Ledger Co-Founder David Balland Released By Kidnappers

David Balland, the Co-Fonder of Ledger, has been released by kidnappers in France. He was kidnapped this Tuesday and it was speculated that kidnappers would demand ransom. Notably, this latest incident has gained notable traction, especially amid the soaring kidnapping cases of the crypto asset owners.

Ledger Co-Founder David Balland Released

The Ledger Co-Founder has been released by kidnappers as per a report by Bloomberg, and there are no reports of them demanding any ransom from David Balland. It was earlier speculated that kidnappers would demand a portion of his holdings or would force him to transfer a few tokens to them. However, he has been released in France without any such demand being reported.

Gregory Raymond, Co-Founder of The Big Whale, has highlighted that the main intention of kidnappers was to extract ransom probably in the form of cryptocurrencies. A lot of details have not been revealed to avoid threatening the investigation. But, all the facts would be made public once the investigation concludes. It is important to note that this is a developing story and official authorities are searching for perpetrators.

It was previously speculated that Eric Larch was the key figure from Ledger who was kidnapped. But, that turned out to be a rumor after it was reported that Eric Larch was safe, and was not kidnapped.

Crypto Asset Owners Under Threat?

According to a CBC report, Dean Shurka, the head of WonderFi, was kidnapped in November last year. He was held captive by kidnappers for a ransom of $720,660, which roughly translates to 1 million Canadian dollars. He was forced into another vehicle after being taken away from downtown Toronto. Shurka later confirmed his safety status to the media and emphasized that the funds and data of clients were not impacted by the kidnapping incident.

Notably, the kidnapping of WonderFi CEO, Dean Shurka, was the 171st case of suspects taking up physical violence to steal Bitcoin tokens. Such incidents are often directly linked to the exchange rate of a cryptocurrency. That is, attacks are more likely to happen when the price of a crypto, BTC in this case, surges significantly and suspects are desperate to steal those funds.

Bangkong Post, earlier that month, reported the arrest of six Thai police officers and a civilian for running a racket of kidnapping crypto asset owners. They stole approximately $166,710, or 5.7 million baht, after demanding 10 million USDT from the Chinese victim.

What’s Next?

More information about the kidnapping incident of the Co-Fonder of Ledger, David Balland, is awaited. The prosecutor’s office has clarified that substantial ransom in cryptocurrency was demanded from him; however, it is not known whether funds were given out as ransom or not. David Balland is currently being treated by emergency services, as per the prosecutor’s office.

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