CryptoCurrency
Tax warning as higher earners face ‘triple whammy’ charges costing them almost £4k next year
British taxpayers are facing a triple tax whammy that could cost higher earners nearly £4,000 extra in 2025, according to new analysis.
The combination of higher capital gains tax rates (CGT), reduced dividend allowances and frozen income tax thresholds will hit workers across all salary ranges.
Those earning £100,000 will be hit hardest by this triple whammy of tax changes.
Even average earners won’t escape the tax squeeze, with those on £35,000 set to pay an additional £1,261 in tax.
The changes follow Chancellor Rachel Reeves’s October budget, which introduced higher capital gains tax rates and further reduced dividend allowances, while maintaining the freeze on income tax thresholds until 2028.
Capital gains tax rates have seen significant increases, with basic-rate taxpayers now paying 18 per cent instead of 10 per cent on most assets.
Capital gains tax rates have seen significant increases
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Higher-rate taxpayers face an increase from 20 per cent to 24 per cent on their gains.
The dividend allowance has been slashed, dropping from £1,000 to just £500 in tax-free dividend income.
Adding to the burden, the personal allowance remains frozen at £12,570 until April 2028.
This freeze, combined with wage inflation currently at 4.8 per cent, means more workers are being pushed into higher tax brackets.
The tax squeeze is particularly harsh for those earning between £100,000 and £125,140, where the personal allowance is gradually withdrawn.
The impact varies significantly across salary bands, with detailed calculations from Interactive Investor revealing the full extent of the tax burden.
Those earning £35,000 will see their fiscal drag tax burden rise by £358, while facing an extra £860 in capital gains tax on a £10,000 gain.
For £50,000 earners, the total additional tax reaches £1,831, including £783 from fiscal drag and £880 from increased capital gains charges.
The heaviest burden falls on £100,000 earners, who face a total increase of £3,836 in 2025.
This includes £2,788 from fiscal drag alone, despite some offset from the recent reduction in National Insurance from 10 to eight per cent.
Myron Jobson, Interactive Investor’s senior personal finance analyst, explained the impact of these changes.
He said: “More people have been dragged into paying tax or higher rates of tax as their wages rise and cross the unchanging thresholds, commonly referred to as fiscal drag.
“Those with investments held outside tax wrappers such as ISAs and pensions, which shield gains, dividends, and interest from tax, now face a significantly higher burden.”
He noted that the CGT allowance reduction from £6,000 to £3,000 in April 2024 particularly affects investors.
“This means gains held outside tax wrappers like ISAs and Sipps are now subject to greater tax,” Jobson added.
There are several ways taxpayers can reduce their tax burden in light of these changes.
Marriage Allowance allows couples to transfer up to £1,260 of unused personal allowance to their partner, saving up to £252 annually.
Salary sacrifice through workplace pension contributions can reduce taxable income, though this may affect certain benefits.
Investment strategies include using ISAs to protect future gains and dividends from tax through ‘Bed & ISA’ arrangements.
Spreading gains across tax years by timing sales carefully can help minimise CGT liability.
Losses on investments can be used to offset gains, while transferring assets between spouses allows couples to maximise their combined allowances.
For complex tax situations, Jobson advises seeking professional guidance from a certified tax adviser.
David Sacks has introduced a new perspective on non-fungible tokens (NFTs) and meme coins, describing them as a distinct class of digital assets.
In an interview with Fox Business, the AI and crypto czar spoke on the growing complexity of classifying digital assets, categorizing the two as collectibles.
Digital Asset Classification
“When you talk about digital assets, it could mean many things… you’re talking about a vast area of innovation,” Sacks stated in the interview. He explained that virtual assets cover a broad spectrum, including securities and commodities, placing NFTs and meme coins in the collectible category.
This classification could influence the way the two are perceived, shifting the focus from their volatility to their potential as items of cultural and commemorative significance. Sacks elaborated on this idea, comparing such assets to traditional memorabilia.
Speaking on the Solana-based Official Trump (TRUMP) meme coin, he said:
“I think the Trump coin is a collectible. It’s like a baseball card or a stamp. People buy it because they want to commemorate something.”
However, he clarified that his statements should not be interpreted as a regulatory position.
NFT and Meme Coin Legitimacy Debate
The legitimacy of non-fungible tokens and meme coins is still a hot topic. Last August, NFT marketplace OpenSea received a Wells notice from the SEC over claims that such assets on its platform might be regarded as unregistered securities. In December, the gaming-focused NFT project Cyberkongz was sent a similar warning from the regulator.
