Crypto Leaders Boost Personal Security in Wake of Kidnapping Wave

Executives across the crypto industry are ramping up personal security as a wave of kidnappings and ransom attempts—particularly in France—targets high-net-worth investors and professionals.

Jethro Pijlman, managing director of the private security firm Infinite Risks International, based in Amsterdam, reports a steady uptick in long-term contracts from clients with significant crypto assets.

Jethro explained:

“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.”

Today, security is being treated with the same urgency as portfolio management.

Armoured vehicles, comprehensive threat assessments, and digital footprint sanitisation have become standard practice.

Pijlman notes a clear shift: crypto investors are no longer viewing personal protection as optional, but as a necessary cost of doing business in a high-risk environment.

In response to at least three kidnapping cases this year, French authorities have announced enhanced security protocols for crypto entrepreneurs and their families.

These include direct access to emergency police lines, specialised briefings, and public warnings against flaunting crypto wealth—such as wearing branded apparel or sharing lifestyle details online.

Coinbase Data Breach Heightened Kidnapping Fears

The recent Coinbase data breach has intensified concerns around personal security in the crypto space, exposing just how vulnerable high-value individuals can be.

Hackers accessed sensitive information—including names, addresses, ID images, transaction histories, and account balances—the precise data needed to identify and target wealthy users.

While Coinbase reported that less than 1% of active monthly accounts were compromised, the breach remained unresolved for months, giving criminals ample time to exploit the exposed data.

During this window, attackers used social engineering tactics to coerce victims into handing over private wallets or initiating unauthorised transfers.

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— Brian Armstrong (@brian_armstrong) May 15, 2025
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Several victims, fearing for their safety, declined to speak publicly.

The fallout has sparked a surge in demand for personal security, reflecting a broader realisation: crypto wealth comes with unique, often underestimated risks.

Unlike traditional assets, cryptocurrency can be irreversibly transferred with a single private key—making stolen funds nearly impossible to reclaim.

Ronghui Gu, co-founder of blockchain security firm CertiK and a professor at Columbia University, underscores this vulnerability:

“Cryptocurrency can be transferred with just a private key, and is extremely difficult to recover. This makes crypto traders prime targets for criminals.”

And the threat is not limited to digital spaces.

According to Charles Marino, head of the security firm Sentinel, attackers are increasingly turning to physical crime as cybersecurity defenses improve.

The result is a troubling shift: the more secure crypto becomes online, the more dangerous it gets offline.

He noted:

“Right now, the crypto threat landscape is very high.”

France Sees Uptick in Kidnappings and Ransom Attempts

In a chilling series of events, several high-profile figures in France’s crypto industry have become the targets of violent, organised attacks.

In January 2025, David Balland, co-founder of the hardware wallet company Ledger, was kidnapped and held for ransom before being rescued by French authorities.

Just months earlier, in May 2024, the father of an anonymous crypto entrepreneur was freed after a dramatic police raid in a Paris suburb.

According to Le Parisien, the victim had one of his fingers severed—a brutal act echoing similar crypto-related abductions in the region.

Then, on 13 May, attackers attempted to abduct the family of Pierre Noizat, CEO and co-founder of French crypto exchange Paymium.

In a broad daylight assault, masked assailants ambushed the family, physically attacking them and trying to force Noizat’s daughter and grandson into a van.

Thanks to the resistance of the daughter and the child’s father, the attackers were repelled, narrowly averting another high-profile kidnapping.

The audacity and violence of these incidents have rattled the crypto community and triggered an urgent government response.

French Interior Minister Bruno Retailleau convened a meeting with industry leaders to address the growing threat.

Among the new measures announced: the creation of a dedicated emergency police line for crypto-related threats and personalised security briefings for cryptocurrency executives and their families, to be carried out by elite police units.

As these attacks escalate in severity and frequency, France is beginning to recognise crypto-targeted crime as a national security issue—and is moving to act accordingly.

Crypto Giants Are Fortifying Themselves

Crypto entrepreneurs and major holders of digital wealth are investing millions annually in personal security—a clear reflection of the escalating risks they face.

In 2023, Coinbase alone spent $6.2 million safeguarding CEO Brian Armstrong, surpassing the combined security budgets for top executives at JPMorgan, Goldman Sachs, and Nvidia.

Although Coinbase’s business scale may not rival these giants, the immediacy of threats to its leadership is unmistakable.

Similarly, Robinhood allocated $1.6 million to protect CEO Vlad Tenev, while Circle Internet Group invested $800,000 in security for Jeremy Allaire.

While Meta and Alphabet still outspend crypto firms, the disparity highlights a striking reality: crypto companies may be smaller, but their leaders confront far greater dangers.

Security measures now extend beyond traditional bodyguards to include private drivers and continuous monitoring of social media for real-time location disclosures.

Firms like Infinite Risks International track online activity to prevent inadvertent leaks that could aid potential attackers.

Jameson Lopp, a prominent Bitcoin security expert, has documented over 20 physical attacks on crypto holders worldwide just this year—incidents spanning far beyond Europe to a truly global scale.

Kidnappers, scammers, and criminal gangs are actively surveilling wallets, uncovering identities, and targeting individuals at their homes.

The nature of these threats is reshaping industry events as well.

For example, the upcoming EthCC conference in Cannes has escalated its security coordination from local police involvement to a comprehensive operation involving French special forces and private security contractors.

This heightened alert has prompted many traders to reconsider traveling to France altogether.

In this evolving landscape, comprehensive security solutions—including armored transport, round-the-clock protection, and vigilant digital surveillance—are becoming essential for crypto leaders navigating an increasingly perilous environment.

Pijlman said:

“It often takes a close call or a story in the news to prompt action, but once they understand the threat, they want to take it seriously. People are waking up to the fact that their digital success can create very real-world risks.”