Kidnapped Ledger Exec Freed; Crypto Ransom Demand in France

David Balland, a co-founder of the prominent French cryptocurrency hardware wallet company Ledger SAS, has been freed after being kidnapped from his home in central France. The Paris prosecutor's office confirmed his release on Wednesday night following a police operation. The kidnappers had demanded a substantial ransom in cryptocurrency, highlighting the unique risks faced by individuals in the rapidly growing digital asset industry.

Abduction and Captivity: A Targeted Attack

Balland, who served as the site director of Ledger's factory in Vierzon from 2019 to 2021, was abducted from his home in the early hours of Tuesday. He was then transported by car to another location where he was held captive. The prosecutor's office stated that emergency services are now providing him with medical care.

Ledger: A Major Player in Crypto Security

Ledger, known for its hardware wallets that allow users to securely store their cryptocurrencies offline, has become a major player in the crypto security space. The company, headquartered in Paris, raised €100 million ($104 million) in funding in 2023, achieving a valuation of €1.3 billion. It employs around 700 people and operates a factory in Vierzon, a small city in central France.

A New Threat: Crypto Ransoms on the Rise

The demand for a ransom in cryptocurrency underscores the evolving tactics used by criminals targeting individuals and companies in the digital asset sector. While details of the ransom amount and the specific cryptocurrency demanded have not been disclosed, the incident serves as a stark reminder of the security challenges faced by those involved in the crypto industry.