- One of Ledger’s co-founders, David Balland, was kidnapped on Tuesday
- Earlier reports mistakenly claimed that another Ledger co-founder, Eric Larchevêque, had been abducted
- Kidnappers reportedly demanded a large ransom to be paid in cryptocurrency
David Balland, a retired co-founder of hardware cryptocurrency wallet maker Ledger, has been released by authorities.
Balland, who was taken on Tuesday, was reportedly freed on Wednesday night following an operation by French police.
Initial reporting of the release was published by Bloomberg on Thursday, January 23.
Ransom demands in cryptocurrency
According to a statement from the Paris public prosecutor’s office, the kidnappers had made significant ransom demands and requested payment in cryptocurrency.
French daily Le Parisien also confirmed that one of Ledger’s co-founders was rescued by the National Gendarmerie Intervention Group (GIGN), France’s elite counterterrorism police unit.
🔴 Enlevé et séquestré, David Balland, cofondateur de l’entreprise de cryptomonnaies Ledger, a été secouru ce mercredi par le GIGN
Les kidnappeurs auraient envoyé un doigt dans le cadre de leur demande de remise d’argent.
Des recherches se poursuivent
➡️ https://t.co/9PWZWo03iM pic.twitter.com/NVMPqcweje— Le Parisien (@le_Parisien) January 23, 2025
News of Balland’s release followed a wave of reports the previous day that an executive from Ledger had been abducted in Paris. Those rumors specifically named Eric Larchevêque, another co-founder of the France-based cryptocurrency company.
Shortly after the rumors began circulating, Grégory Raymond, a co-founder of crypto news outlet The Big Whale, posted that reports claiming Larchevêque had been kidnapped were inaccurate.
🔴 NEWS @TheBigWhale_
We are able to assure that @EricLarch (co-founder of @Ledger) is not involved in the kidnapping rumor about him
Be careful with published information that could threaten an ongoing investigation in France and possibly someone else’s life
— Grégory Raymond 🐳 (@gregory_raymond) January 22, 2025
Raymond later posted an update on X confirming that Balland had been freed and that police continue to investigate the incident.