Web3 researcher PIX brought attention to this tragic event in a detailed Twitter thread, shedding light on the chilling details of the incident and its implications for the broader crypto community.

This is David Balland.

He co-founded Ledger, one of the biggest companies in crypto

This week, he was kidnapped and tortured

Here’s the full story of what happened: (and why it’s a wake-up call for everyone in crypto) pic.twitter.com/0NpLlN8aZm

— Pix (@PixOnChain) January 24, 2025

The Story of David Balland and Ledger

David Balland’s journey in the cryptocurrency space began before the creation of Ledger. In 2014, he launched Chronocoin, a service that allowed individuals to purchase Bitcoin with a credit card and have it delivered on a hardware wallet.

The project saw tremendous success, and Balland identified a new opportunity: creating a company to manufacture and sell hardware wallets. This vision led to the founding of Ledger.

With seven co-founders, Ledger quickly established itself as the industry leader in secure cryptocurrency storage. In its first year, the company raised $1.3 million in funding. By 2018, Ledger had sold over one million wallets, becoming the trusted choice for crypto enthusiasts worldwide.

Over time, Ledger raised $575.3 million, making it one of the most well-funded companies in the crypto sector. However, this success also attracted unwanted attention.

Transition and Public Visibility

In 2021, Balland stepped back from Ledger to focus on new ventures, including founding Le Centre and Ocel. These startups aimed to integrate museums and art into Web3 and virtual reality, signaling a new chapter in his career.

Despite these new projects, Balland’s connection to Ledger and his public displays of success—such as posting photos of his new home online—made him a potential target.

As PIX pointed out in their Twitter thread, displaying wealth in the crypto industry can have serious consequences, a harsh lesson that Balland would soon experience firsthand.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

The Kidnapping Incident

On January 23, Balland and his wife were kidnapped in Vierzon, France. The kidnappers, members of a larger criminal organization, sought ransom. They separated the couple, transporting them to different locations, and demanded ransom from another Ledger co-founder while using WhatsApp accounts linked to Southeast Asia to evade detection.

Authorities sent one Bitcoin (valued at approximately $105,000) to the kidnappers to buy time while tracking their location. Tragically, the situation escalated when Balland was discovered in Châteauroux, alive but severely injured.

The kidnappers had mutilated him, cutting off one of his fingers and sending a video to Ledger as proof of their demands. His wife was later rescued south of Paris, bound but unharmed.

French authorities arrested 10 suspects, including nine men and one woman, aged between 20 and 40. These individuals were confirmed to be part of a broader criminal organization.

Implications for the Crypto Community

PIX’s account of the incident has resonated deeply within the crypto community, serving as a reminder of the risks faced by individuals in the industry. The rise of cryptocurrency wealth, often accompanied by public displays of success, can make individuals high-value targets for criminal activity.

This incident emphasizes the importance of safeguarding personal privacy and adopting robust security measures. As the cryptocurrency space continues to grow, it is crucial for participants to remain vigilant and proactive in protecting themselves against emerging threats.

While Balland and his wife were rescued, the traumatic events serve as a stark warning to all. The crypto community must treat this incident as a wake-up call, prioritizing personal safety alongside financial success.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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This fraudulent operation, cleverly disguised as an airdrop event, aims to deceive unsuspecting individuals into transferring their funds to malicious actors, causing a wave of alarm within the XRP community.

Attention #XRP users

Fraudsters are targeting the $XRP community with fake airdrops designed to steal your crypto funds

Stay vigilant!

– Never transfer funds to unfamiliar addresses
– If it seems too good to be true, it likely is
– NEVER disclose your… pic.twitter.com/orPEtYsjZX

— Ledger Support (@Ledger_Support) November 23, 2023

Read Also: XRP Investor Loses Thousands of Tokens in a Suspected Ledger Wallet Hack. Learn from the Incident

Anatomy of the Scam: Preying on XRP Enthusiasts

Ledger Support has revealed the intricate details of the scam in a recent post, outlining how the fraudsters have crafted their scheme to prey on the excitement surrounding recent developments in the XRP ecosystem.

By leveraging social media platforms, the perpetrators have enticed users with promises of an exchange-traded fund (ETF) and a lucrative gift program associated with XRP. This manipulative tactic aims to convince individuals to participate in the airdrop through a provided link and make an investment.

However, this seemingly enticing opportunity is nothing more than an elaborate façade. The entire setup is a carefully orchestrated hoax, designed to trick unsuspecting users into transferring their XRP holdings.

