Crypto Elite Increasingly Fear for their Safety

Cryptocurrency executives and wealthy investors are placing greater emphasis on personal security, according to recent reports from the Wall Street Journal and Bloomberg.

Rising Bitcoin Value and Data Breach Fuel Kidnapping Fears in Crypto World

Although crypto has long posed distinct security challenges, the increasing value of Bitcoin and a recent Coinbase breach—exposing some customer data—have heightened fears of violent kidnappings. (Coinbase reported that under 1% of its users were impacted.)

For instance, three masked assailants recently attempted to kidnap the daughter and granddaughter of the CEO of French crypto firm Paymium, but nearby residents intervened and drove them off.

Security Firms See Surge in Demand from Cautious Crypto Investors

Jethro Pijlman of Amsterdam-based security firm Infinite Risks International told Bloomberg that his team is receiving “more inquiries, more long-term clients, and more proactive requests” from crypto investors looking to avoid unexpected threats.

In addition, Coinbase disclosed in a regulatory filing that it spent $6.2 million on personal security for CEO Brian Armstrong last year—more than the total security spending for the CEOs of JP Morgan, Goldman Sachs, and Nvidia combined.

Read the original article on: Techcrunch

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