David Balland, a co-founder of Ledger, a cryptocurrency company, was recently freed after being kidnapped in central France. He and his wife were taken from their home in the Cher region early Tuesday morning.
The kidnappers demanded a large ransom in cryptocurrency from another Ledger co-founder. French national police and the elite GIGN unit negotiated with the assailants. Eventually, authorities located Balland and arrested several suspects. His wife was found a few hours later.
Paris prosecutor Laure Beccuau stated that part of the ransom was paid, and most of it has been traced, frozen, and seized. A total of ten individuals, including nine men and one woman aged 20 to 40, have been arrested. The investigation is ongoing to identify all those involved in the crime.
Ledger, founded in 2014, is known for its hardware devices that securely store cryptocurrencies. The company was valued at €1.3 billion in 2023 after raising €100 million from investors. Tony Fadell, the inventor of the iPod, joined Ledger’s board in November.
Pascal Gauthier, CEO of Ledger, expressed relief that Balland and his wife are safe and thanked law enforcement for their quick response. He described the incident as traumatic and hopes it will not happen again.
Balland, who left Ledger in 2021, now runs a virtual reality start-up in Vierzon, about 200 km from Paris. After his release, he was taken to a hospital for treatment.
This kidnapping is part of a growing trend of crypto-related abductions, as the popularity of Bitcoin and other digital assets rises. In 2023, Binance clients were forced to transfer $12.5 million in crypto in Montenegro. High-profile cases include Pavel Lerner, who paid over $1 million in Bitcoin for his release in 2017.
Experts warn that individuals known to control large sums of money are increasingly becoming targets for kidnappers. In France, kidnapping for ransom can lead to a life sentence.
