Ledger Co-Founder Kidnapped in $100M Crypto Ransom Plot

In a harrowing incident that has shaken the cryptocurrency community, David Balland, co-founder of Ledger, a leading hardware wallet company, and his wife were kidnapped and tortured in Vierzon, France.

The attackers, a violent gang seeking ransom, severed one of Balland’s fingers and sent it to his associates as part of their demands.

The ordeal ended after 48 hours when France’s elite GIGN tactical unit successfully rescued Balland and his wife in two separate operations.

This event underscores a rising trend of violent attacks targeting high-profile cryptocurrency holders.

The Rise of “Wrench Attacks”

The attack on Balland highlights the growing danger of “wrench attacks,” where physical violence bypasses even the most advanced digital security measures.

Cryptocurrency security expert Jameson Lopp noted that this incident is one of seven reported attacks on crypto holders in the first three weeks of 2025.

Lopp cautioned, “Public figures in this space need to harden their privacy and security. This is not a drill.”

The incident also sheds light on the paradox of cryptocurrency self-custody. While financial independence is a key appeal of crypto, it comes with significant security risks traditionally managed by banks.

Sophisticated Threats Emerge

Criminal gangs are evolving their methods beyond physical violence. Linda Xie, a prominent crypto founder, recently disclosed an encounter with scammers impersonating law enforcement officers. These multi-pronged attacks demonstrate increasing organization and sophistication.

Industry Response

Nicolas Bacca, former CTO of Ledger, revealed that the company collaborated with legal experts and the SEAL 911 team to freeze a portion of the ransom payments.

This was achieved by coordinating with Tether and various exchanges. While effective for high-profile cases, this approach may not be accessible to less prominent individuals.

Balancing Freedom and Security

As cryptocurrency adoption grows and Bitcoin reaches new highs, the industry faces a critical challenge: balancing financial sovereignty with security.

The Balland incident is a stark reminder that in the crypto world, security must extend beyond digital measures to include physical and operational safeguards.