Yeliz Akmaca 
Crypto Millionaires Face Security Concerns
In the world of cryptocurrency, the security concerns of millionaires are rapidly increasing. The data breach at Coinbase, in particular, has created a new sense of danger in the industry. Hackers obtained users’ names, addresses, ID photos, and account balances. Such information is sufficient for malicious actors to select targets. Those with significant crypto assets are now prioritizing not only their digital security but also their physical safety.
As a result, crypto investors are hiring professional security teams to protect themselves and their families, just as they secure their cold wallets. Experts emphasize, “You must protect not only your portfolio but also your personal safety.” Indeed, owning millions of dollars’ worth of cryptocurrency comes with significant risks.
Physical Attacks and Kidnapping Threats Become Reality
The security issues in the crypto world are no longer confined to the online realm; they have now spilled into the physical world. The Coinbase data breach provided attackers with personal information, enabling them to target investors who could be attacked on the street or in front of their homes.
For example, Ledger SAS founder David Balland was kidnapped along with his partner last January. Balland was seriously injured during the attack, and the incident caused significant ripples in the industry. Following this, the daughter and granddaughter of Paymium’s CEO were targeted for kidnapping in Paris. Although the plan failed, it heightened the industry’s security concerns.
France’s Interior Minister intervened, announcing the establishment of a dedicated emergency police hotline for the crypto industry. Additionally, elite units were formed to provide security briefings and home protection assessments for industry executives, enabling faster and more effective responses to physical attacks.
Crypto Companies and Investors Make Significant Security Investments
Crypto firms are taking security risks very seriously. Coinbase spent $6.2 million on the security of its CEO, Brian Armstrong—an amount surpassing expenditures by JPMorgan, Goldman Sachs, and Nvidia during the same period. Other companies, such as Robinhood and Circle, have also allocated substantial budgets for their executives’ safety.
Security measures are not limited to physical protection. Companies conduct real-time monitoring on social media and other digital platforms to prevent location leaks, making it harder for potential attackers to reach their targets. Additionally, comprehensive solutions such as armored vehicles, 24/7 protection, and threat assessments are offered to clients. Security firms like Infinite Risks International clean up the digital footprints of crypto investors and provide early warnings against potential threats.
According to data recorded by prominent Bitcoin security advocate Jameson Lopp, more than 20 physical attacks have occurred worldwide this year. These incidents are not limited to Europe but are also happening in regions like the Americas and Asia. Kidnappings, extortions, and fraud cases are on the rise, forcing everyone in the industry to enhance both online and offline security measures.
The crypto community is also reflecting security concerns in its events. For instance, the annual EthCC conference in Cannes implemented significantly stricter security measures this year compared to last year. French police, special forces, and private security firms collaborated to provide comprehensive protection at the event.
However, despite these measures, some investors are avoiding travel to countries like France due to security risks. This situation underscores the magnitude of the global security challenges facing the industry.
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.