Kidnapped co-founder of Ledger released as French police hunt for perpetrators

Kidnapped co-founder of Ledger released as French police hunt for perpetrators
RegulationPeople & culture
The GIGN in France, shown here in 2018, are leading an investigation into the kidnapping of Ledger co-founder David Balland. Photo credit: Frederic Legrand - COMEO/Shutterstock
By
L. Kelly, B. Weiss
23 January 2025 at 12:58
  • David Balland is recovering from injuries suffered in the ordeal.
  • The kidnappers sought a crypto ransom, prosecutors said.
  • The kidnapping punctuates the rising crime rate in crypto.

After about 24 hours in captivity, David Balland, a co-founder of the cryptocurrency wallet provider Ledger, has been released.

Balland was abducted on Tuesday in the city of Vierzon in central France by a highly professional group of kidnappers, according to a source close to the matter.

He was released after the kidnappers demanded an undisclosed sum in cryptocurrency and is receiving medical attention for injuries sustained during his ordeal, according to the Paris prosecutor’s office.

It is unclear whether a ransom was paid. Officials have not released details on Balland’s injuries. A Ledger representative declined to comment on the crime.

Investigation

The French police’s elite tactical unit, the GIGN, as well as the cybercrime and organised crime sections of the Paris prosecutor’s office, are leading an investigation into the kidnapping.

Ledger was founded in 2014 and offers an offline hardware device for crypto users to keep their cryptocurrencies safe. The company is worth $1.4 billion, according to its latest raise.

Violent criminal cases involving cryptocurrencies are becoming more common around the world.

Last month, a US court convicted Remy St Felix, 24, for leading a “robbery crew” targeting cryptocurrency owners in violent home invasions across four states.

Join the community to get our latest stories and updates

In April 2023, St Felix, of West Palm Beach, Florida, and an accomplice “assaulted, zip-tied, and held the victim at gunpoint, and threatened more violence against the victim and the victim’s spouse, while other co-conspirators transferred more than $150,000 in cryptocurrency from the victim’s account,” according to the US Department of Justice.

Updated on January 23 to add that a Ledger representative declined to comment.

Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@dlnews.com. Ben Weiss is DL News’ Dubai Correspondent. Got a tip? Email at bweiss@dlnews.com.