David Balland, co-founder of cryptocurrency company Ledger, has been freed after being abducted in central France . Balland and his wife were taken from their home in the Cher region early Tuesday morning. The assailants separated the couple and demanded a significant ransom in cryptocurrency from another Ledger co-founder, according to Paris prosecutors. French national police and GIGN, an elite unit specializing in high-risk operations, initially negotiated with the kidnappers, Paris prosecutor Laure Beccuau said. Authorities eventually located Balland, freed him, and arrested several attackers. His wife was found hours later. “Part of the ransom has been paid. Nearly all of it has been traced, frozen, and seized,” Beccuau said, without specifying the amount. A total of 10 individuals, nine men and one woman aged between 20 and 40, have been arrested. The investigation will continue to identify everyone involved, including those who orchestrated the crime. Ledger, founded in Paris in 2014, is known for its hardware devices resembling USB drives that securely store cryptocurrencies. The company was valued at €1.3 billion in 2023 after raising €100 million from investors, including True Global Ventures. In November, Tony Fadell, inventor of Apple’s iPod, joined Ledger’s board. “We are deeply relieved that David and his wife are safe,” said Pascal Gauthier, CEO of Ledger. He thanked law enforcement for their swift action, describing the event as a “traumatic situation that we hope will never happen again.” Balland, who co-founded Ledger but left the company in 2021, now runs a virtual reality start-up in Vierzon, about 200 km south of Paris. After his release, he was taken to a hospital for treatment. This abduction is the latest in a string of crypto-related kidnappings , as Bitcoin and other digital assets continue to attract attention. In 2023, Binance clients were lured to Montenegro and forced to transfer $12.5 million in crypto. Other high-profile cases include the kidnapping of Pavel Lerner in 2017, who paid over $1 million in Bitcoin for his release, and Nick Drakon, who stepped down as head of Revelo Intel after being robbed at gunpoint in September. With Bitcoin reaching record highs and the crypto industry gaining momentum, experts warn that prominent figures in the sector are increasingly targeted. “If you are known to control large sums of money, you become a target,” Drakon said. In France, kidnapping for ransom as part of a criminal gang carries a maximum life sentence.