This debate has intensified with the recent launches of the official TRUMP and MELANIA meme coins. Senator Elizabeth Warren, a crypto skeptic, has urged federal regulators and the Office of Government Ethics to investigate the TRUMP meme coin. In a January 22 letter, she alleged it had enriched the President and provided a means for crypto funds to flow to him.
At a recent press briefing, Trump downplayed the situation by saying he did not know whether he had benefited financially from the project and claimed to have no knowledge of the coin’s value.
The introduction of these tokens also caused some constitutional compliance concerns, with Zack Guzman from Coinage noting that while the emoluments clause prohibits presidents from profiting from their office, meme coins challenge these existing rules.
Meanwhile, billionaire investor Mark Cuban previously dismissed the Trump project as a gamble, suggesting it could harm the crypto industry’s reputation, especially if proper regulations were not in place. Similarly, former Coinbase CTO Balaji Srinivasan described such tokens as speculative assets, famously calling them a “zero-sum lottery.”
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The US Securities and Exchange Commission (SEC) announced on Thursday, January 23, the rescission of Staff Accounting Bulletin (SAB) No. 121, a directive that had imposed stringent accounting requirements on crypto custody for US banks and financial institutions. The move, encapsulated in the newly issued SAB 122, is poised to serve as a more substantial catalyst for Bitcoin’s price dynamics than the anticipated US Bitcoin Reserve (SBR), according to several industry experts.
Implications For Bitcoin
Originally enacted in 2022, SAB 121 mandated that banks classify customer-held cryptocurrencies as liabilities on their balance sheets. This classification significantly increased the operational costs and complexities for financial institutions, effectively deterring them from offering crypto-related services. Thus, the requirement acted as a barrier, limiting the integration of Bitcoin and other cryptocurrencies into mainstream banking operations.
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The withdrawal of SAB 121 through SAB 122 effectively removes this accounting impediment. SEC Commissioner Hester Peirce lauded the decision on social media, stating, “Bye, bye SAB 121! It’s not been fun: http://SEC.gov | Staff Accounting Bulletin No. 122.”
The Bitcoin community has responded favorably to the SEC’s decision. Andrew Parish, founder of x3, emphasized the significance of SAB 122 on X, asserting, “Rescinding of SAB 121 is a bigger catalyst for Bitcoin than the SBR. Bookmark this post.” Similarly, Fred Krueger, founder of Troop, highlighted the broader market implications, noting, “SAB 122 is extremely good for Bitcoin. More significant than the Bitcoin Reserve, which is also coming. Now watch the Banks start accumulating.”
Vijay Boyapati, an Ex-Google engineer and the author of The Bullish Case for Bitcoin, further elaborated on the transformative potential of the SEC’s action, stating, “It really is hard to emphasize how huge a sea change we’re witnessing. We went from the worst conceivable anti-Bitcoin, anti-innovation, anti-growth, anti-business administration to the most friendly Bitcoin administration you could hope for. This is 100% not priced in.”
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Michael Saylor, Executive Chairman of MicroStrategy, succinctly captured the market sentiment with his tweet: “SAB 121 has been rescinded, allowing banks to custody Bitcoin. 🚀” This aligns with Saylor’s previously outlined tgree catalysts for Bitcoin reaching $1 million per coin, where the facilitation of traditional bank custody stood as last open m factor.
The regulatory easing is expected to catalyze increased institutional participation in the BTC and crypto market. Brian Moynihan, CEO of Bank of America—the second-largest US bank by assets—addressed the potential for broader crypto adoption during an interview with CNBC’s Andrew Ross Sorkin at the World Economic Forum in Davos, Switzerland. Moynihan stated, “If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it.”
This statement aligns with the SEC’s latest directive, indicating that banks are now more likely to develop and offer crypto services, including custody solutions, which were previously constrained under SAB 121. The removal of these regulatory hurdles is anticipated to enhance the liquidity and accessibility of Bitcoin, potentially driving a new wave of demand similar to the spot ETFs in January last year.
At press time, BTC traded at $105,466.
Featured image created with DALL.E, chart from TradingView.com
It was a big week for crypto following the inauguration of Donald Trump to a second term Monday.
The White House issued an executive order on digital assets, calling for a friendly approach to crypto across the administration and the creation of a “digital asset stockpile” (which may, or may not be, a Bitcoin Strategic Reserve). Regulatory editors Nik De and Jesse Hamilton were all over the news, as usual.