Deepfake videos and falsified endorsements further contribute to the deception, as they convincingly mimic the voices and appearances of prominent figures in the cryptocurrency space.

Ripple CEO’s Call for Action

In response to the growing prevalence of deep fake scams, Ripple CEO Brad Garlinghouse has directed strong criticism towards YouTube, accusing the platform of allowing these fraudulent schemes. Deepfake videos, created using advanced AI technology, pose a significant threat due to their high level of sophistication.

Garlinghouse’s condemnation of YouTube stems from a previous legal dispute between Ripple and the video-sharing platform, where Ripple sued YouTube for its failure to adequately address similar scams. While the case was settled, the recent surge in deepfake scams raises concerns about YouTube’s commitment to protecting its users from malicious content.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Read Also: XRP Investor Alleges Theft of Thousands of Tokens from Ledger Wallet. Learn from the Incident

Protecting Yourself: Essential Vigilance

To combat this alarming development, Ledger Support has issued crucial guidelines to empower XRP users and protect their cryptocurrency holdings. These guidelines stress the importance of exercising caution and vigilance when engaging with unsolicited airdrop opportunities.

Users are strongly advised to never share their personal information or cryptocurrency holdings with anyone, regardless of the promises made. Additionally, they must carefully scrutinize any links or websites associated with airdrop events and avoid clicking on suspicious links.

By remaining vigilant and following these guidelines, XRP holders can effectively shield themselves from falling victim to these sophisticated scams. It is imperative for the cryptocurrency community to unite in the fight against fraudulent activities and ensure a secure and trustworthy environment for all participants.

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The post Ledger Issues Major Warning To XRP Holders: Details appeared first on Times Tabloid.

TallDallasGirl claims that her wallet was compromised after she installed the latest Ledger firmware for her desktop on September 29. Her XRP balance was drained at 01:16 (CST) on September 30, even though her Ledger device was disconnected and her computer was turned off at the time.

HACKED! Installed @Ledger firmware on 9/29/23 who by the way has not responded!!
Hacked at 1:16 am CST 9/30/23– all XRP was drained. My device was NOT attached to my computer and my computer was not on!
THEIF’S ADDRESS! That it was sent to: r4kfNXYZm2sNQqtcNXLtQn3LMA7Nd6cqZx pic.twitter.com/B0kAZIX9HF

— TallDallasGal (@TallDallasGal) October 1, 2023

Read Also: Towo Labs Joins Web3 Messaging Layer WalletConnect To Add Support for XRP Ledger (XRPL)

A similar scenario related to Ledger Wallet was reported in early August. The affected investor became suspicious when she plugged her Ledger wallet into her laptop to check her crypto balance. Instead of seeing her usual holdings, she discovered that only 10 XRP remained in her wallet.

Importance of Security Measures

The XRP community has expressed concern over the incident and emphasized the need for enhanced security measures and caution when interacting with hardware wallets.

It is advised to purchase hardware wallets directly from authorized dealers and to never share recovery phrases. Users should download firmware updates exclusively from official sources and store their recovery phrases securely offline.

Proactive approach to security

The reported loss of XRP due to an alleged hack of a Ledger wallet serves as a wake-up call for the cryptocurrency community. As the market continues to grow, there is an increased need for improved security measures to protect digital assets.

Heightened awareness, adherence to best practices, and a proactive approach to mitigating potential risks are crucial in safeguarding investments. It is hoped that incidents like these will prompt greater emphasis on security, leading to advancements in hardware wallet technologies and the broader digital asset ecosystem.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Read Also: Ledger Warns XRP Holders of New Scam, Urges Vigilance

What Are Ledger Wallets?

Ledger wallets are hardware cryptocurrency wallets created by Ledger, a company specializing in secure solutions for blockchain applications. They offer three types of hardware wallets: Ledger Nano S Plus, Ledger Nano X, and Ledger Stax. These wallets provide a secure storage solution for private keys by keeping them offline in a secure hardware device.

Ledger wallets provide a secure storage solution for cryptocurrency investments. However, the reported incident of an alleged hack and the subsequent loss of XRP has raised concerns within the XRP community. It is crucial that users remain vigilant and implement proper security measures when dealing with hardware wallets.

By prioritizing security, adhering to best practices, and driving advancements in hardware wallet technologies, the cryptocurrency community can enhance the protection of digital assets and build a more secure ecosystem for everyone involved.

