French Police Free Kidnapped Ledger Executive After Day-Long Ordeal

TLDR

• French cryptocurrency executive David Balland endured a violent kidnapping from his home with his wife on January 21, 2025
• Kidnappers demanded cryptocurrency payment and reportedly mutilated Balland during the 24-hour ordeal
• French National Gendarmerie successfully rescued both victims through a tactical operation
• Ledger, valued at 1.3 billion euros, is a leading manufacturer of cryptocurrency security devices
• The incident happened as Bitcoin trades near record highs around $109,000

---

French technology executive David Balland, who helped create the cryptocurrency security company Ledger, has survived a brutal kidnapping attempt that ended with a police rescue operation on January 22, 2025, according to statements from the Paris prosecutor’s office.

The attackers struck in darkness, forcing their way into Balland’s residence in the Cher region of central France during the early morning hours of January 21. Both Balland and his wife were taken from their home and transported to a nearby location where they were held against their will.

French newspaper Le Parisien reports the kidnappers employed extreme violence during the ordeal, including cutting off one of Balland’s fingers. Sources say the severed digit was sent to Balland’s associates as proof of their intentions and to reinforce their demands for cryptocurrency payment.

The victims’ location remained unknown for nearly 24 hours as family members and business associates grappled with ransom demands. The exact amount of cryptocurrency requested has not been disclosed by authorities, who have also not confirmed whether any payment was made.

France’s National Gendarmerie mobilized its specialized intervention group to handle the crisis. The tactical team successfully stormed the location where Balland and his wife were being held, freeing both victims without any reported casualties during the operation.

Medical teams immediately transported Balland to receive treatment for his injuries following the rescue. The Paris prosecutor’s office has confirmed that an active investigation continues as they work to identify and capture all persons involved in the kidnapping.

The news created waves throughout the cryptocurrency industry. Former Binance CEO Changpeng Zhao initially posted about the rumors on social media before deleting his message, citing uncertainty about the developing situation.

Casa chief technology officer Jameson Lopp also commented on the events, noting that Ledger’s initial silence about the situation had raised red flags within the cryptocurrency security community.

The kidnapping targeted one of France’s most successful cryptocurrency entrepreneurs. Balland co-founded Ledger in Paris in 2014, helping build it into a global leader in digital asset security hardware. The company produces specialized devices called hardware wallets that store cryptocurrency access keys offline to protect them from hackers.

From 2019 to 2021, Balland served as director of Ledger’s manufacturing facility in Vierzon, France. Under his leadership, the company has sold more than seven million hardware wallets worldwide, maintaining a perfect security record with no successful breaches of their devices.

Recent fundraising has demonstrated Ledger’s continued growth, with the company securing 100 million euros ($109 million) in 2023. This investment brought Ledger’s total valuation to 1.3 billion euros ($1.42 billion). The company now employs around 700 people across its operations.

Pascal Gauthier, who leads Ledger as chairman and CEO, released a statement expressing gratitude for Balland’s safe return. “We are deeply relieved that David and his wife have been released and are now safe,” Gauthier said, while also praising law enforcement’s handling of the crisis.

🇫🇷 Nous sommes profondément soulagés d’apprendre la libération de David et sa femme et de les savoir sains et saufs. J’ai pris contact avec David, et nos pensées vont avec lui et sa famille. Nous partageons aussi l’émotion des membres de notre équipe, et en particulier de celles…

— Pascal Gauthier @Ledger (@_pgauthier) January 23, 2025

The attack comes at a time when cryptocurrency-related crime continues to rise. Data from blockchain analysis firm Chainalysis shows ransomware gangs extracted over $1.1 billion in cryptocurrency payments during 2023 alone.

The timing also coincides with a surge in cryptocurrency values, as Bitcoin trades near $109,000 – its highest level ever according to CoinGecko data. These elevated prices may make industry executives more attractive targets for criminal enterprises.

Beyond its core Nano series of hardware wallets, Ledger has expanded into premium products like the Ledger Flex and Ledger Stax, which feature touchscreen interfaces. These devices cater to users seeking both security and ease of use in managing their digital assets.

The incident has prompted renewed focus on executive security within the cryptocurrency industry. As digital assets become more valuable, companies may need to increase protection for key personnel who could be targeted by criminals.

8