25 January 2025 , 18:54
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French authorities have detained seven individuals following the violent abduction of David Balland, co-founder of cryptocurrency security firm Ledger.
French authorities are holding six men and a woman following the kidnapping and torture of the co-founder of a global cryptocurrency company and his partner.
The seven – who could face long prison terms up to life – are among 10 people who were taken into custody late Thursday as anti-gang investigators probe the case.
Speaking to reporters on Saturday, Paris prosecutor Laure Beccuau said that David Balland, the 36-year-old co-founder and former employee of Ledger – a world leader in security systems for crypto and digital assets – and his partner were taken from his home in Mereau in the Loire region early Tuesday.
Another Ledger co-founder, Eric Larcheveque, reportedly alerted police to the kidnapping after receiving a video showing a mutilated finger belonging to Balland, and a ransom demand.
Police located and freed Balland on Wednesday, and he was taken to hospital for treatment.
His partner – taken to a different location by the presumed kidnappers – was found tied up in a car.
David Balland and his wife were freed following a ransom payment in crypto which was immediately frozen.
— Raphaël Bloch ???? (@Raph_Bloch) January 25, 2025
In an interview with @gregory_raymond, @BTChip (@Ledger co-founder) detailed how they did.
"Some companies like @Tether_to have been incredible" ???? https://t.co/fEVEanxb9f
Crypto assets seized
According to prosecutors, most of the suspects were already known to police for past criminal activities, but none had previously been involved in gang-related crime.
The kidnappers asked for "a large cryptocurrency sum", Beccuau said, without saying how large, with part of it handed over during negotiations handled by police before most of the crypto assets were seized and frozen.
The seven – five of whom are aged between 20 and 25 – are now being held in pre-trial detention and face charges of gang-related kidnapping, acts of torture and armed extortion.
Three others initially held have been released.
A total of 230 police and gendarmes were involved in the operation, including the GIGN elite tactical unit specialising in hostage situations, as well as cryptocurrency experts.
Founded in 2014, French company Ledger is a so-called "unicorn" – a privately held startup worth more than $1 billion – and world leader in digital wallets and vaults to safeguard crypto assets.