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.

The post Crypto Millionaires Hire Protection Against Kidnapping appeared first on Coin Engineer.

Magic Eden exclusively supports deposits via the Solana network, meaning deposits from other networks will not be processed. Deposits for ME will start on December 10, 2024, at 23:00 (KST). With a standard price of 2,286 KRW, transaction confirmations will require 20 blocks. Meanwhile, Shin Futures has already enabled deposits just two hours after the announcement, with trading beginning at 22:00 (KST). The token is priced at 88.09 KRW and requires 33 blocks for deposit confirmation on the Ethereum network.

To ensure a secure trading environment, Bithumb has implemented several restrictions. For instance, buy orders are limited during the first five minutes of trading, and sell orders are restricted to within -10% and +100% of the standard price during the same timeframe. Automated orders will only be available after the first transaction is completed. These measures are designed to foster a safer and more controlled trading experience for investors.

Bithumb also emphasized the importance of using the correct network for deposits, warning that incorrect transfers could result in significant delays. Under its Travel Rule, the exchange only supports deposits and withdrawals through verified exchanges, ensuring enhanced security for user funds.

The inclusion of these two groundbreaking projects has created significant buzz in the Korean crypto market. Magic Eden, with its NFT-focused innovation, and Shin Futures, offering Ethereum-based financial advancements, are poised to attract attention from investors seeking cutting-edge blockchain solutions.

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.

The post Magic Eden (ME) and Shin Futures (F) Join Bithumb’s KRW Market! appeared first on Coin Engineer.

This month’s report shows significant growth, with a 32% increase in total wallet holdings of BTC, ETH, USDT, and USDC. Strong gains in BTC and ETH were the main contributors, while stablecoins like USDT and USDC showed steady growth. This highlights OKX‘s commitment to maintaining transparency and trust in the digital asset industry.

OKX has maintained reserve ratios of over 100% for 22 of its most frequently traded assets, reinforcing its commitment to safeguarding customer funds.

Current reserve ratios for primary assets are as follows:

• BTC: 104%
• ETH: 102%
• USDT: 104%
• USDC: 100%

The PoR program works alongside other security measures, including AI-powered blockchain monitoring tools, multi-billion-dollar insurance funds, and comprehensive encryption systems. These components form part of a broader security infrastructure designed to protect customer assets.

Last month, OKX marked two years of consecutive monthly PoR reports, reinforcing its leadership in transparency within the digital asset space. This showcases OKX as one of the few exchanges fully committed to transparency and security.

So far, over two million customers have used OKX‘s PoR verification tool. The exchange encourages all users to verify their assets through the platform, supporting crypto’s ethos of “don’t trust, verify.”

Insurance Funds are available only in specific markets, adding another layer of security to the services OKX provides.

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.

The post OKX Publishes 25th Proof of Reserves Report appeared first on Coin Engineer.