The SEC withdrew a controversial crypto accounting rule, started a crypto taskforce headed by Hester Peirce (aka “Crypto Mom”), and named crypto-friendly Commissioner Mark Uyeda as acting chair.
Senator Cynthia Lummis, arguably crypto’s most loyal friend in Congress, was named to head the Senate Banking Committee’s new digital assets panel, Hamilton also reported.
We dissected the fallout from the (very) controversial memecoins dropped by the Trump family on the eve of Monday’s swearing in. CoinDesk’s Shaurya Malwa reported that 60 Solana Whales made off with at least $10 million each (many others gained a lot less). Reporting from Tom Carreras on Monday showed that the paper wealth generated by these surprise tokens was, frankly, staggering, even absurd.
Still the memecoins were a great success, encouraging filings for memecoin ETFs, Helene Braun reported. Helene also broke the story about how CME leaked information about XRP and SOL futures ETFs by mistake, which sank those tokens and weighed on the broader market.
Ross Ulbricht, who created Silk Road about 12 years ago, educating thousands on bitcoin for the first time, went free after serving ten years in prison. His freedom was a key promise of the Trump team on crypto. Sam Reynolds had the news.
And the news kept on coming. In fact, it was hard to remember a week when more stuff of importance happened in crypto. Amid it all, the Ethereum community hotly debated its future (particularly that of the Ethereum Foundation). Parikshit Mishra and Sam Kessler followed the story.
Stay tuned for more big stuff happening next week.
Yesterday, President Trump signed an Executive Order (EO) entitled “Strengthening American Leadership In Digital Financial Technology.”
The document outlines the ways in which the U.S. government will embrace “digital assets” and support the rights of citizens and businesses to engage with “cryptocurrencies” and “blockchain technology.”
Bitcoin isn’t mentioned once in the document.
Most concerningly, it’s not mentioned in the portion of the document that addresses the potential for the President’s Working Group on Digital Asset Markets (also established via the EO) to create a “stockpile” of digital assets.
Here’s exactly how it reads:
“The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.”
Bitcoin is one of 17 digital assets the Federal Government has seized.
"stockpile" is jargon that means holding what they have, but not necessarily buying anything
according to @arkham, here's all the coins that the USG holds over $1m pic.twitter.com/CtLEuP5utA
— Alex Thorn (@intangiblecoins) January 23, 2025
The idea that the government would hold onto the 16 other crypto assets the government is holding is both silly and pointless, as none of those other assets were designed to be a store of value, and a chunk of them are just digital versions of the ever-debasing U.S. dollar.
In other words, there’s no reason for the U.S. to stockpile digital assets that are perpetually losing value versus bitcoin. Without even getting into the features that differentiate bitcoin from the other assets on the list above — like its hard-coded perfect scarcity or its network’s level of decentralization — one needs to only take note of the fact that no digital asset has ever made subsequent highs versus bitcoin in consecutive bull markets to understand why it makes sense to only hold bitcoin.
I mean, even someone whose company evaluates shitcoins for a living agrees:
I didn’t donate $12 million to Kamala or cost the GOP three additional Senate seats like Ripple did.
But I’m still gonna try to help @realDonaldTrump and team understand why XRP is the poster child for why we shouldn’t have a national crypto reserve.
Bitcoin Reserve or nothing.
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) January 24, 2025
So, please President Trump, beef up the bitcoin stockpile by swapping the 16 other digital assets you’re holding for bitcoin, and let’s call it a day. Surely, you’ve seen how well the bitcoin-only approach has worked out for President Bukele, with whom you spoke just the other day.
It’s time to show the world that we understand that bitcoin is the savings technology and that everything else is, well, something else.
The cryptocurrency market has always been a playground for trends, with meme coins like Dogecoin (DOGE) and Pepe Coin (PEPE) captivating retail investors through viral buzz. However, not everyone managed to capitalize on these fleeting trends, leaving many searching for more stable and promising opportunities.
Enter Lightchain AI, a blockchain platform that combines artificial intelligence with decentralized technology. With its presale price at $0.005625 and over $12.7 million raised, Lightchain AI is quickly becoming the top choice for investors seeking long-term growth beyond the speculative mania of meme coins.
Rise and Fall of Meme Coin Hype
Meme coins, cryptocurrencies inspired by internet memes, have experienced significant volatility.
Initially, coins like Dogecoin and Shiba Inu gained popularity due to social media hype and celebrity endorsements, leading to substantial market capitalizations. However, many lacked intrinsic value or utility, making them susceptible to sharp declines once the initial excitement waned.
