David Balland: The Ledger Kidnapping That Shook France

Ledger co-founder kidnapped, had his finger severed on camera, and was held for €10 million ransom.

On January 21, 2025, David Balland, co-founder of Ledger - the hardware wallet company that protects billions of dollars in cryptocurrency - was abducted along with his wife from their home in central France. The attackers demanded a crypto ransom from another Ledger co-founder. During the ordeal, they mutilated Balland's hand - Reuters reported his finger was severed. Video of the mutilation was sent to Ledger executives as leverage.

French special forces (GIGN) tracked the kidnappers and rescued Balland on January 22. His wife was freed on January 23. Part of the ransom was reportedly paid before the rescue. Le Monde reported that 10 suspects were taken into custody, and the case was handled as organized-crime kidnapping, torture, and extortion.

The attack was notable for its brutality and its target. Balland was not just a crypto holder - he was the co-founder of the company that makes the devices people use to protect their crypto. If the co-founder of Ledger can be targeted in his own home, no one in crypto is exempt from physical security threats.

The kidnapping accelerated an already growing conversation about physical security for crypto executives and wealthy holders. CertiK's 2025 report would later document 72 physical "wrench attacks" against crypto holders that year, up 75% from 2024. The Balland case was the most high-profile, but far from the only one.

Balland survived. Many victims of similar attacks have not been as fortunate.

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