After a slightly garbled report yesterday, Ledger co-founder David Balland was rescued in good condition following a kidnapping. Initial reports claimed that fellow co-founder Eric Larchevêque was ransomed, but this was incorrect.

The police are still withholding important details because this is an ongoing investigation. Some of the relevant information may be slightly distorted, pending the capture of the perpetrators.

The Kidnapping of David Balland

The kidnapping saga around former Ledger executives has been particularly bizarre, even by the crypto industry’s standards. Yesterday, it was reported that Eric Larchevêque was apprehended and held for a ransom in Bitcoin.

Instead, however, local reporter Grégory Raymond claimed that the real kidnapping victim was David Balland.

“David Balland has been released after being kidnapped on Tuesday. To avoid threatening the ongoing investigation, we had decided not to reveal anything about what had been happening in recent hours. Please note: it is not yet known whether other victims are still being held by the kidnappers. The search for the perpetrators continues,” he said.

David Balland was also a co-founder of Ledger, but all the original founders have since departed the company. It is currently unclear why news of the kidnapping circulated while naming the wrong victim, but French police have confirmed that Balland was the target.

Reportedly, the ransom was not paid, and Balland was instead freed by a police operation in Vierzon. The crypto industry has seen a wide variety of criminal activities, but the kidnapping of Balland is particularly noteworthy.

Crypto kidnapping plots have happened all around the world over the last few years, but most incidents attempt to steal the victim’s own funds. In one rare case, a man was kidnapped and forced to set up a mining operation.

The police and local reporters have not released all the details regarding Balland’s kidnapping, but one thing stands out. Balland was a major player in a crypto wallet firm, but the criminals evidently did not attempt to steal his own holdings.

Instead, they demanded Bitcoin from a third party.

Of course, the initial reporting on this incident was somewhat garbled, and the relevant parties are still withholding information. After all, this is an active investigation.

Ultimately, the complete truth will only come out after police close the investigation. For now, they claim that David Balland is being treated for injuries suffered during the kidnapping, but he seems to be in good condition.

Other than these details, the whole case must remain a strange episode in what is currently a rather chaotic industry.

Singapore-based cryptocurrency exchange Phemex is investigating suspicious transactions involving its hot wallets, as identified by security firm Cyvers. 

Over $37 million in digital assets, including Bitcoin, Ethereum, and TRON, were reportedly affected across multiple chains.

Phemex Suspends Withdrawals  

Phemex has confirmed the incident and temporarily halted withdrawals. Cyvers noted over 125 suspicious transactions on the hot wallets.

The exchange stated that its cold wallets—holding the majority of users’ funds—remain secure and unaffected. 

These wallets are fully transparent and verifiable, as the exchange emphasized.

“More than 125 suspicious transactions moving funds from Phemex hot wallets to new wallets on different chains such as Ethereum, Polygon, Binance, Optimism, Polygon, Base, Avalanche, Bitcoin, Tron, Solana, and probably more. Some of the tokens and stablecoins have already been swapped to avoid freezing,” Cyvers Co-founder & CTO, Meir Dolev told BeInCrypto. 

Phemex is one of the largest crypto exchanges in Singapore. According to CoinGecko data, the exchange has a daily market volume of over $177 million and nearly a million monthly traffic. 

“Phemex and the development team apologize for the disruption. Our mission to provide a seamless and trusted trading environment remains firm. We are working on a compensation plan, which will be announced soon,” Phemex announced on X (formerly Twitter). 

The broader cryptocurrency market has faced increased security challenges this year. Reports show that losses from hacks have reached $2.15 billion in 2024, with scams contributing an additional $834.5 million. This represents a 15% rise in losses compared to 2023. 

High-profile incidents involving platforms like WazirX, Radiant Capital, and DMM Bitcoin have exposed vulnerabilities in multisig wallets and DeFi protocols.

Additionally, scammers are increasingly exploiting professional platforms like LinkedIn to target crypto users. 

Recent reports highlight how attackers use legitimate tools, such as video conferencing platforms and detailed job offers, to gain victims’ trust before executing their schemes.

Other platforms have also faced scrutiny over potential security issues. Hyperliquid, a decentralized exchange, recently saw $60 million in USDC outflows. This was driven by rumors of a breach linked to North Korea’s Lazarus Group. 

The company denied any hack but acknowledged suspicious activity involving ETH deposits and withdrawals.

The surge in crypto adoption has made security an increasingly critical priority for the industry. Access control failures, such as private key compromises, remain a significant threat. 

Strengthening protections and developing proactive measures are vital as the crypto space continues to expand and attract new users.

Recent developments suggest that crypto investors looking to catch the next quick 5x should be keeping an eye on the Dogecoin price. This is based on both technical and fundamental analysis, which proves that DOGE could record a 500% price surge from its current level. 

Analyst Predicts 500% Surge For The Dogecoin Price

In an X post, crypto analyst Javon Marks predicted a 500% surge for the Dogecoin price, representing a 5x increase from its current level. The analyst explained that Dogecoin is back showing strength, and by its historical performance, DOGE can be set for an over 432% gain at the least from its current level.

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Javon Marks further remarked that the Dogecoin price could rally above the 1.618 Fib extension, which is currently at $2.2. In line with this, the analyst added that market participants could still be early, considering that DOGE could witness a 5x price increase from its current level.

Crypto analyst Trader Tardigrade also recently predicted that the Dogecoin price could rally above $2. In an X post, the analyst stated that the meme coin had formed a bull flag on the 2-day chart. According to the analyst, this DOGE bull flag pattern puts a target of over $2 for the foremost meme coin. 

The crypto analyst had previously predicted that the DOGE price could even rally as high as $8 if it mirrors the 2017 bull run. He added that DOGE could also reach $30 if it mirrors the 2021 bull run. These projections further prove that the foremost meme coin could at least record a 500% price surge from its current level. Crypto analyst Master Kenobi has also previously predicted that Dogecoin could rally to $2 in this cycle and top around $3. 

Bullish Fundamentals Also Support A 5x Increase For DOGE

The Dogecoin price also boasts bullish fundamentals, which support a 5x increase from its current level. One of the fundamentals includes the potential launch of a Dogecoin exchange-traded fund (ETF) in the US. Asset manager Bitwise recently filed for a Dogecoin ETF in Delaware, indicating that an application with the US Securities and Exchange Commission (SEC) may be next.

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Asset manager REX Shares, in collaboration with Osprey, already filed with the SEC to offer a Dogecoin ETF. This is bullish for the Dogecoin price, considering the amount of institutional funds that could flow into the DOGE ecosystem if the SEC approves these funds. There is also a huge likelihood that the SEC will approve these funds, considering the pro-crypto climate under Donald Trump’s administration. 

It is also worth mentioning that there has been a huge accumulation trend among DOGE whales, which is also bullish for the Dogecoin price. IntoTheBlock data shows there has been a 41% spike in the meme coin’s large transactions, with $23.35 billion traded in the last 24 hours. Another bullish fundamental is Elon Musk’s Department of Government Efficiency (DOGE), which puts the foremost meme coin in the limelight. 

At the time of writing, the DOGE price is trading at around $0.35, down almost 4% in the last 24 hours, according to data from CoinMarketCap.

Featured image from iStock, chart from Tradingview.com