Ledger Co-Founder Regains Freedom After Kidnappers Demand Ransom in Cryptos

David Balland, the co-founder of leading crypto wallet provider Ledger, has finally regained his freedom less than two days after his abduction.   Leading media outlet Bloomberg learned of Balland’s release from the Paris prosecutor’s office. According to the report, a group of professional kidnappers stormed the home of the Ledger co-founder in the early hours of Tuesday, where he was abducted.  While he was in captivity, the kidnappers requested an undisclosed amount of crypto to be paid as ransom. Following the police involvement, the kidnappers released Balland on Wednesday night, less than 48 hours after his abduction. It remains unclear whether Balland’s family paid any ransom for his release. Current Status Per the prosecutor’s office, Balland is currently receiving medical care. In the meantime, the French police, the crime unit of the prosecutor’s office, and the CIGN have launched a full investigation into the matter to identify the culprit. It is unclear whether the authorities have made any arrests relating to Balland’s kidnap.  Notably, Ledger remains one of the leading crypto hardware wallets in the market. Balland and a group of tech enthusiasts, including Thomas France and Eric Larchevêque, founded the firm in 2014.  Prior to his ordeal, Balland was a prominent exec in Ledger. He served as the site director of the company’s manufacturing plant in Verizon, France, between 2019 and 2021.  Since its launch, Ledger has completed multiple fundraisers, including a Series C funding round in March 2023, which raised $108 million. At the time, according to a Tech Crunch report, Ledger's valuation soared to $1.4 billion.  Crypto-Related Crimes  The growing popularity of cryptocurrencies has had its pros and cons in different parts of the world. While the pros outweigh the cons, certain negative reports relating to cryptos have left many speechless.  As previously reported, Michael Rivas, a Florida-based man, pleaded guilty to his involvement in a failed ransom plot. Rivas, alongside five other suspects, kidnapped a Florida couple, hoping to get a ransom from their son, whom they believed held a substantial amount of crypto assets.  Also, last year, a North Carolina jury convicted a man, Remy St. Felix, for violently breaking into people’s homes and stealing crypto assets from his victims.