Recently, the launch of $TRUMP and $MELANIA tokens by President Donald Trump and his wife attracted both investor interest and criticism. These tokens quickly surged in value but faced scrutiny over potential conflicts of interest and ethical concerns.
The rapid rise and fall of such meme coins underscore the speculative nature of the market, highlighting the importance of thorough research and caution for investors.
Why Lightchain AI Is Gaining Attention
Unlike meme coins, Lightchain AI is built on a foundation of real-world applications and advanced technology.
One of its most compelling features is its Presale Tokenomics, which allocates 40% of its total supply to early supporters. This structure incentivizes early investors and provides a clear path for ecosystem growth.
Another highlight is its focus on AI-Powered Decentralized Solutions, enabling businesses to adopt blockchain technology without disrupting their existing workflows. These unique attributes make Lightchain AI stand out in a market saturated with speculative assets, offering tangible benefits to both enterprises and developers.
Investors’ Shift Toward Long-Term Value
For many investors, Lightchain AI represents a shift from speculative trading to strategic, utility-driven investments.
Its presale success, coupled with milestones such as a testnet launch in January 2025 and a mainnet rollout in March, ensures consistent growth and adoption. Additionally, its commitment to solving challenges in data security, scalability, and AI adoption positions it as a frontrunner in the next wave of blockchain innovation.
The token’s strong fundamentals have not gone unnoticed. Experienced investors, burned by the meme coin bubble, are now flocking to Lightchain AI for its potential to deliver both short-term gains and long-term stability.
https://lightchain.ai/lightchain-whitepaper.pdf
https://t.me/LightchainProtocol
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Piero Cipollone reportedly said Donald Trump’s executive order affecting stablecoins could potentially influence people considering abandoning big banks.
The Labour Government is “considering bringing forward increases” to the state pension age, according to analysts, as recent research suggests it needs to rise to 71 by 2050 for payments remain affordable.
A study by the International Longevity Centre (ILC) has warned that the UK faces “widening demographic imbalances” that will put increasing pressure on Government finances.
According to the ILC’s research, Britain is heading towards a future where there will be just one working-age adult for every pensioner by 2050. Under current Government plans, the state pension age is set to increase from 66 to 67 between 2026 and 2028.
A further rise to 68 is currently scheduled for 2044 to 2046, though this timeline remains subject to Government review. By 2050, the UK is projected to reach a dependency ratio of 50 per cent, meaning for every person receiving a state pension, there will only be one working-age adult contributing to the system.
Jonathan Gribb, an associate director at the Institute of Fiscal Studies (IFS), confirms ministers will soon be reviewing the timeline for pension age increases to avoid such a scenario.
Do you have a money story you’d like to share? Get in touch by emailing money@gbnews.uk.
Analysts are warning the state pension is becoming increasingly unaffordable
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“The Government will shortly be considering whether to bring forward the following rise to age 68, which is currently scheduled for 2044,” he said.
Gribb told The Express these increases are justified in principle, noting they help control costs for taxpayers.
“While growth in life expectancy has stalled recently, over previous decades it rose substantially,” he explained.
The retirement expert argues that as people live longer, raising the state pension age is a logical step. However, Gribb emphasises that such changes must be implemented carefully, considering their social impact.
The IFS expert warns that pension age increases disproportionately affect poorer people in their mid-60s. “It is poorer people in their mid 60s who are hit most by state pension age increases. Most of these people are not in employment, some as a result of poor health,” Gribb said.
He highlighted that many in this group lack alternative financial resources. “They also often have little savings or private pensions to fall back on,” he explained.
Previous pension age increases have had measurable negative effects on this demographic. “We know that poverty rates rose substantially among those in their mid 60s following previous pension age increases,” Gribb noted.
Given these impacts, he argues there is “a good case for the government to do more to support this group.” Gribb outlines two potential approaches for the government to support those most affected by pension age changes.
The first option involves increasing Universal Credit support for those within a year of pension age. “A boost to their benefits costing £600 million a year would reduce poverty by around 30,000 households,” he said.
This represents just one-tenth of the savings from raising the pension age by one year. Alternatively, the Government could target additional Universal Credit specifically to those receiving disability benefits.
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Britons are concerned about potential changes to the state pension age
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This more focused approach would cost around £200 million but “would still make a real difference to many,” according to Gribb. Both options aim to provide extra support for low-income individuals while maintaining the cost-saving benefits of pension age increases.
