Crypto Co-Founder Rescued from Kidnap Ordeal

A co-founder of Ledger, a French crypto company, and his partner were kidnapped and held ransom for cryptocurrency. They were safely freed after police intervention. The incident highlights ongoing crime associated with crypto assets, prompting law enforcement warnings about crypto's potential misuse by criminals and terrorists.

A dramatic kidnapping incident involving a co-founder of a leading French cryptocurrency company, Ledger, reached a peaceful conclusion, according to the Paris prosecutors' office on Thursday. David Balland was abducted from his home in France on Tuesday, later held to ransom, and eventually liberated by police intervention.

Kidnappers demanded a substantial cryptocurrency ransom although specifics of the demand or any payment were undisclosed. Balland received medical care after his release, with commendable efforts from GIGN, France's elite police unit, playing a crucial role in the operation.

The motive for this crime underscores the persistent issues surrounding cryptocurrency and organized crime, as pointed out by regulators concerned about its misuse. This event follows warnings from international bodies like the Financial Action Task Force, which categorizes crypto assets as potential tools for criminals.

(With inputs from agencies.)