The kidnapping of David Balland, a co-founder of Ledger, from his Vierzon, France home has resulted in his safe release. The incident occurred earlier this week and involves a cryptocurrency-based ransom demand.
Accounts indicate that they kidnapped Balland on Tuesday morning and held him captive for approximately 48 hours. A highly trained French police squad, with the support of cybercrime and organized crime units, conducted a rescue operation to gain his release. It’s unclear whether they paid the ransom.
During his detention, Balland sustained injuries and is currently undergoing medical care. Authorities have yet to reveal details about his condition, but an investigation is underway to locate and apprehend the kidnappers.
The kidnapping demonstrates the growing risk of violent crime in the cryptocurrency ecosystem. According to recent statistics, ransomware hackers extorted more than $1.1 billion in cryptocurrency last year. In recent years, there have been several high-profile episodes of abductions and robberies targeting cryptocurrency investors around the world.
Social media swiftly disseminated rumors of Balland’s captivity before his formal release. Initially, suspicion pointed to another Ledger co-founder, Eric Larch, as the victim.
Founded in 2014, Ledger is a renowned hardware wallet maker that focuses on protecting digital assets by storing users’ private keys offline. Valued at more than €1.3 billion in 2023, the company has sold millions of gadgets globally and remains a trusted name in crypto security.
Investigations into the incident are ongoing as French officials try to secure justice and unearth the full extent of the crime.
