Key Takeaways
- David Balland, Ledger co-founder, was kidnapped and later safely released in France.
- Kidnappers demanded a cryptocurrency ransom; police resolved the incident on Jan. 22.
- Ledger's global success includes selling over 7 million hardware wallets as of 2024.
David Balland, co-founder of the French cryptocurrency hardware wallet company Ledger, was safely released after being kidnapped in central France, according to the Paris prosecutor’s office.
Balland was abducted from his home on January 21, with the kidnappers demanding a ransom in cryptocurrency.
A police operation on January 22 successfully secured Balland’s release.
Authorities confirmed that he is receiving medical attention following his ordeal.
About Ledger
Founded in 2014, Ledger is a prominent manufacturer of cryptocurrency hardware wallets designed to keep users’ private keys offline.
The company raised €100 million ($109 million) in 2023, achieving a valuation of €1.3 billion ($1.42 billion).
Ledger operates a manufacturing facility in Vierzon, France, where Balland served as site director between 2019 and 2021.
Community response
The kidnapping incident sparked significant speculation within the cryptocurrency community.
On January 22, former Binance CEO Changpeng Zhao tweeted about the rumors, later deleting the post.
Jameson Lopp, co-founder of self-custody service Casa, referred to the incident as “unconfirmed rumors,” suggesting Ledger’s silence indicated an ongoing situation.
Broader context
Ransomware crimes involving cryptocurrency have been a growing concern.
In 2023, victims paid over $1.1 billion in cryptocurrency ransoms, according to blockchain analytics firm Chainalysis.
Ledger has sold over seven million hardware wallets to date, claiming none have ever been hacked.
The company has yet to release an official statement on the incident.
