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Co-founder of cryptocurrency company Ledger kidnapped and released after highly sensitive operation

A sensitive manhunt is being conducted this Thursday by the GIGN after the disappearance of David Balland, co-founder of Ledger, a company specializing in cryptocurrency. While the hostage has been found, police custody is underway and major searches are continuing.

By Vincent Gautronneau , Jérémie Pham-Lê , Jean-Michel Décugis and Paméla Rougerie

January 23 , 2025 at 12:36 p.m. , modified January 23, 2025 at 3:29 p.m.

The operation is described as ultra-sensitive. So much so that the media were asked to temporarily keep quiet about what was going on while lives were at stake. For 48 hours, the national gendarmerie, under the direction of the Inter-specialized Jurisdiction (Jirs) of the Paris prosecutor's office, has been conducting a discreet hunt to find the perpetrators of the kidnapping of David Balland, co-founder and partner of Ledger, a start-up specializing in the cryptocurrency sector . The man disappeared on Tuesday in Vierzon (Cher), kidnapped by a violent commando who had since demanded a large ransom from their relatives or associates.

An initial operation, led by the GIGN and described as particularly muscular, allowed David Balland to be found alive late Wednesday. "The victim had been taken by his captors in a car and driven to another address, where he was held captive," the Paris prosecutor's office stressed in a press release. David Balland was taken "into the care of emergency services" and must "receive treatment." Several suspects were taken into custody from this criminal organization that includes various intermediaries. This Thursday morning, investigations are continuing "with the aim of identifying and arresting all the perpetrators of this crime."

"I've never seen that"

Initially opened at the Bourges public prosecutor's office, the investigation was very quickly transferred to the Paris Jirs in view of the sensitivity of the case and the modus operandi of the suspects, who could be involved in organized crime. The investigations are being conducted by the gendarmes of the Bourges research section, assisted by several units of the gendarmerie. The investigation is open for "kidnapping and sequestration by an organized gang to obtain the execution of a condition: the criminals in fact demanded the payment of a large ransom in cryptocurrency, explains the Paris public prosecutor's office. This is a crime carrying a life sentence."

Since Tuesday evening, several residents of Méreau and Vierzon had reported an abnormal deployment of law enforcement on social media. Rumours had been circulating for a time about the kidnapping of Éric Larchevêque, a high-profile businessman with whom David Balland founded Ledger. This was incorrect information: the latter, who is also a member of the jury of the show "Who wants to be my partner?" on M6, was not targeted by the kidnappers. For his part, the mayor of the town of Méreau (Cher), told Le Parisien on Wednesday evening that he had "no information" on the subject. "The police are still here tonight, they spent part of the night there," he said. "It must be a pretty serious incident, because I've never seen anything like it in my town," he added.

According to the information available on his LinkedIn profile, David Balland is a cryptocurrency expert. Described as a friendly and discreet technician, he is said to have contributed to making Ledger, which he co-founded in 2014, the unicorn of cryptocurrency in France. Before that, he had set up Chronocoin, a platform that allowed people to buy Bitcoins with a credit card and receive them at home via a physical wallet.

As cryptocurrencies reach unprecedented levels – Bitcoin has broken new records in recent days – David Balland could have been targeted because of his position at Ledger and his proximity to Éric Larchevêque (391st richest person in France, according to Challenges magazine).