In a bizarre development, an alleged kidnapping story of Ledger co-founder Eric Larchevêque is apparently a hoax. There is little information about Larchevêque‘s current whereabouts, but a “Justice for Eric” meme coin launched and crashed.

This strange episode took off like wildfire through crypto social media, but there was apparently not a scrap of proof.

Who Kidnapped Eric Larchevêque?

Ledger, a hardware wallet firm based in France, has experienced some difficulties recently. Its most recent major headlines were related to phishing scams targeting its users. However, today’s incident is far more dramatic.

According to local media, Ledger’s co-founder Eric Larchevêque was kidnapped. The report even alleged that the criminals demanded Bitcoin as a ransom.

This incident raises a lot of questions. For one, Larchevêque hasn’t been involved with Ledger since resigning in 2019. It appears that the kidnapping was staged, but this claim comes from an odd source.

Eventhough the rumor spread like a wildfire across social media, Larchevêque didn’t make any posts clarifying his current state. He’s a fairly active user on X (formerly Twitter), yet his last post was over 24 hours ago.

Instead, local crypto reporter Grégory Raymond stated that it was a hoax.

“We are able to assure that Eric Larchevêque (co-founder of Ledger) is not involved in the kidnapping rumor about him. Be careful with published information that could threaten an ongoing investigation in France and possibly someone else’s life,” Raymond claimed.

He added that “Eric is safe,” but was unable to communicate any other updates. This news did little to alleviate the community’s concerns and indeed only raised further questions.

If Larchevêque isn’t party to this kidnapping, then who is, and who would pretend to kidnap an ex-employee of Ledger?

The firm has been riddled with controversy over the last few years, but this incident takes the cake. Since Larchevêque and the original founders departed, Ledger’s new CEO received a lot of bad press over security concerns.

Also, back in 2023, the firm carried out massive layoffs. However, issues like this wouldn’t explain a fake kidnapping scandal.

Meanwhile, the story was viral enough for meme coin enthusiasts to jump in. An anonymous user launched a “Justice for Eric” meme coin on Solana, but its market cap cratered almost immediately.

Whoever launched it may be totally unrelated to the incident and only intending to do a quick rug pull. It still doesn’t answer any of the biggest lingering questions.

Ultimately, wherever Larchevêque is, or whatever reason Ledger’s name keeps coming up, this hoax highlights a growing issue in crypto. Several popular X accounts immediately began circulating this kidnapping story, even though there was no proof.

This entire episode may be more of a misunderstanding than a deliberate hoax, but it spread like wildfire all the same. The correct details of this story will only surface when Larchevêque gives an update on social media.

Lido founder Konstantin Lomashuk created a “Second Foundation” for Ethereum as the blockchain is going through leadership debacles.

The only material from this account remains vague, but a closer look at Lomashuk’s social media provides insight. In all likelihood, this Second Foundation will help promote decentralized ideals against the “bag-chasing” culture of modern crypto.

Lomashuk’s Goals For Second Foundation

Konstantin Lomashuk, founder of Lido and P2P.org, announced today on social media that he had created a “Second Foundation” for Ethereum.

This came after the Ethereum Foundation (EF) started undergoing a significant leadership transformation. Earlier today, veteran developer Eric Conner resigned from the project.

So far, Lomashuk’s intentions for this Second Foundation remain somewhat obscure. The actual announcement consisted of the phrase “hello world computer,” but the new account has no official description.

However, by looking at some of the material Lomachuk has been reposting lately, some insights into his thought process become clearer:

“The future of the world computer is decentralized. EF is only one part of the world computer. Perhaps the org that some people want to reform and bring back to new greater heights is actually not EF. The foundation should not ‘midcurve’, it should confidently represent the aspects of Ethereum that it can be effective at representing,” Vitalik Buterin said.

Also, Lomashuk said that comments about the growing scam culture in crypto “completely resonate” with him, providing insights into what he wants this Second Foundation to achieve.

For Lomashuk, this may be an opportune moment to divert his attention to the Second Foundation; Lido has been performing well lately.

“Vitalik, the best thing you could do right now imo is to spin out the R&D support functions from the EF into their own org and allow the existing Foundation to focus on ecosystem development and support this would be the best way to demonstrate a commitment towards decentralization,” a popular Ethereum investor wrote.

It’s evident that EF is experiencing a leadership crisis. At the same time, Ethereum has been plagued by declining demand, and EF is considering using staking to pay expenses. This would end a years-long taboo on taking a firm side in a future hard fork.

Ultimately, however, Lomashuk intends to proceed, the Second Foundation’s broad goals seem legible. Since the crypto market received massive cash flows and institutional acceptance last year, the space has transformed drastically.

Nonetheless, he expressed continued faith in the original vision of digital currency: a tool to build radically decentralized structures.

With Donald Trump assuming office as the US President, the crypto market has experienced heightened volatility. While some altcoins have surged, others have faced significant crashes, and many are gaining attention due to recent developments. 

BeInCrypto has analyzed three altcoins that have been trending over the past 24 hours and explored what might lie ahead for them in the coming days.

United States Donald Trump (TRUMP)

TRUMP has captured significant attention this week as the official cryptocurrency token of US President Donald Trump. Since its launch, the token has gained immense traction and is now ranked 24th among the top 100 cryptocurrencies, marking a swift rise in prominence within the market.

The token recently hit an all-time high (ATH) of $79 and is currently trading at $41. If TRUMP can secure $45 as a support level, it may resume its upward momentum and make another attempt at its ATH, signaling strong bullish sentiment among investors.

However, profit-taking could pressure the token, preventing it from surpassing $45. A drop below this critical level could lead to a decline under $34, potentially invalidating the bullish outlook. In a worst-case scenario, TRUMP might fall to $26, reflecting a significant shift in market sentiment.

World (WLD)

World (WLD) captured investor attention following the announcement of Sam Altman’s OpenAI collaboration with Oracle and SoftBank. Together, they plan to invest $500 billion in US AI infrastructure under the Stargate Project, supported by President Trump. This strategic move has bolstered confidence in WLD, positioning it as a trending altcoin.

WLD’s price surged by 12% in the past 24 hours, driven by the positive sentiment surrounding this partnership. This rally could enable the altcoin to reclaim its 4-month-old uptrend line as support. If achieved, WLD might target $2.55 in the coming days, reinforcing its bullish momentum.

However, if WLD fails to breach the $2.17 resistance, it risks losing traction and falling back to $2.00 or lower. A further decline to $1.74 could completely invalidate the bullish outlook, signaling a potential shift in market sentiment against the cryptocurrency.

Bonk (BONK)

BONK has surged into the spotlight following the inauguration of the US Department of Government Efficiency (D.O.G.E.), which spurred renewed interest in dog-themed meme coins. This development has elevated BONK’s status in the crypto market, drawing significant attention from both retail and institutional investors seeking speculative opportunities.

The token recorded an 8% increase, trading at $0.00003236 and eyeing $0.00003151 as a critical support level. Securing this floor would strengthen the meme coin’s recovery prospects, potentially attracting more bullish momentum. 

However, failure to hold the $0.00003151 support could lead to a decline toward $0.00002748. This drop would only invalidate the bullish outlook and also signal a broader loss of confidence in the token’s recovery potential.