Supporting the poorest could help maintain broader public backing for necessary pension age increases, according to the IFS analysis. Gribb emphasises that the government needs to “maintain general support for the principle of a higher pension age as life expectancy rises.”
Targeted support for the most vulnerable could be key to achieving this balance.
“Supporting the poorest could help maintain this support, and help protect the incomes of some of those who struggle to work in their late 60s,” Gribb said.
Solana (SOL) is showing no signs of slowing down in 2025.
Its native token, SOL, is up 9% in the past 24 hours – erasing most of the losses from yesterday.
Alongside SOL’s surge, a new Layer-2 solution called Solaxy (SOLX) has just blown past the $14 million mark in its presale.
Solana Price Rebounds as Spot Trading Volumes Surge
Solana is back on track after a brief dip.
After testing a minor support level yesterday, SOL has rebounded, climbing to $267 at the time of writing.
That puts SOL back where it was on Wednesday, and it’s now leading all the major altcoins in terms of gains.
But what’s really interesting are the factors behind this rebound.
Looking at spot trading volumes, it’s clear that interest in SOL is surging again.
Spot volumes soared past $10 billion in the past 24 hours, even passing XRP, marking a 10% increase from the previous day.
On top of that, open interest has climbed to $4.1 billion, which suggests that traders are betting on SOL going even higher.
The token’s technicals look good, too.
On the 4-hour chart, SOL rejected the 50-period EMA, and since then, it has followed an upward trendline that formed earlier this week.
This solid support and the uptick in trading volume hint that the bulls are back in control for Solana.
Beyond the Price – Why Solana’s Fundamentals Are Stronger Than Ever
Several factors are lining up that could send SOL even higher in the coming months.
The big one everyone’s watching is today’s Solana ETF decision.
This potential approval comes as big money is pouring into the ecosystem, with over $3.5 billion in stablecoins flowing in the past ten days.
Solana’s fundamentals are also getting stronger.
Over 7,600 new developers joined the network last year, and this influx of talent is fueling innovation across the board, from new DeFi protocols to AI projects and even platforms for real-world assets (RWAs).
DEXs like Raydium and Jupiter are also seeing huge traction.
And Solana’s not resting on its laurels when it comes to tech, either.
The upcoming “Firedancer” upgrade promises to boost transaction speeds, potentially to one million per second.
On top of that, Solana is getting even more political backing, with venture capitalist David Sacks being given a role as a crypto advisor in the Trump administration.
Sacks is famously a big supporter of Solana.
Could Solaxy be the Next Big Layer-2 Network? SOLX Token Presale Passes $14M Mark
Another factor playing into Solana’s bullishness is all the buzz around Solaxy and its presale.
This new Layer-2 project just hit a huge milestone – raising over $14 million from early investors.
Clearly, many people believe Solaxy could be the key to solving Solana’s scaling challenges.
The timing of its emergence couldn’t be better.
As Solana gets more popular, the need for effective scaling solutions is becoming urgent.
Solaxy’s approach, which involves processing transactions off-chain and then settling them in batches, could help things run much smoother during peak times.
However, there’s more to Solaxy than just scaling.
The platform also has a staking program for the native SOLX token, which currently offers annual yields of 274%.
Investors have already locked up more than 4.1 billion tokens in this program.
But the most exciting thing is all the hype that Solaxy is getting from popular crypto influencers.
For example, Austin Hilton released a video analysis of Solaxy last week – stating that it’s a “major” project.
He also believes the planned bridge between Solana and Ethereum could unlock access to the latter’s huge liquidity base.
With the SOL price rising and institutional interest in Solana growing, Solaxy could be in the right place at the right time.
And with SOLX tokens on presale for just $0.001612, this might be the last chance to grab them at such a low price.
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The consistent retail demand for Bitcoin at the $100,000 mark, which indicates high investor confidence, has recently drawn notice. However, because short-term holders are driving the present accumulating trend, market watchers are warning of a possible fall to $95,000.
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Retail Investors Accumulate At Record Pace
Retail investors, which include smaller holders termed as “Shrimps” and “Crabs,” have been enthusiastically accumulating Bitcoin. In the last month, Glassnode reports that these groups collectively added 25,600 BTC to their portfolios. That’s nearly twice the amount of newly mined Bitcoin over the same period, a sign of significant demand for the “digital gold” at its price peaks.