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The post XRP Investor Loses Thousands of Tokens in a Suspected Ledger Wallet Hack. Learn from the Incident appeared first on Times Tabloid.

The Incident

The investor became suspicious when she plugged her Ledger wallet into her laptop to check her cryptocurrency balance. Instead of seeing her usual holdings, she discovered that only 10 XRP remained in her wallet.

Read Also: Here’s how Atomic Wallet Hackers Successfully Moved Over 22 Million XRP On XRP Ledger (XRPL)

Recognizing that something was wrong, she immediately contacted Ledger’s customer service for assistance. To her surprise, she was informed by the company that the issue might be attributed to a synchronization error or an essential update. However, harboring doubts, she suspected a more malevolent cause behind the discrepancy.

Attempting to allay the investor’s concerns, Ledger reassured her that her funds were safely stored on the blockchain and that there was no reason to panic. Trusting the company’s expertise, she followed their instructions and returned her Ledger device, requesting a replacement.

However, upon receiving the new Ledger wallet and connecting it to her laptop, her worst fear was realized. Astonishingly, thousands of XRP tokens had allegedly been transferred without her authorization to an unfamiliar wallet. This unauthorized transaction left her shocked and bewildered.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

The Aftermath

Insisting that she had never shared her seed phrase with anyone, the investor asserted her commitment to safeguarding her private information. She promptly contacted Ledger once again, informing them of the unauthorized transaction and the loss of her XRP tokens.

Additionally, she reported the incident to the police and intends to enlist the assistance of cybersecurity experts to thoroughly investigate her laptop and determine what transpired.

Read Also: Ledger Warns XRP Holders of New Scam, Urges Vigilance

A Cautionary Tale for Crypto Users

Concluding her video, the investor issued a stark warning to other users of the Ledger hardware wallet, stressing the inherent vulnerabilities of these devices. She emphasized that while Ledger wallets are widely considered secure for storing cryptocurrencies, they are not impervious to hacking or theft.

It is worth noting that in her discussion, the investor mistakenly referred to these wallets as not being “waterproof,” likely intending to convey that they are not entirely “bulletproof” or invulnerable.

Additionally, she expressed her determination to hold Ledger accountable for the loss of her funds, asserting that the company shares responsibility in this unfortunate incident. As the situation unfolds, she plans to keep her viewers updated on the progress made and the subsequent steps she intends to take.

This alarming account serves as a stark reminder that even with supposedly secure methods of storage, crypto investors must remain vigilant and actively implement robust security practices to safeguard their valuable assets.

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The post XRP Investor Alleges Theft of Thousands of Tokens from Ledger Wallet. Learn from the Incident appeared first on Times Tabloid.

The company recently took to Twitter to share details of the scam, including screenshots of the fraudulent ads. Notably, the scammers used a photo of Ripple CEO Brad Garlinghouse to add an air of legitimacy to their scheme.

Read Also: Novatti Group Launches Australian Digital Dollar (AUDD) on the XRP Ledger – Here’s What to Expect

One of the screenshots featured a caption that read, “Brad Garlinghouse 100,000,000 XRP Annual Airdrop.” In another screenshot, the scammers laid out the steps for participants to take in the fraudulent airdrop.

Scam alert!

Fraudsters are targetting the #XRP community with fake airdrops designed to steal your $XRP funds

Stay vigilant, #XRPArmy :

– Never transfer funds to unfamiliar addresses
– If it seems too good to be true, it likely is
– NEVER disclose your 24-word… pic.twitter.com/Wd0LpmLMH1

— Ledger Support (@Ledger_Support) August 1, 2023

In this deceitful scheme, unsuspecting XRP holders are encouraged to send any amount of XRP to a specified address. The scammers promise to return tenfold the amount sent, but only after verifying the transaction. Ledger warns community members not to fall prey to such scams and to stay cautious.

This scam is part of a growing trend in which scammers target the XRP community. Social media platforms, particularly Twitter, have become hunting grounds for malicious individuals looking to defraud crypto enthusiasts. These scammers often promote fake airdrops under the tweets of prominent XRP stakeholders. This tactic allows them to reach a larger audience of XRP enthusiasts.

