Co-founder of French crypto startup Ledger released after kidnapping

Co-founder of French physical crypto wallet startup Ledger, David Balland, who was kidnapped by intruders from his home in Mero, near Vierzon (France) early on Tuesday, January 21, was released the next day as a result of a police operation involving GIGN special forces, writes Bloomberg.

Image source: Kanchanara/unsplash.com

After the abduction, Balland was taken by car to another address, where he was held captive. The criminals demanded a significant ransom in cryptocurrency for his release, the prosecutor’s office said. Due to the danger to the life of the entrepreneur, law enforcement agencies asked the media to refrain from publishing reports about the abduction for 48 hours.

Balland is one of the co-founders of Ledger, founded in 2014. The company specializes in creating hardware wallets for storing digital assets. Ledger raised €100 million in funding in 2023, giving it an estimated market value of €1.3 billion.

In 2019, Ledger launched the production of hardware crypto wallets in Vierzon. Balland served as plant director from 2019 to 2021, according to his Linkedin profile. Ledger has approximately 700 employees and is headquartered in Paris.