Demand from retail investors for #Bitcoin at prices around $100K remains strong – The Shrimp-Crab cohort (up to 1 and 10 #BTC, respectively) absorbed 1.9x the newly mined Bitcoin supply last month, a total of +25.6k $BTC: https://t.co/l0sjVN2Toi pic.twitter.com/UdzcCWXAGo
— glassnode (@glassnode) January 23, 2025
The purchasing activity of these smaller investors highlights an even more general retail enthusiasm trend. Nonetheless, experts must still exercise caution. Although this degree of accumulation is remarkable, the dominance of short-term holders (STHs) in this surge introduces an element of risk for market stability.
Short-Term Holders Pose A Risk
Often selling off during slight declines to guarantee gains, STHs are renowned for their fast responses to market changes. Particularly in cases of unexpected volatility for Bitcoin, this reflexive behavior could set off higher selling pressure. Teddy, a market analyst, underlined that the existence of STHs might have a major impact on temporary price swings.
While STHs (Short-Term Holders) have indeed absorbed a significant portion of the newly mined Bitcoin supply, it’s crucial to consider the behavioral tendencies of this group. STHs are historically more susceptible to panic during minor market fluctuations, often resulting in… pic.twitter.com/dasfRgjOFR
— Teddy (@TeddyVision) January 23, 2025
Historically, the markets are also more sensitive to the downtrends with STH. Analysts feel that along with this prevailing trend, at such levels, caution for investors would be prudent.
Glassnode: Narrow Bitcoin Range
Another anomaly which Glassnode picked out in the price action of Bitcoin is an unusually tight range over the past 60 days. Such events have been precedents for volatile times ahead.
This coincides with historical trends, which suggest that the market will experience either a breakout or a breakdown soon. While the sustained $100,000 price level reflects optimism, the market’s narrow range adds an air of unpredictability.
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A Possible Pullback Soon?
Given all of these factors, some experts believe Bitcoin may be due for a slight price adjustment in the near future. Some experts, like market veteran Michaël van de Poppe, predict a retreat to $95,000, primarily due to STHs selling in the face of market uncertainty.
For the time being, retail demand remains a solid source of support at $100,000. Investors should, however, brace themselves for volatility and keep an eye out for market indicators. As Bitcoin trades near its peak, the interaction of retail euphoria and market risks will determine its next moves.
At the time of writing, Bitcoin was trading at $105,141, up 3.2% and 3.2% in the daily and weekly timeframes.
Featured image from Vecteezy, chart from TradingView
David Balland, co-founder of cryptocurrency wallet developer Ledger, was rescued in a police operation after being kidnapped in a ransom attack in France, according to reports, putting an end to days of swirling rumors.
Paris Prosecutor Laure Beccuau said that Ballard and his wife were kidnapped on early Tuesday from their home in Central France and held captive at two separate addresses, Reuters reported on Friday. The prosecutor said that the kidnappers contacted another Ledger co-founder to demand ransom paid in cryptocurrencies.
A police operation involving French elite forces GIGN freed Ballard on Wednesday and his wife was found on Thursday, the prosecutor said. Ballard was taken to hospital to receive treatment to one of his hands, which was mutilated, Beccuau said, without revealing further details, according to Reuters. Local newspaper Le Parisien reported that the attackers severed Ballard’s finger and sent it to associates to extort a ransom.
“We are deeply relieved that David and his wife have been released, and are now safe,” Pascal Gauthier, chairman and CEO of Ledger, said in a statement shared with CoinDesk.
Rumors circulated on social media earlier this week that one of the co-founders of Ledger had been kidnapped. Reports alleging that Eric Larchevêque, another co-founder of the company, was the victim turned out to be false. CoinDesk reached out to Ledger for confirmation at the time, but the company didn’t comment.
“Our top priority was always to allow law enforcement to do their jobs and protect the integrity of the investigation,” CEO Gauthier said. “We respected law enforcement requests around safeguarding critical details of the ongoing investigation and appreciated members of the press who did the same.”
The incident was another example of an alarming trend of robberies and crime targeting crypto traders and industry figures as the crypto bull market marches on creating riches to investors. For example, Dean Skurka, the CEO of WonderFi, a publicly listed crypto holding company that owns one of Canada’s largest crypto exchanges, was kidnapped for a ransom in Toronto last year.
“Have seen an uptick in irl [real life] robberies targeting crypto traders located in Western Europe over the past few months,” popular blockchain sleuth ZachXBT posted on Telegram. “The cases all involve known people in the crypto community where they were held at gunpoint. As the rest of the cycle continues, be extra mindful of who you share your wins with and meet up with [in real life].”
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