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The co-founder of crypto start-up Ledger has been freed after being kidnapped in central France.
The Paris prosecutor said police were still investigating the incident that began when assailants took David Balland from his home in the department of Cher in the early hours of Tuesday.
“The victim was taken by his kidnappers in a car and driven to another address, where he was held captive,” prosecutors said in a statement, adding that work by the national and local police had “led to [his] release” on Thursday.
“The criminals demanded the payment of a significant ransom in cryptocurrency,” the prosecutors added.
No further details were given about the police operation, nor the suspects involved.
Ledger was founded in Paris in 2014 and sells hardware devices to help traders securely store their cryptocurrencies. The product resembles a USB drive with security built in to ensure that only the owner can access the crypto accounts.
The company was valued at €1.3bn in 2023 after raising about €100mn from investors including Singapore’s True Global Ventures.
Balland’s kidnap marks the latest crypto-related executive abduction, and comes as bitcoin has soared to record highs following the US election victory of Donald Trump, who has championed the crypto industry.
In 2023, clients of crypto exchange Binance were lured on a business trip to Montenegro and forced to hand over $12.5mn from their crypto wallets, former chief executive Changpeng Zhao said at the time.
https://www.ft.com/content/09ff42ca-925d-49f3-8abc-24581b0b85f9
