Ledger Co-founder David Balland Released Following Kidnapping And High-stakes Rescue Operation

Key Takeaways

David Balland was kidnapped in Vierzon, France, on Tuesday.
Due to the danger to Balland’s life, the media was asked to withhold reporting on the kidnapping for 48 hours.

A tense 48 hours ended with the safe return of David Balland, co-founder of crypto hardware wallet giant Ledger, after he was kidnapped in Vierzon, France, on Tuesday, according to French outlet Le Parisien.

“Mr. Balland was taken care of by emergency services and must receive medical treatment,” the Paris prosecutor’s office said.

Gregory Raymond, head of research and co-founder of The Big Whale, confirmed the information. Initial rumors on X incorrectly identified Ledger’s other co-founder, Éric Larchevêque, as the target, Raymond said in an earlier statement.

🔴 OFFICIAL
David Balland co-founder of @Ledger has been released, after being kidnapped on Tuesday
To avoid threatening the ongoing investigation, we had decided not to reveal anything about what had been happening in recent hours
But the Paris public prosecutor’s office has…
— Grégory Raymond 🐳 (@gregory_raymond) January 23, 2025

According to the Paris prosecutor’s office, the kidnappers made Balland get into a car and drove him to another address where he was held in captivity. They then demanded a large crypto ransom and reportedly sent a finger as part of their demands.

The National Gendarmerie Intervention Group, France’s elite police tactical unit, conducted a high-stakes operation and successfully rescued Balland late Wednesday, the report said.

The media was asked to refrain from reporting on the kidnapping for 48 hours due to the sensitive nature of the situation and the risk to Balland’s life, according to Le Parisien.

The investigation was first handled by the prosecutor’s office in Bourges. However, due to its complex nature, the case was quickly transferred to the Paris Inter-specialized Jurisdiction (JIRS). The suspects were believed to have ties to organized crime, which falls under the jurisdiction of JIRS.

Multiple suspects linked to a criminal organization have been arrested in connection with the kidnapping. Police are working to identify and arrest all those responsible, who could face life in prison.

Balland co-founded Ledger in 2014 in Vierzon, alongside seven other experts. Prior to Ledger, he launched Chronocoin, an online platform for Bitcoin purchases. Balland’s position at Ledger and close proximity to Larchevêque could have made him an attractive target.

The mayor of Méreau told Le Parisien, “It must be a pretty serious incident, because I’ve never seen anything like it in my town.”