Paris, France – David Balland, a co-founder of French cryptocurrency company Ledger, and his partner have been freed after being kidnapped and held for ransom, the Paris prosecutors’ office announced on Thursday.
Balland was abducted early Tuesday morning from his home in central France and transported by car to another location, where he was held captive.
The kidnappers demanded a significant ransom in cryptocurrency, though authorities have not disclosed the amount or whether it was paid.
According to an initial statement from prosecutors, Balland was freed on Wednesday following an extensive police operation that involved GIGN, one of France’s elite tactical police units. Emergency services provided him with medical treatment after his release.
Later on Thursday, prosecutors confirmed that Balland’s partner had also been freed in an operation carried out by GIGN. However, no information was provided regarding potential arrests or the status of the kidnappers.
A Prominent Name in Crypto Security
Ledger, founded in 2014, is one of France’s most notable cryptocurrency firms. The company specializes in selling “hardware wallets”—physical devices designed to securely store digital assets. Balland is listed as one of eight co-founders on the company’s website.
Ledger has established itself as a major player in the crypto industry, raising $380 million in 2021 in a funding round that valued the firm at $1.5 billion.
The kidnapping underscores growing concerns about the security risks associated with high-profile individuals in the cryptocurrency sector, where large sums of digital assets are often targeted by cybercriminals and, increasingly, by more traditional criminal networks.
France Grappling with Organized Crime
The incident comes amid a broader struggle in France to curb a rise in organized crime. In May 2023, heavily armed gunmen ambushed a prison transport vehicle, killing two prison guards and freeing a notorious drug trafficker, Mohamed Amra, known as “The Fly.”
Amra remains at large, and no arrests have been made in connection with the jailbreak. Authorities are increasingly concerned about the intersection between cryptocurrency and criminal activity.
Regulators and law enforcement agencies, including the Financial Action Task Force (FATF), have long warned that crypto assets could serve as a financial safe haven for illicit transactions, including money laundering, ransomware attacks, and terrorist financing.
Ongoing Investigation
While the details surrounding Balland’s release remain undisclosed, the involvement of France’s elite police units indicates a high-stakes rescue operation. Authorities have not confirmed whether they have identified or apprehended the perpetrators.
As the investigation continues, the incident is likely to reignite discussions on the vulnerabilities of high-profile crypto executives and the broader risks posed by digital asset-related crimes.
With France’s cryptocurrency sector expanding and its regulatory framework evolving, the case highlights the urgent need for enhanced security measures to protect individuals operating in this high-value industry.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members
