David Balland — the co-founder of French cryptocurrency hardware wallet maker Ledger — was kidnapped and released days later.
According to a recent statement from the Paris prosecutor’s office cited by Bloomberg, Balland was abducted from his residence in central France on Jan. 21. His captors then held him until a police investigation secured his release on Jan 22.
Balland is not receiving medical attention after his release. The kidnappers demanded a ransom payment in exchange for his release.
Who is Balland?
Balland established Ledger in 2014 alongside other co-founders. The devices produced by the company are the leading hardware wallets ensuring higher security standards for crypto users.
The private keys used to sign transactions are held offline and completely separate from computers and smartphones on hardware wallet. This alongside the way the device is designed greatly decreases the likelihood that hackers will be able to access the key — even with physical access to the device.
Ledger was able to raise 100 million euro ($109 million) in 2023 and now is valued at 1.3 billion euro ($1.42 billion). The company also currently employs as many as 700 people.
The firm manufactures its devices in Vierzon, France. Balland worked as site director in this location from 2019 until 2021.
Not the first such case
This is just the last kidnapping in a long series that targeted high profile people from the crypto industry. Dean Skurka — the president and CEO of Canadian cryptocurrency firm WonderFi — was allegedly kidnapped and released after ransom payment in late 2024.
At the same time, a dead body found in the Île-de-la-Visitation park in Montreal has been identified as 25-year-old crypto influencer Kevin Mirshahi who was under investigation by Canadian authorities. Earlier this month, Pakistani cryptocurrency trader Mohammed Arsalan was kidnapped wit the involvement of local law enforcement, with the perpetrators successfully extorting $340,000 worth of digital assets.
Also this month, a Canadian volunteer moderator of a crypto forum was reportedly targeted in an attempted kidnapping by individuals allegedly planning to torture him to steal his Bitcoin.