Important points
- David Balland was kidnapped in Viarzon, France, on Tuesday.
- The media was asked to refrain from reporting on the kidnapping for 48 hours due to fear for Balland's life.
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A tense 48 hours ended with the safe return of David Balland, co-founder of cryptocurrency hardware wallet giant Ledger, who was kidnapped in Vierzon, France, on Tuesday, according to French news outlet Le Parisien.
“Mr. Ballande is being attended to by emergency services and requires medical treatment,” the Paris prosecutor's office said.
Gregory Raymond, principal investigator and co-founder of Big Whale, also confirmed this information. Raymond said in an earlier statement that initial rumors about X incorrectly identified Ledger's other co-founder Eric Larsweg as the target.
🔴Official
David Balland Co-Founder @ledger Released after being kidnapped on Tuesday
To avoid jeopardizing the ongoing investigation, we have decided not to reveal anything about what happened in recent hours.
However, the Paris public prosecutor's office…
— Gregory Raymond 🐳 (@gregory_raymond) January 23, 2025
The Paris public prosecutor's office said the kidnappers put Balland in a car and drove her to another address, where they imprisoned her. They then reportedly demanded a large cryptocurrency ransom and sent a finger as part of the demand.
France's elite police tactical unit, the National Gendarmerie Intervention Group, carried out a high-stakes operation and succeeded in rescuing Balland late Wednesday, according to the report.
The media was asked to refrain from reporting on the kidnapping for 48 hours due to the sensitive nature of the situation and the threat to Balland's life, Le Parisien newspaper said.
The investigation was initially handled by the public prosecutor's office in Bourges. However, due to its complex nature, the case was soon transferred to the Paris Specialized Jurisdiction (JIRS). The suspects were believed to have ties to organized crime under the jurisdiction of JIRS.
Several suspects associated with criminal organizations were arrested in connection with the kidnapping. Police are working to identify and arrest all those responsible, who could face life sentences.
Mr. Barrand co-founded Leisure in 2014 in Bialzon with seven other professionals. Prior to joining Ledger, he launched Chronocoin, an online platform for purchasing Bitcoin. Balland's position at Leisure and his proximity to Larsvek could have made him an attractive target.
Mayor Merlot told Le Parisien: “I have never seen anything like this in my town, so it must be quite serious.”
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