TLDR
- Crypto holders face increased physical risks due to instant, anonymous transfers on blockchain networks
- Recent incidents include attempted kidnappings in France, with Ledger co-founder David Balland being kidnapped in January
- Coinbase data breach exposed customer information, raising concerns about physical targeting
- Security firms report surge in requests from crypto investors for bodyguards and protection services
- Companies like Coinbase spend millions on executive security, with $6.2 million for CEO Brian Armstrong in 2024
Cryptocurrency executives and high-net-worth investors are increasingly turning to private security firms as they face a growing wave of physical threats and kidnapping attempts. The unique nature of cryptocurrency transfers, which can occur instantly and anonymously, makes holders particularly vulnerable targets for criminals.
The most recent incident occurred last week when assailants attempted to abduct the daughter and grandson of a French cryptocurrency platform Paymium’s CEO. This follows a disturbing trend of similar attacks in the industry.
In January, David Balland, a co-founder of French crypto wallet startup Ledger SAS, was kidnapped along with his partner. The attack left Balland with a mutilated hand.
These attacks represent just a fraction of the growing problem. Bitcoin security expert Jameson Lopp maintains a public database documenting physical attacks on cryptocurrency holders, with more than 20 incidents recorded worldwide in 2025 alone.
Security Firms See Surge in Client Requests
Security companies specializing in protecting high-value individuals report a spike in demand from crypto investors. Jethro Pijlman, managing director at Amsterdam-based Infinite Risks International, told Bloomberg: “We’ve had more inquiries, more long-term clients, and more proactive requests from crypto investors who don’t want to be caught off guard.”
The recent Coinbase hack has heightened these concerns. Hackers gained access to sensitive customer data including names, addresses, government ID images, transaction histories and account balances through bribing customer support workers in India.
This breach poses a major threat as criminals could potentially identify and locate customers with large holdings. Several victims of the Coinbase breach declined to speak on record to Bloomberg, citing fears that being named could further jeopardize their security.
Ronghui Gu, co-founder of blockchain security firm CertiK and associate professor at Columbia University, explained the unique vulnerability: “Cryptocurrency can be transferred with just a private key, and is extremely difficult to recover. This makes crypto traders prime targets for criminals.”
Security experts suggest that as crypto companies have strengthened their cybersecurity defenses, criminals are shifting tactics toward physical attacks. Charles Marino, CEO of security firm Sentinel, described the current situation bluntly: “Right now, the crypto threat landscape is very high.”
The French government has responded to the spate of kidnappings by promising enhanced security measures for crypto executives. Interior Minister Bruno Retailleau announced plans to establish a priority emergency police number for the industry, along with special briefings and security check-ups from elite police units.
Cryptocurrency companies are investing heavily in executive protection. Coinbase spent $6.2 million on personal security for CEO Brian Armstrong in 2024, exceeding the combined amount spent by JPMorgan Chase, Goldman Sachs and Nvidia on their respective CEOs.
Other crypto firms have made similar investments. Circle Internet Group Inc. allocated about $800,000 for CEO Jeremy Allaire’s security in 2024, while Robinhood Markets Inc. spent approximately $1.6 million protecting CEO Vlad Tenev.
Security firms like Infinite Risks International offer comprehensive protection packages including bodyguards, armored vehicles, home security assessments, and social media monitoring to prevent location information leaks.
EthCC, an annual crypto conference in Cannes, has upgraded its security protocols for this summer’s event. Organizers are now coordinating with multiple branches of French law enforcement, special forces and private security firms, rather than relying solely on local police as in previous years.
The crypto industry’s relationship with personal security has evolved. In 2013, when Bitcoin prices first surged, early investors hired bodyguards partly as a status symbol. Today, personal security has become a practical necessity for many in the field.
Pijlman notes that many clients take action only after a close call or seeing news reports about attacks. “People are waking up to the fact that their digital success can create very real-world risks,” he said.
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