Ledger co-founder David Balland released following kidnapping and sensitive rescue operation

A tense 48 hours ended with the safe return of David Balland, co-founder of crypto hardware wallet giant Ledger, after he was kidnapped in Vierzon, France, on Tuesday, according to French outlet Le Parisien.

Gregory Raymond, head of research and co-founder of The Big Whale, confirmed this information.

🔴 OFFICIAL

David Balland co-founder of @Ledger has been released, after being kidnapped on Tuesday

To avoid threatening the ongoing investigation, we had decided not to reveal anything about what had been happening in recent hours

But the Paris public prosecutor’s office has…

— Grégory Raymond 🐳 (@gregory_raymond) January 23, 2025

As described in the report, France’s elite police tactical unit, the GIGN, conducted a “particularly muscular” operation and successfully rescued Balland late Wednesday, the report said.

Balland had been taken by captors in a car and held at a separate location, according to the Paris prosecutor’s office.

There were initial rumors that Éric Larchevêque, the other Ledger co-founder, was the target, but this was incorrect, Raymond from The Big Whale said in an earlier statement on X.

Due to the sensitive nature of the situation and the risk to Balland’s life, the media was asked to refrain from reporting on the kidnapping for 48 hours.

Multiple suspects from the criminal organization were taken into custody. The kidnappers had demanded a large ransom payment in crypto assets and reportedly sent a finger as part of their demands, though authorities have not confirmed if it belonged to Balland.

The investigation, initially opened at the Bourges public prosecutor’s office, was transferred to the Paris Inter-specialized Jurisdiction due to the case’s sensitivity and the suspects’ potential ties to organized crime.

The case remains open for “kidnapping and sequestration by an organized gang to obtain the execution of a condition,” an offense that carries a life sentence in France.

Balland, described as a friendly and discreet technician, co-founded Ledger in 2014. Prior to Ledger, he established Chronocoin, a platform enabling Bitcoin purchases via credit card with delivery through physical wallets.

The mayor of Méreau told Le Parisien, “It must be a pretty serious incident, because I’ve never seen anything like it in my town.”