Founder of French Cryptocurrency Company Kidnapped and Released Amid 'Coin Craze'

The founder of a cryptocurrency wallet company in France was reportedly kidnapped by a group demanding ransom but was later released.

According to local media including Le Figaro on the 23rd (local time), David Vallaing, co-founder of the cryptocurrency startup Ledger, was kidnapped along with his wife early in the morning on the 21st at their home in Vierzon, central France.

David Balang was kidnapped, and the police are searching the nearby area. TV5.

The kidnappers contacted another co-founder of Ledger, demanding a large ransom to be paid in cryptocurrency.

After the company reported the incident, the police found Vallaing about 50 km away from his home and rescued his wife a few hours later at a location even farther away.

The group consisted of nine men aged between 20 and 40 and one woman, all of whom were arrested on charges of involvement in the kidnapping.

Vallaing sustained serious injuries to his hand and was transported to a hospital. The NYT reported that "the kidnappers sent photos of his fingers to pressure the company into making the transfer."

Prosecutor Lorr Becquio stated that part of the ransom was paid in cryptocurrency during negotiations with the kidnappers, adding that "most of it was tracked, frozen, and seized."

Ledger is a company that sells hardware devices for storing cryptocurrency, founded in 2014. The company's valuation is approximately 1.3 billion euros (1.9 trillion won).

The Financial Times (FT) reported that kidnappings related to cryptocurrency have been increasing as Bitcoin prices soar to record highs.

In September last year, Nick Drayken, CEO of the US cryptocurrency research firm Ribello Intel, announced his resignation after being threatened with a firearm to transfer cryptocurrency to kidnappers. Zhao Changpeng, founder of the virtual currency exchange Binance, testified that in 2023, customers were lured to Montenegro on business trips and had to hand over cryptocurrency worth 12.5 million dollars (17.9 billion won) there.