Our industry is facing some sobering wake-up calls on the heels of an otherwise exuberant time in the market.

Ledger co-founder David Balland survived a terrifying kidnapping in France – he and his wife are thankfully okay. 

If that’s not enough, reports are also showing extremist groups flooding European crypto markets. 

The ugly side of crypto’s real-world consequences is once again at the forefront of everyone’s minds.

The Ledger Nightmare

January 21 turned violent when kidnappers snatched Balland from his home in central France. 

After 48 tense hours and demands for crypto ransom, police rescued him on January 22. 

The incident sent shockwaves through the industry – even CZ from Binance weighed in before deleting his post.

Casa's Jameson Lopp noted Ledger's telling silence during the crisis.

 When the co-founder of one of crypto's biggest security companies isn't safe, who is?

Ledger is a €1.3 billion company and has sold over seven million hardware wallets, making its top dogs prime targets for potential extortion.  

When the co-founder of a company built on security gets targeted, it’s time for industry leaders to start paying attention to their own safety – never has operational security been more important.

A Growing Pattern

This isn't crypto's first brush with kidnapping. 

In 2017, EXMO exchange director Pavel Lerner was grabbed in Ukraine and released after a $1 million Bitcoin ransom. 

In 2019, Norwegian crypto millionaire Tom Hagen's wife vanished (still unsolved). 

Singapore saw crypto broker Mark Cheng kidnapped in Thailand, escaping after paying $740,000 in Bitcoin.

This is, unfortunately, a growing trend across the industry, and anyone keeping a high profile in Web3 is advised to start watching their backs more closely. 

This Time, It’s Different

Balland's kidnapping feels more targeted. 

Ledger isn't just a crypto company whose founders are known for having big bags – it's the guardian of millions of users' digital assets. 

This is like kidnapping the head of a bank and demanding he fork over the money.

By targeting someone with deep industry knowledge, these attackers showed that you don’t have to be a big influencer flaunting your wealth to be the target of these types of heinous crimes.

Physical security has become the new frontier for an industry built on securing digital assets. 

After Balland's ordeal, crypto executives worldwide are likely reassessing their security measures – having a hardware wallet doesn't help when criminals resort to old-school violence.

Protect Yourself

As crypto increasingly enters the mainstream each day, its leaders become ever-more promiscuous targets. 

The industry that promised financial sovereignty now faces the sobering reality that with great wealth comes great risk. 

Balland survived his ordeal, but his kidnapping serves as a dark reminder that in crypto, security isn't just about private keys anymore.