French Crypto Billionaire Rescued After Kidnapping for Bitcoin Ransom

The co-founder of the French startup Ledger SAS, a company specializing in the production of cryptocurrency wallets, has been freed after being kidnapped in central France. The Paris prosecutor’s office reported the incident.

David Balland was abducted from his home early Tuesday morning and was rescued during a police operation overnight into Wednesday. The kidnappers had demanded a large ransom in cryptocurrency. After the abduction, Balland was taken by car to another location, where he was held hostage. He is currently receiving medical care.

About Ledger and the Incident

Ledger is known for manufacturing hardware wallets for storing digital assets. In 2023, the company raised €100 million in investments, reaching a valuation of €1.3 billion. The company’s headquarters are in Paris, and in 2019, a factory for producing crypto wallets was opened in the city of Vierzon. Ledger employs around 700 people.

Balland became one of Ledger’s co-founders in 2014 and served as the director of the Vierzon factory from 2019 to 2021. The kidnapping incident has drawn attention to security issues in the crypto industry, where such cases, unfortunately, are not uncommon. In recent years, attacks on crypto investors and companies involved with digital assets have become more frequent, highlighting the need for stronger security measures.