High-Stakes Kidnapping Shakes French Crypto World

David Balland, a former co-founder of Ledger, and his wife were kidnapped in France. The kidnappers demanded a ransom in cryptocurrency, leading to a police rescue operation. Both victims were freed, 10 suspects are under investigation, and most of the cryptocurrency was recovered.

The recent kidnapping of David Balland, a former co-founder of the French crypto firm Ledger, and his wife has sent shockwaves through the business community. Held captive early Tuesday morning, Balland endured severe hand injuries, according to the Paris prosecutor's office.

The kidnappers seized the couple from their home, taking them to separate addresses where they remained captive. They then attempted to extort a ransom in cryptocurrency from another Ledger co-founder. A massive police operation resulted in Balland's rescue on Wednesday and his wife's release on Thursday.

The operation led to the arrest of two people and questioning of ten individuals, most with prior police records. Meanwhile, Pascal Gauthier, Ledger's CEO, expressed relief at their rescue, confirming Balland left the company in 2021 and has been uninvolved since. Authorities successfully traced and seized nearly all the ransom cryptocurrency.

(With inputs from agencies.)