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

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), French news outlets reported Thursday, citing a statement from the Paris prosecutor’s office. Kidnappers drove Balland to an address in a nearby town, where he remained captive for roughly 24 hours.

Local law enforcement liberated Balland 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.

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

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