In a chilling development, cryptocurrency executives across the globe are ramping up personal security following a disturbing surge in kidnapping and ransom attempts, particularly in France. This trend has prompted a flurry of inquiries into bodyguard services and private security details, with Amsterdam-based Infinite Risks International reporting a significant uptick in demand.
Heightened Security Measures
The French authorities are not taking these threats lightly. In response to at least three separate kidnapping incidents targeting crypto professionals this year, law enforcement has rolled out new security protocols. These include conducting security briefings and ensuring expedited access to emergency services for both entrepreneurs and their families. There’s also a strong advisory against flaunting wealth or wearing crypto identifiers, as a means to reduce visibility and risk.
David Balland, co-founder of the hardware wallet company Ledger, found himself at the center of this crisis earlier this year. In a harrowing ordeal, Balland was kidnapped and held for ransom before being rescued by French police. This incident, along with others, underscores the palpable threat facing those entrenched in the crypto sector. As explored in our recent coverage of the ‘Huge Shift’ in crypto firms’ compliance mindset, the industry is increasingly aware of the need for robust security measures.
A Wave of Violent Incidents
The crypto community has been rattled by a series of violent events. Just last week, on May 13, an attempted abduction of Pierre Noizat’s family—a prominent figure in the French crypto exchange scene—unfolded on the streets. Masked attackers attempted to kidnap Noizat’s daughter and grandson in a brazen daylight attack. Fortunately, the family resisted, and the assailants were forced to retreat.
Such incidents are not isolated. In May 2024, a high-profile kidnapping saw the father of an unnamed crypto entrepreneur freed after a terrifying ordeal in a Paris suburb. The criminals, in a chilling move, had even severed one of the victim’s fingers. These violent acts are raising alarms and pushing security to the forefront of the crypto industry’s agenda. This comes at a time when crypto losses have spiked dramatically, as detailed in our report on the 5th-largest-ever hack, highlighting the vulnerabilities within the sector.
Industry Response and Future Implications
As these unnerving events unfold, the crypto world is grappling with the implications. French Interior Minister Bruno Retailleau has called for a summit with industry leaders to address these issues head-on and discuss potential solutions. The stakes are high, not just for personal safety, but also for the reputation and stability of the burgeoning crypto ecosystem.
The increased security concerns are likely to influence how crypto executives and investors operate. With personal safety on the line, many may reconsider public appearances and adopt a more discreet lifestyle. There’s also a broader conversation about the responsibilities of crypto firms to protect not only their clients but also their employees from such threats.
This series of kidnappings highlights the dark side of the crypto boom, where the allure of vast, quickly amassed wealth can attract dangerous attention. As the industry continues to expand, so too does the need for robust security measures and a concerted effort to safeguard those at its helm.
The road ahead is uncertain. Will these security enhancements be enough to deter future attacks? Only time will tell. What is clear, however, is that the crypto world must remain vigilant and proactive in the face of these growing threats, balancing innovation with the imperative of safety.
Source
This article is based on: Crypto execs beef up security following string of kidnappings: Report
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
