Crypto kidnapping drama comes to an end: ten arrested, victim hospitalized
Dramatic developments in France ended with the release of a kidnapped couple, during which multiple people were arrested, and the ransom they were paid was frozen.
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Dramatic developments in France ended with the release of a kidnapped couple, during which multiple people were arrested, and the ransom they were paid was frozen.
Local police confirmed that David Balland, co-founder of a major manufacturer of bitcoin (BTC) and crypto hardware wallets, Ledger, and his wife were released from captivity on Thursday. According to media reports, ten people were arrested, and Balland was hospitalized due to hand mutilation. Le Berry Républicain claims that another co-founder of Ledger, Eric Larchevêque, received a video of Balland's mutilated finger and a demand for a large ransom. There is no public information on the amount demanded.
"As the investigation and police operations are still ongoing, I am unfortunately unable to share further details about this case," Larchevêque posted on X. Initial reports suggested that the kidnappers targeted Larchevêque.
Prosecutors confirmed that part of the demanded sum was paid during the negotiations; however, soon after, the money was frozen.
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French crypto author and co-founder of The Big Whale media outlet, Grégory Raymond, cited undisclosed sources claiming that 95% of the paid ransom was frozen because it was paid in tether (USDT), the most popular stablecoin. The crypto industry has already seen many cases where operators of centralized stablecoins, such as USDT or USD Coin (USDC), froze accounts associated with illicit activity following law enforcement requests.
"We respected law enforcement requests around safeguarding critical details of the ongoing investigation and appreciated members of the press who did the same," the CEO of Ledger, Pascal Gauthier, said on X.
He also thanked Larchevêque "for his bravery in the face of such a traumatic situation that we hope will never be repeated."
This confirmed kidnapping is at least the seventh registered physical assault on cryptoasset holders this year, accounting for almost a third of all such cases recorded in 2024.
