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French authorities successfully rescued David Balland, co-founder of Ledger, and his wife after they were kidnapped earlier this week in a ransom plot targeting the hardware wallet firm. The police operation highlighted swift action and coordination, resulting in the safe recovery of both victims and the arrest of multiple suspects.
The abduction occurred at the couple’s home in France. After kidnapping the pair, the perpetrators contacted another Ledger founder, demanding a substantial cryptocurrency ransom in exchange for their release.
Police located Balland 30 miles from his home on Wednesday. His wife was found the following day, tied up in a car 80 miles away. While she was physically unharmed, Balland suffered severe injuries to his hand, inflicted by the kidnappers to pressure the company into paying the ransom.
Some of the demanded ransom was paid during negotiations, but authorities quickly tracked, froze, and seized the assets. Paris prosecutor Laure Beccuau confirmed that efforts to secure the victims focused on protecting the investigation’s integrity while limiting harm.
French police arrested ten suspects, including nine men and one woman aged between 20 and 40. They are currently being questioned about the incident. The prosecutor stated that crimes such as kidnapping, torture, and armed extortion carry potential life sentences under French law.
Ledger CEO Pascal Gauthier expressed relief over the rescue and praised law enforcement. “We are deeply relieved that David and his wife have been released and are now safe. I have reached out to David, and our thoughts continue to be with him, his family, and the members of our team that worked with David while he was at Ledger. We’re grateful to law enforcement for their swift action. Our top priority was always to allow law enforcement to do their jobs and protect the integrity of the investigation.”