After a slightly garbled report yesterday, Ledger co-founder David Balland was rescued in good condition following a kidnapping. Initial reports claimed that fellow co-founder Eric Larchevêque was ransomed, but this was incorrect.
The police are still withholding important details because this is an ongoing investigation. Some of the relevant information may be slightly distorted, pending the capture of the perpetrators.
The Kidnapping of David Balland
The kidnapping saga around former Ledger executives has been particularly bizarre, even by the crypto industry’s standards. Yesterday, it was reported that Eric Larchevêque was apprehended and held for a ransom in Bitcoin.
Instead, however, local reporter Grégory Raymond claimed that the real kidnapping victim was David Balland.
“David Balland has been released after being kidnapped on Tuesday. To avoid threatening the ongoing investigation, we had decided not to reveal anything about what had been happening in recent hours. Please note: it is not yet known whether other victims are still being held by the kidnappers. The search for the perpetrators continues,” he said.
David Balland was also a co-founder of Ledger, but all the original founders have since departed the company. It is currently unclear why news of the kidnapping circulated while naming the wrong victim, but French police have confirmed that Balland was the target.
Reportedly, the ransom was not paid, and Balland was instead freed by a police operation in Vierzon. The crypto industry has seen a wide variety of criminal activities, but the kidnapping of Balland is particularly noteworthy.
Crypto kidnapping plots have happened all around the world over the last few years, but most incidents attempt to steal the victim’s own funds. In one rare case, a man was kidnapped and forced to set up a mining operation.
The police and local reporters have not released all the details regarding Balland’s kidnapping, but one thing stands out. Balland was a major player in a crypto wallet firm, but the criminals evidently did not attempt to steal his own holdings.
Instead, they demanded Bitcoin from a third party.
Of course, the initial reporting on this incident was somewhat garbled, and the relevant parties are still withholding information. After all, this is an active investigation.
Ultimately, the complete truth will only come out after police close the investigation. For now, they claim that David Balland is being treated for injuries suffered during the kidnapping, but he seems to be in good condition.
Other than these details, the whole case must remain a strange episode in what is currently a rather chaotic industry.
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