Ledger Co-Founder Rescued After 24-Hour Kidnapping in France

TLDR

• Ledger co-founder David Balland and his wife were kidnapped from their home in France on January 21, 2025, and held for approximately 24 hours before being rescued by French authorities
• The kidnappers demanded cryptocurrency as ransom and reportedly cut off one of Balland’s fingers during the ordeal
• French National Gendarmerie conducted a successful rescue operation, with Balland receiving medical treatment afterward
• Ledger, founded in 2014, is valued at 1.3 billion euros and has sold over 7 million hardware wallets
• The incident occurs during a period of elevated cryptocurrency prices, with Bitcoin recently reaching nearly $109,000

David Balland, co-founder of cryptocurrency hardware wallet manufacturer Ledger, has been freed following a 24-hour kidnapping ordeal in central France that involved demands for cryptocurrency ransom. French authorities confirmed the rescue operation took place on January 22, 2025.

The incident began in the early hours of January 21 when kidnappers forcibly removed Balland and his wife from their home in the Cher region of Centre-Val de Loire. The couple was then transported to a nearby location where they were held captive.

According to French newspaper Le Parisien, the kidnappers escalated their threats by severing one of Balland’s fingers and sending it to his associates. The kidnappers demanded an undisclosed amount of cryptocurrency as ransom from Balland’s family and business connections.

The National Gendarmerie, France’s military police force, launched a swift response operation. Their intervention group successfully located and freed both victims on the night of January 22. Following the rescue, Balland received immediate medical attention for his injuries.

Pascal Gauthier, Ledger’s chairman and CEO, expressed relief following the rescue. “We are deeply relieved that David and his wife have been released and are now safe,” Gauthier stated. He emphasized the company’s cooperation with law enforcement throughout the investigation.

Nous sommes profondément soulagés d’apprendre la libération de David et sa femme et de les savoir sains et saufs. J’ai pris contact avec David, et nos pensées vont avec lui et sa famille. Nous partageons aussi l’émotion des membres de notre équipe, et en particulier de celles…

— Pascal Gauthier @Ledger (@_pgauthier) January 23, 2025

The kidnapping initially sparked widespread speculation on social media, with former Binance CEO Changpeng Zhao acknowledging the rumors on January 22. Zhao later deleted his post, noting uncertainty about the details at the time.

Jameson Lopp, chief technology officer of self-custody service Casa, also commented on the situation through social media, noting Ledger’s initial silence about the incident raised concerns.

The Paris prosecutor’s office has confirmed they are continuing their investigation into the kidnapping. Details about whether any ransom was paid or if suspects have been apprehended remain unclear.

Lots of unconfirmed rumors swirling that a Ledger co-founder / executive was kidnapped for ransom. We have no reliable info on what has transpired, though Ledger's silence makes my spidey sense tingle.

I suspect that there is an ongoing incident involving an undisclosed person.

— Jameson Lopp (@lopp) January 22, 2025

Balland helped establish Ledger in Paris in 2014. The company has grown into a major player in cryptocurrency security, producing hardware wallets designed to store digital assets offline. These devices protect users’ private keys from online threats.

The company’s growth has been marked by steady expansion and fundraising success. In 2023, Ledger raised 100 million euros ($109 million), bringing its total valuation to 1.3 billion euros ($1.42 billion). The firm now employs approximately 700 people.

Ledger maintains a manufacturing facility in Vierzon, France, where Balland served as site director from 2019 to 2021. The company reports having sold over seven million hardware wallets since its founding, with no reported successful hacks of their devices.

The incident occurs against a backdrop of increasing cryptocurrency-related crime. Blockchain analytics firm Chainalysis reported that ransomware gangs extracted over $1.1 billion in cryptocurrency payments from victims in 2023.

The timing coincides with a surge in cryptocurrency markets, as Bitcoin reached nearly $109,000 in recent trading, according to CoinGecko data. The high valuations of digital assets may have made figures in the industry more attractive targets for criminals.

The company continues to develop new products, including high-end touchscreen devices like the Ledger Flex and Ledger Stax, while maintaining its popular Nano series as its bestselling product line.

Law enforcement authorities have confirmed that Balland’s wife was also safely rescued during the operation. The investigation remains active as authorities work to identify and apprehend those responsible for the kidnapping.

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