Report: Ledger co-founder David Balland released after kidnapping

• Ledger co-founder David Balland had been kidnapped on Tuesday
• Earlier reports claimed the other Ledger co-founder Eric Larchevêque was the one kidnapped
• The kidnappers reportedly demanded a significant amount of ransom in crypto

Kidnappers have released David Balland, a retired co-founder of crypto hardware wallet maker Ledger.

Balland, who had been kidnapped on Tuesday, was reportedly released late Wednesday after an operation by French police. Bloomberg first reported on the news of the Ledger co-founder’s release on Thursday, January 23.

Ransom demand in cryptocurrency

According to a statement from the Paris prosecutor’s office, Balland’s kidnappers had put up a significant ransom demand. The criminals asked for the ransom to be paid in cryptocurrency.

French daily newspaper Le Parisien also confirmed that the Ledger co-founder had been rescued by the National Gendarmerie Intervention Group (GIGN), France’s elite counter-terrorism police unit.

🔴 Enlevé et séquestré, David Balland, cofondateur de l’entreprise de cryptomonnaies Ledger, a été secouru ce mercredi par le GIGN

Les kidnappeurs auraient envoyé un doigt dans le cadre de leur demande de remise d’argent.

Des recherches se poursuivent
➡️ https://t.co/9PWZWo03iM pic.twitter.com/NVMPqcweje

— Le Parisien (@le_Parisien) January 23, 2025

News of Balland’s release comes a day after reports emerged that a Ledger executive had been kidnapped in Paris.

The rumours mentioned Eric Larchevêque, also a co-founder of the France-based crypto company. Shortly after the rumors began, crypto news outlet The Big Whale’s co-founder Grégory Raymond noted that reports of  Larchevêque’s kidnapping were inaccurate.

🔴 NEWS @TheBigWhale_

We are able to assure that @EricLarch (co-founder of @Ledger ) is not involved in the kidnapping rumor about him

Be careful with published information that could threaten an ongoing investigation in France and possibly someone else's life

— Grégory Raymond 🐳 (@gregory_raymond) January 22, 2025

Raymond also posted an update on X confirming Balland had been released and that police were still investigating the matter.