Ledger Co-founder Kidnapped, Released After Ransom Demand

David Balland, a co-founder of French cryptocurrency firm Ledger, and his partner have been safely freed after being kidnapped and held for ransom.

The Paris prosecutor’s office confirmed that Balland was abducted early Tuesday from his home in central France and taken to another location.

The kidnappers demanded a “large ransom in cryptocurrency,” though authorities did not disclose the exact amount or if it was paid. Balland was released on Wednesday, receiving medical attention from emergency services. His partner was later freed by GIGN, France’s elite tactical police unit.

No arrests have been reported, and further details about the operation remain undisclosed. The case has drawn attention to Ledger, a leading producer of hardware wallets for storing crypto assets. Founded in 2014, the company is valued at $1.5 billion after a 2021 funding round.

The incident also highlights ongoing concerns about organized crime and the misuse of cryptocurrency in illicit activities. France has seen a rise in high-profile criminal acts, including last year’s dramatic prison van ambush that freed a convicted drug boss.

In November, the body of Canadians crypto influencer Kevin Mirshahi was discovered at Île-de-la-Visitation park in Montreal, following his abduction from a condo in June.

Mirshahi’s death is not the only recent crypto-linked abduction in Canada. A weak earlier, WonderFi CEO Dean Skurka was briefly kidnapped in Toronto and released after paying nearly $720,000 in ransom. Canada, like other parts of the world, has recently seen a disturbing trend of violent incidents connected to cryptocurrency. A list maintained by Casa’s Chief Security Officer, Jameson Lopp, documented 18 cryptocurrency-related attacks this year alone, including in-person scams, home invasions, and even murders.

Mirshahi was known in Montreal’s crypto community and previously operated a private investment firm, “Crypto Paradise Island.” However, allegations of misconduct surrounded him, with several individuals accusing him of scamming investors.

The crypto community has seen several incidents of violence and unexplained deaths over the years. Bitcoin cypherpunk Jameson Lopp advises against conducting peer-to-peer trades with untrusted individuals, showing off wealth on social media, and wearing crypto-branded clothing. He stresses that minimizing criminals’ awareness of one’s crypto involvement can reduce the chances of being targeted.