Kidnappers release the co-founder of crypto startup Ledger

David Balland, the co-founder of Ledger, a French crypto wallet startup, has been freed after being abducted from his home in central France, according to a Jan. 23rd report by Bloomberg.

The Paris prosecutor’s office reportedly confirmed that David was kidnapped early Tuesday morning. He was released late Wednesday following a high-stakes police operation. The kidnappers demanded a ransom in crypto.

Ledger is best known for producing hardware wallets that safeguard crypto assets. The company raised €100 million in 2023, pushing its valuation to €1.3 billion, and remains headquartered in Paris.

While David stepped back from day-to-day operations at the company years ago, his ties to Ledger were strong, with a key role in the startup’s factory operations in Vierzon.

Details of the kidnapping are as chilling as they are surreal. The report said that David was taken from his residence in central France under the cover of darkness. He was held captive at an undisclosed location after being transported in a car to another site.

The kidnappers made their demands shortly after taking David, exploiting the pseudonymous nature of blockchain technology to mask their tracks.

The Paris prosecutor’s office refrained from disclosing the exact sum demanded. Authorities acted quickly, leading an extensive operation to reportedly secure David’s release. He was freed late Wednesday night and is under medical care right now.

According to Bloomberg, the authorities have also not revealed whether any ransom was paid or arrests were made in connection to the case.