Claims that criminals kidnapped Ledger co-founder and CEO Erich Larchevêque have reportedly been debunked, according to a local source.

Reports of Larchevêque’s alleged abduction in France began circulating on Wednesday, Jan. 22, originating from a French-based profile on X. The initial claims suggested that a top Ledger executive had been kidnapped and was being ransomed by bad actors while French police investigated the matter.

Although Larchevêque was not explicitly named in the original post, a photo of the CEO attached to the tweet fueled widespread speculation.

Gregory Raymond, head of research and co-founder at investigative firm The Big Whale, later dismissed the claims. According to Raymond, there is no truth to the reports of Larchevêque’s involvement in any kidnapping.

“Be careful with published information that could threaten an ongoing investigation in France,” Raymond shared on X, responding to the rumors.

Ledger, a leading hardware wallet manufacturer, was co-founded in 2014 by eight cryptocurrency experts, including Erich Larchevêque, David Balland, Joel Pobeda, Nicolas Bacca, and Thomas France. The company reached a valuation of $1.4 billion following a $108 million funding round in 2023.

This is a developing story.