Read Also: Ledger Speaks on the Security of XRP Users’ Funds: Details

In recent weeks, scammers have escalated their efforts by hacking the Twitter accounts of renowned XRP figures. Prominent lawyer Jeremy Hogan and Attorney John Deaton have both fallen victim to these hackings, with their accounts serving as platforms for promoting fake XRP giveaways.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

In light of the increasing threats, Ledger has shared some safety tips with the XRP community. They advise against transferring funds to unfamiliar addresses and caution against falling for promotions that appear too good to be true. Moreover, Ledger strongly advises individuals not to share their 24-word recovery phrase with anyone.

As the XRP community faces these ongoing scams, it is crucial for enthusiasts to remain vigilant and employ these safety measures to protect themselves from falling victim to fraudulent schemes.

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The post Ledger Warns XRP Holders of New Scam, Urges Vigilance appeared first on Times Tabloid.

Per an official update from the team, XRP is currently incompatible with Ledger Live mobile. Accordingly, it has been observed that some XRP users are experiencing errors using the wallet service. 

In particular, users are unable to either add an XRP account or send the crypto asset through the Ledger Live mobile self-custody application, Ledger Support revealed on Tuesday. As shared by some users who have lodged their complaints, the error message often shown reads, “API HTTP 418.” 

Notably, the non-standard error code “HTTP 418”, created by the Hyper Text Coffee Pot Control Protocol (HTCPCP) usually shows when the server a user is trying to communicate with does not support the associated request. 

These issues have left many users worried about the safety of their XRP assets held on the app. However, Ledger took to Twitter to assure the XRP community that their assets are fully secured, urging customers to upgrade their mobile apps to the latest update (v.3.20.1). Meanwhile, users said v.3.20.1 is the cause of the recent issues.

“Rest assured, this has no effect on the security of your funds. In the meantime, please ensure your mobile app is on the latest version (v3.20.1),” Ledger Support tweeted. 

The team has also recommended that users utilize Ledger Live desktop to view and manage their XRP holdings until the issues with the app’s mobile version are sorted.

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The post Ledger Speaks on the Security of XRP Users’ Funds: Details appeared first on Times Tabloid.

Ripple’s ongoing fight against the SEC should be termed as a fight for the future of the crypto industry because it could end up bringing regulatory clarity to crypto assets. However, the community has not enjoyed the expected support from other crypto-related projects.

From Cardano creator Charles Hoskinson, who tagged XRP community members as conspiracy theorists to Ethereum co-founder Vitalik Buterin. Let’s say Buterin’s grudge against the embattled community is understandable, how do we justify the recent Ledger co-founder’s derogatory statement about XRP?

In a semi-viral video on TikTok, Eric Larchevêque classified XRP as a centralized shitcoin that doesn’t deserve to be called a cryptocurrency. He disrespectfully put the digital asset in the level as the imploded digital currency, Terra (LUNA).

Putting XRP at the same level as LUNA implies that the Ledger co-founder expects XRP to collapse like LUNA in the long run.

Expectedly, the video sparked outrage in the XRP community, as many holders of the embattled crypto asset threatened to ditch Ledger.

Although Larchevêque has come out to say that his viewpoint does not represent Ledger’s position, the members of the community insist that he’s still wrong for attempting to bring XRP down.

Eric Larchevêque tweeted, “The thing is I’m not in charge since 2019. This really has nothing to do with what Ledger is actually thinking and doing about XRP. Ledger has always been supportive of XRP, even when others delisted it.”

The thing is I'm not in charge since 2019. This really has nothing to do with what Ledger is actually thinking and doing about XRP. Ledger has always be supportive of XRP, even when others delisted it.

— Eric Larchevêque (@EricLarch) October 24, 2022

Ledger Team Disowns Co-Founder’s Viewpoint about XRP

Since the video went viral, the Ledger team has been doing its possible best to appease the enraged XRP community. Some members of the community demanded an official apology from the hardware wallet.

In response to a user’s comment, the Ledger team said the co-founder’s view doesn’t represent Ledger’s position, stating that it proudly supports XRP.

“Hey – Eric’s view doesn’t represent Ledger’s position of being chain-agnostic. We proudly support XRP on Ledger Live!”

Hey – Eric's view doesn't represent Ledger's position of being chain-agnostic. We proudly support $XRP on Ledger Live!

— Ledger (@Ledger) October 24, 2022

In another tweet, the Ledger team said, “these comments do not reflect our views. We are chain agnostic and welcome the XRP community here at Ledger. We proudly support XRP on Ledger Live, where it can also be bought and swapped.”

Despite the pleas and clarifications, some XRP community members are still insisting that they have ditched the Ledger wallet forever.

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