David Balland, a co-founder of the French crypto firm Ledger, was kidnapped along with his wife.

David Balland, a co-founder of the French cryptocurrency firm Ledger, and his wife were freed this week after being brutally kidnapped and held for ransom, French authorities announced on Thursday. Balland sustained severe injuries to his hand during the ordeal.

The couple was abducted early on Tuesday from their home in Vierzon, central France, and held captive at two separate locations. They were freed in a police operation involving more than 90 officers from France’s elite GIGN. Balland was rescued on Wednesday, and his wife was released the following day, found tied up but unharmed.Balland, who left Ledger in 2021, was hospitalized for his injuries.

Ledger, founded in 2014, is one of France’s leading cryptocurrency companies, known for its hardware wallets for crypto asset storage.

The kidnappers demanded a ransom in cryptocurrency, part of which was paid. Authorities have traced, frozen, and seized most of the cryptocurrency involved. As of Thursday, 10 suspects, many of whom are known to the police, are being questioned.

The investigation involved over 230 officers and led to the couple’s safe rescue without any shots being fired. According to Paris Prosecutor Laure Beccuau, the kidnappers contacted another Ledger co-founder and demanded a substantial ransom. Investigators are still determining the exact amount requested.

The investigation continues as authorities question the suspects, with potential charges carrying life sentences if convicted.

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