Executives in the cryptocurrency sector boost individual safety measures amid a surge in assaults and abductions.
High-profile figures in the world of cryptocurrency are finding themselves under increasing danger as organized crime groups capitalize on the growing value of industry holdings. Geno Roefaro, CEO of SaferWatch, a security platform designed to boost emergency response across public and private institutions, has identified a troubling trend - cybercriminals are employing sophisticated methods to target individuals' digital fortunes.
Jethro Pijlman, the managing director of Infinite Risks International, a firm providing physical security and intelligence services to cryptocurrency holders, concurs. According to Pijlman, threats against crypto executives have significantly increased globally since 2021.
In May 2025, Pierre Noizat, CEO of the French crypto exchange Paymium, narrowly escaped an attempted kidnapping of his daughter in broad daylight on a Paris street. In a chilling echo of this event, earlier in the year, the founder of French crypto company Ledger and his wife were kidnapped. In another incident, the father of the head of another crypto company was also abducted. Thankfully, all victims were eventually rescued; however, the occurrence of these incidents has sparked fear and urgency among other high-net-worth individuals in the sector.
Notably, Pijlman cited a "particularly high concentration in Asia."
Coinbasefortifies Personal Security Spending
Coinbase, the United States' largest cryptocurrency exchange, recently disclosed in a regulatory filing that it splurged $6.2 million last year on personal security for CEO Brian Armstrong.
Pijlman attributes this trend to the cyclical nature of the crypto markets, explaining that with each cycle, a phase of rapid wealth accumulation occurs. Individuals seeking to showcase their newfound prosperity often flaunt luxury possessions and high-priced properties on YouTube, Instagram, and other social media platforms. Unfortunately, these public displays provide a wealth of information for malicious actors.
Last fall, crypto entrepreneur Justin Sun made headlines when he purchased Maurizio Cattelan's infamous banana duct-taped to a wall artwork for $6.2 million. Sun, the founder of the Tron blockchain, later famously ate the viral fruit during a press conference in Hong Kong, an act that drew criticism and raised questions about the ethics of destroying artworks for personal gain. Sun's extravagant actions serve as an example of how the increasing wealth and visibility of cryptocurrency figures can make them targets for criminals.
Sharing Too Much Online: A Goldmine for Criminals
Pijlman warns that many individuals unintentionally share sensitive information online, such as travel itineraries, photographs of luxury vehicles with visible license plates, identifiable backgrounds, and real-time videos from upscale establishments. Even posts or tags by friends can inadvertently reveal a person's location. This trove of intelligence can be exploited by criminal organizations to execute robberies or kidnappings. In many cases, these groups monitor their targets' digital footprints for weeks or even months before executing an attack.
In response, Infinite Risks International utilizes techniques employed in threat assessments to proactively protect its clients. This includes providing real-time alerts when oversharing occurs and assisting clients in adjusting their online behavior to minimize exposure. The firm's transportation services are handled exclusively by security-trained drivers, and in major cities across Europe and the United States, they deploy executive protection agents with government or military backgrounds. The company also offers residential security solutions, including armed protection.
Rise in Kidnappings and Attacks Reflects the Need for Evolution in Personal Security
Roefaro, whose company provides a discreet device to help executives, other employees, and their families obtain help without drawing attention, feels that the escalating threats against crypto figures are not just a trend but a necessity for strategic personal security. "As digital fortunes grow, so does the risk of targeted attacks," Roefaro concluded. "The hiring of personal security by crypto high-rollers is a clear indication that personal security must evolve in tandem with financial innovation."
Roefaro's company has a client in the cryptocurrency sector. These high-value targets are attractive to organized crime since they hold stolen cryptocurrency in digital form, making recovery nearly impossible given the ease of international transfers.
Sean Worthington, founder of CloudCoin, one of the first cloud-based digital currencies developed outside of blockchain, emphasizes the risk of theft inherent in cryptocurrencies like Bitcoin. The "golden egg," or the private key, represents a critical vulnerability, as there are no safeguards to mitigate the risk it poses. Insiders - such as system administrators or software developers at cryptocurrency firms - could potentially drain assets undetected, leaving companies exposed to significant financial losses.
- Geno Roefaro, the CEO of SaferWatch, points out a growing trend of cybercriminals targeting individuals' digital fortunes in the cryptocurrency sector.
- Jethro Pijlman, the managing director of Infinite Risks International, notes a significant increase in threats against crypto executives globally since 2021, particularly in Asia.
- Coinbase, the largest cryptocurrency exchange in the United States, spent $6.2 million on personal security for CEO Brian Armstrong in 2024, highlighting the increasing concerns over personal safety within the industry.
- Crypto entrepreneur Justin Sun's extravagant display of wealth, such as purchasing a banana artwork for $6.2 million and eating it in a press conference, can make him and other cryptocurrency figures attractive targets for criminals.
- In response to the surge in kidnappings and attacks on high-net-worth individuals in the cryptocurrency sector, companies like Infinite Risks International offer comprehensive security solutions, including real-time alerts for oversharing, executive protection agents, and residential security services.
