The Dramatic Kidnapping of David Balland, Co-founder of Ledger, Highlights Growing Risks in the Cryptocurrency Industry

An event worthy of the darkest thrillers. On Tuesday, January 21, 2025, David Balland, co-founder of Ledger, the renowned company specializing in cryptocurrency security, and his wife were kidnapped from their home in Méreau, near Vierzon (Cher). The kidnappers demanded a significant ransom in cryptocurrency, specifically targeting one of the global leaders in this sector.

A Carefully Planned Kidnapping and Acts of Torture

On the morning of January 21, the kidnappers transported David Balland to Châteauroux (Indre) while holding his wife captive at various locations. According to the Paris prosecutor’s office, the criminals sent a video to one of his associates, Eric Larchevêque, showing a mutilated finger of David Balland, accompanied by a ransom demand.

Through negotiations led by law enforcement, part of the ransom was paid in cryptocurrency, though the majority of the funds were frozen by authorities. Thanks to the rapid intervention of the gendarmerie and the GIGN, David Balland was rescued the next day, Wednesday, January 22, in Châteauroux. His wife was later found in Étampes (Essonne), tied up in the trunk of a car.

Ten Suspects Arrested and an Ongoing Investigation

Ten individuals, aged 20 to 40, were arrested in connection with the case. Three were detained in Châteauroux, and six others in Étampes. These suspects, known for petty crimes but with no apparent ties to organized crime, are believed to be “jobbers” – individuals hired for specific criminal tasks. A judicial investigation has been opened for “kidnapping and confinement in an organized gang,” “acts of torture or barbarity,” and “armed extortion.”

Authorities are also working to identify potential masterminds, possibly located abroad.

An Industry Increasingly Targeted

This tragic kidnapping is not an isolated incident in the cryptocurrency world. In January 2025, a 56-year-old influencer was kidnapped after flaunting his wealth on social media. At the end of 2024, other figures in the industry, such as Belgian influencer Stéphane Winkel and YouTuber Owen Simonin (known as Hasheur), were also targeted in attempted robberies.

The cryptocurrency industry has become a prime target due to the ease of transferring funds in ransom situations. “Unlike cash, cryptocurrencies allow for quick, discreet, and difficult-to-trace transfers,” explains Stéphane Ifrah, an expert at Coinhouse.

Ledger: A Company Under Threat

Ledger, which designs physical wallets for securing cryptocurrencies, is particularly vulnerable. Its production site is well-known and located in Vierzon, making it an exposed target. Additionally, Ledger has previously faced security challenges, including a massive data breach in 2020. This incident exposed thousands of customers to risks of harassment and theft attempts.

Despite these threats, the company remains a cornerstone of the cryptocurrency ecosystem, offering groundbreaking technology through physical wallets protected by unique passwords.