday, less than 48 hours after his abduction. It is currently unclear if Balland’s family paid any ransom for his release.

Furthermore, the authorities have launched a full investigation into this incident to identify and arrest the culprits.

“The criminals, in fact, demanded the payment of a large ransom in cryptocurrency. This is a crime carrying a life sentence”, the prosecutor said.

The suspects are believed to have ties to organized crime. Per the prosecutor’s office, Balland is currently receiving medical attention.

Balland co-founded Ledger in 2014 with a group of tech enthusiasts, including Thomas France and Eric Larchevêque. The company is one of the leading crypto hardware wallets in the market. Its devices are designed to keep users’ private keys offline, safeguarding digital assets from online vulnerabilities. In 2023, the company raised $108 million in funding, reaching a valuation of $1.4 billion.

Not The First 

This alarming incident highlights the growing physical threats faced by prominent figures in the crypto sector. As the market continues to gain popularity, its decentralized nature and high valuations have turned executives into lucrative targets for criminals seeking quick, untraceable payments.

As previously reported, kidnappers abducted Dean Skurka, the CEO of the Canadian crypto firm WonderFi. He was released when a ransom of $1 million was paid.

Also, in December 2017, Pavel Lerner, an executive of the UK-based crypto exchange Exmo, was kidnapped. He was ransomed with over $1 million worth of BTC.