David Ballard, co-founder of the cryptocurrency hardware wallet company Ledger, has been released following a kidnapping in central France. Authorities worked to secure his release after he was abducted on Tuesday night and a ransom was demanded in cryptocurrency. The incident highlights the risks associated with the cryptocurrency industry, where its perceived anonymity and connection to illicit markets make it a target for criminal activity.
Ledger co-founder David Ballard has been released following his kidnapping earlier this week in central France . The news of Ballard’s release comes after a few days of confusion. Locals and the crypto community knew he’d been kidnapped, but were asked not to report the news for 48 hours while authorities attempted to rescue him.On Tuesday night, kidnappers grabbed Ballard in Vierzon, France . They ushered him into a car and took him to a secondary location.
The group then reached out and demanded a large ransom in cryptocurrency for the entrepreneur. The details of the exact ask aren’t public, but the French press and crypto blogs have said the number was high. Authorities worked to free him . This led to some initial confusion and reporting in the hours after the kidnapping. A lot of people knew something had happened and a rumor circulated that Ledger SAS co-founder Eric Larchevêque had been kidnapped. Crypto outlets then circulated the rumor that Larchevêque had been kidnapped and had to retract their stories when Ledger SAS issued a denial. On Thursday morning, a little less than 48 hours after Ballard was taken, authorities in Paris said he’d been rescued. The French cops were light on details but said that Ballard was safe and being seen by medical professionals. To avoid threatening the ongoing investigation, we had decided not to reveal anything about what had been happening in recent hours. Ballard is the head of Ledger SAS, a crypto startup that created a physical wallet for people to hold and transfer cryptocurrency. The wallets are physical objects, some the size of a credit card and some the size of a USB key, running a custom OS. The company bills them as a highly secure way to manage digital assets. Kidnap and ransom schemes aren’t uncommon in the world of cryptocurrency. Its connection to the black and grey markets and perceived untraceability make it an attractive currency for criminals. And in markets with only semi-legal status, violence can get you a long way. At the beginning of the year in France, people kidnapped the father of a wealthy Dubai-based crypto influencer and attempted to ransom him before getting caught
CRYPTOCURRENCY KIDNAPPING LEDGER DAVID BALLARD FRANCE RANSOM
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