Kidnapped co-founder of French crypto firm Ledger had his hand mutilated #FrenchFinance

Posted By Global Banking and Finance Review

Posted on January 24, 2025

By Marine Strauss

(Reuters) – David Balland, a co-founder of French crypto firm Ledger, had his hand mutilated while he and his wife were kidnapped, the Paris prosecutor said, adding that 10 people were being questioned following the freeing of the pair.

Balland and his wife were kidnapped early on Tuesday morning from their home in central France, and were taken by car to two separate addresses where they were held captive, Paris Prosecutor Laure Beccuau said in a press conference late on Thursday.

Balland, who Ledger said no longer worked for the company, was rescued after a police operation on Wednesday and his wife was freed the following day.

During the kidnapping, the kidnappers contacted another Ledger co-founder and demanded a ransom in cryptocurrency, part of which was paid, Beccuau said.

The rescue operation involved more than 90 officers from the GIGN, one of France’s elite tactical police units, leading to Balland’s freeing and the arrest of two people.

Balland was taken to hospital and treated for injuries to one of his hands, she said, without giving details.

Balland’s wife was found tied up but uninjured in a car on Thursday.

“We are deeply relieved that David and his wife have been released, and are now safe,” Pascal Gauthier, chairman and CEO of Ledger said in a statement. Balland has not worked at Ledger since 2021 and has no current role there, the company said.

“We respected law enforcement requests around safeguarding critical details of the ongoing investigation and appreciated members of the press who did the same,” Gauthier said.

As of Thursday 10 people, most of them already known to police, were being questioned by the police, the prosecutor said. They face sentences of up to life in prison if convicted.

Nearly all the cryptocurrencies paid to the kidnappers were traced, frozen and seized, she said.

Ledger, founded in 2014, is one of France’s top crypto companies. It sells “hardware wallets” – physical devices for storing crypto assets. Balland is one of eight co-founders, the company’s website says.

In 2021, Ledger raised $380 million in a funding round which valued it at $1.5 billion.

(Reporting by Marine Strauss; Additional reporting by Elizabeth Howcroft; Editing by Frances Kerry)