- Ledger co-founder David Balland was kidnapped on Tuesday
- Earlier reports incorrectly identified co-founder Eric Larchevêque as the kidnapped executive
- The kidnappers reportedly demanded a substantial ransom to be paid in cryptocurrency
Kidnappers have released David Balland, a retired co-founder of crypto hardware wallet maker Ledger.
Balland, who was abducted on Tuesday, was reportedly freed Wednesday evening following an operation by French police.
Bloomberg first reported the news of the Ledger co-founder’s release on Thursday, January 23.
Ransom demanded in cryptocurrency
According to a statement from the Paris Public Prosecutor’s Office, Balland’s abductors demanded a significant ransom and requested the payment in cryptocurrency.
French daily Le Parisien also confirmed that Balland was rescued by the National Gendarmerie Intervention Group (GIGN), the elite French police unit that handles counterterrorism and high-risk interventions.
🔴 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
The report of Balland’s release followed initial claims that an executive from Ledger had been kidnapped in Paris. Those rumors named Eric Larchevêque, another Ledger co-founder based in France.
Soon after the rumors circulated, Grégory Raymond, co-founder of crypto news site The Big Whale, noted that reports identifying Larchevêque as the kidnapped individual were incorrect.
🔴 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 also posted an update on X confirming that Balland had been released and that police continue to investigate the case.