Fear for their personal safety among cryptocurrency executives is increasing, especially now that Bitcoin prices have hit record highs. Jethro Pijlman, a consultant with Infinite Risks International in Amsterdam, is experiencing an influx of security-related queries. His team is arguably addressing one of the most sought-after reactions of high-net-worth individuals from the crypto space. The move is part of the booming awareness towards vulnerabilities of holding large amounts of crypto.
Recent incidents have heightened these concerns. A data breach at Coinbase exposed customers’ personal information, raising alarms about security in the rapidly evolving cryptocurrency market. This latest breach has caused executives and investors to reconsider personal security in an entirely new light. Now, they are learning the hard way, their extraordinary wealth can make them a target.
The Wall Street Journal and Bloomberg News have recently focused on growing security concerns. The most disturbing incident was the attempted kidnapping of French cryptocurrency company Paymium’s CEO daughter and granddaughter by three masked men. Fortunately, concerned neighbors stepped in to help and paused what could have turned into an awful failure. Farther south in Del Rio, Texas, we see in these events how the spiking value of Bitcoin increases the promise of wealth. Yet, ironically, it increases the threat of violent kidnapping.
According to Pijlman, this change in mindset about security is profound. He stated that his firm is experiencing “more inquiries, more long-term clients, and more proactive requests from crypto investors who don’t want to be caught off guard.” This new demand for security solutions is an alarming trend, suggesting that cryptocurrency executives are more worried than ever about their personal safety.
The increasingly unique risks of cryptocurrencies have only added to how security has always been a struggle. Digital assets grow ever more ubiquitous and valuable. As this trend continues, the potential for genuine criminal enterprise aimed at the very rich will only grow. Cryptocurrency investors are increasingly discovering that in a world where any means of wealth accumulation can increase risk, greater wealth poses greater risk.
