Crypto Millionaires Increase Personal Security Following France Kidnappings

Crimes Against Cryptocurrency Executives and Holders Are on the Rise

The recent spate of crypto kidnappings in France and the Coinbase leak of private customer data have raised serious concerns among crypto executives and  investors about their personal safety.

Cryptocurrency is relatively easy to steal, as access only requires a private key. It’s digital nature makes it especially appealing i to criminals — theres no  need to hide physical  goods; they can simply transfer the funds to an anonymous account. Once that  happens, the money effectively disappears without a trace. 

As the crypto industry moves from niche to mainstream, the importance of security has become increasingly clear. In 2024 alone, Coinbase spent  over $6 million on protection  for co-founder and CEO Brian Armstrong. Circle allocated $800,000 for CEO Jeremy Allaira’s security,Robinhood spent $1.6 million to safeguard co-founder and CEO Vlad Tenev. With rising threats against public figures, security spending is expected to grow even further

France Kidnappings and Coinbase Leak

France: In recent months, French gangs have carried out two kidnappings and one attempted abduction targeting  cryptocurrency executives and their families. These incidents have prompted industry leaders and wealthy crypto figures to ramp up their personal security measures. 

In January, the co-founder of the French crypto firm Ledger and his wife were kidnapped, followed by the abduction of a crypto executive’s father in early May. In both cases, the victims had fingers severed before being rescued by police. 

Earlier this month, a gang attempted to kidnap the daughter of the CEO of  French crypto firm Paymium, their plan was thwarted by a shopkeeper who stepped in.

French Interior Minister Bruno Retailleau has has pledged enhanced protection for crypto executives, including better coordination between law enforcement and crypto firms, priority access to emergency services, and home security evaluations. However, despite the government’s efforts, many executives are opting  to hire private security firms for added protection.

Coinbase: On May 11, hackers breached Coinbase, the world’s third-largest crypto exchange, accessing sensitive customer data including names, addresses, and transaction histories. TechCrunch founder, Michael Arrington, criticized the company for failing to“adequately protect” user information. In a post  on X, he warned “Something that has to be said though – this hack – which includes home addresses and account balances – will lead to people dying. It probably has already.”

Staying Safe When Nothing is Private

With  AI tools  or even a basic Google search, criminals can easily identify crypto CEOs and top executives. Social media offers further details – revealing  family members, home addresses, and sometimes even daily routines. Additionally, by hacking databases like Coinbase, criminals can uncover information about everyday crypto holders as well.  

After the failed kidnapping attempt, Paymium issued a statement on X criticizing EU regulations that mandate collecting  data on  the source and recipient of crypto transfers, arguing that such rules expose too much information to potential criminals. The company also accused the media and politicians of fueling  misconceptions about crypto wealth. 

As government regulations lag behind the rising threats facing crypto holders, security experts advise cryptocurrency executives and investors to stay out of the spotlight – limiting personal and professional social media activity that reveals  their ventures and whereabouts. Despite increased  government support and private security, the crypto industry has become a prime target for criminals, and making strong security measures not a luxury, but a necessity.