Ledger Co-Founder Freed After Being Kidnapped and Held for Crypto Ransom: Reports

By Liz Napolitano

A co-founder of cryptocurrency hardware wallet firm Ledger has been released from captivity in France, roughly a day after what’s being described as a kidnapping with crypto ransom demands.

Ledger co-founder David Balland, was abducted Tuesday from his home in Cher (Centre-Val de Loire) alongside his wife, French news outlets reported Thursday, citing a statement from the Paris prosecutor’s office. Kidnappers drove Balland and his wife to an address in a nearby town, where they remained captive for roughly 24 hours.

Local law enforcement liberated them on Wednesday in a rescue operation led by the National Gendarmerie and its intervention group.

The kidnappers demanded a large ransom from the businessman's associates and family, local news outlets reported. The amount of the ransom, and whether or not it was paid, remains unclear as of publication time.

French newspaper Le Parisien reported that the kidnappers cut off one of Balland's fingers and sent it to his associates, citing unnamed sources.

The Paris prosecutor’s office did not immediately respond to Decrypt's request for comment.

"I’d like to personally say a word to thank Eric for his bravery in the face of such a traumatic situation that we hope will never be repeated," Ledger Chairman and CEO Pascal Gauthier said Thursday in a statement sent to Decrypt.

"To that end, and to continue to protect David and his family’s privacy, we will not be commenting further," he added.

First responders took Balland to emergency services to treat medical injuries upon his rescue. Investigators are still investigating the kidnapping, the prosecutor’s office told local newspapers Thursday.

Balland co-founded Ledger in Paris in 2014. The company secured a valuation of $1.5 billion in 2021 after raising $380 million from investors, with the firm adding further funding in 2023.

The kidnapping comes at a time when the prices of many cryptocurrencies have skyrocketed in recent months. The price of Bitcoin—often used as a gauge for the strength of the cryptocurrency market—traded above $106,000 this morning, CoinGecko data shows, after notching a new all-time high price near $109,000 on Monday.

Edited by Andrew Hayward

Editor's note: This story was updated after publication with additional details.

Recommended News