Ledger Co-Founder Freed in Dramatic Kidnapping Rescue in France

A 24-hour ordeal ended by swift action from French authorities.

David Balland, co-founder of the cryptocurrency hardware wallet giant Ledger, and his wife were rescued by French authorities after being kidnapped and held for 24 harrowing hours. The incident, which unfolded in the Cher region of France, saw kidnappers demanding cryptocurrency ransom and resorting to violent threats, including severing one of Balland’s fingers to pressure for payment.

The ordeal began in the early hours of January 21, 2025, when Balland and his wife were forcibly taken from their home. The couple was transported to an undisclosed location where the kidnappers demanded an undisclosed amount of cryptocurrency. French newspaper Le Parisien reported the grisly detail that Balland’s severed finger was sent to his associates, amplifying the urgency of the situation.

The French National Gendarmerie launched an immediate rescue operation. Acting on intelligence, their intervention unit successfully located and freed both victims by the evening of January 22. Balland received immediate medical treatment for his injuries, while his wife was also found unharmed.

Pascal Gauthier, Ledger’s chairman and CEO, expressed profound relief. “The safety of David and his wife is our top priority. We are immensely grateful for the swift action of the French authorities,” Gauthier said in a public statement, adding that the company fully cooperated with law enforcement throughout the investigation.

Social media was abuzz with speculation during the kidnapping. Former Binance CEO Changpeng Zhao acknowledged the rumors on January 22 but later deleted his post, citing a lack of verified information.

Jameson Lopp, CTO of self-custody service Casa, remarked on the tension surrounding Ledger’s initial silence, calling it a “sobering reminder” of the risks facing prominent figures in the cryptocurrency industry.

Details about the suspects remain scarce, with authorities tight-lipped on whether any ransom was paid. The Paris prosecutor’s office confirmed an ongoing investigation, focusing on identifying and apprehending those involved in the crime.

Balland, who co-founded Ledger in Paris in 2014, has been instrumental in the company’s growth. Ledger, valued at €1.3 billion ($1.42 billion), is a global leader in cryptocurrency security, known for its hardware wallets designed to protect users' private keys offline. The company has sold over seven million wallets and boasts a record of zero successful hacks on its devices.

The timing of the kidnapping coincides with a surge in cryptocurrency prices, with Bitcoin recently nearing $109,000, according to CoinGecko. Experts speculate that high-profile figures in the industry, such as Balland, have become increasingly attractive targets for criminals due to the growing value of digital assets.

This incident highlights the broader risks of cryptocurrency-related crime. Chainalysis reported that ransomware attackers extracted over $1.1 billion in cryptocurrency in 2023 alone, underscoring the vulnerability of the industry despite advancements in security.

Ledger, which continues to innovate with products like the Ledger Flex and the touchscreen-enabled Ledger Stax, has reaffirmed its commitment to customer security and trust. The company’s Nano series remains its most popular product, reflecting a user base that increasingly prioritizes offline storage of digital assets.

The rescue of Balland and his wife brings a sense of relief to the crypto community, but it also serves as a stark reminder of the dangers posed by rising valuations and growing criminal interest in the sector. French authorities remain committed to bringing the perpetrators to justice, ensuring that this dramatic chapter has a definitive conclusion.

photo source / Blockonome