Ledger co-founder David Balland released following kidnapping and sensitive rescue operation

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.

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, Mr. Balland was transported by his abductors to a separate location where he was held in captivity. 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.

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

Multiple suspects from the criminal organization were taken into custody. The kidnappers had demanded a large ransom payment in crypto assets and reportedly sent a finger as part of their demands, though authorities have not confirmed if it belonged to Balland.

The investigation, initially opened at the Bourges public prosecutor’s office, was transferred to the Paris Inter-specialized Jurisdiction due to the case’s sensitivity and the suspects’ potential ties to organized crime.

The case remains open for “kidnapping and sequestration by an organized gang to obtain the execution of a condition,” an offense that carries a life sentence in France.

Balland, described as a friendly and discreet technician, co-founded Ledger in 2014. Prior to Ledger, he established Chronocoin, a platform enabling Bitcoin purchases via credit card with delivery through physical wallets.

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.”

This article first appeared at Crypto Briefing