Crypto Execs Boost Security Amid Surge in Kidnapping Cases

As the cryptocurrency industry grows in influence and value, its top executives become increasingly vulnerable targets for criminal activity. 

Overview

A new report from Bloomberg revealed that Amsterdam-based private security firm Infinite Risks International is experiencing a rise in inquiries for bodyguard services, with more clients committing to long-term private security arrangements. This trend highlights the evolving threats high-profile individuals face in the digital asset space and the need for enhanced protections in a sector built on anonymity and decentralisation.

A Surge in Crypto-Related Kidnappings

In recent years, the rise in crypto adoption has also given way to a surge in crimes targeting individuals perceived to hold large amounts of digital assets. Unlike traditional financial crimes that require bank access or physical assets, criminals now focus on obtaining access to private crypto wallets, often through coercion. According to a recent investigative report by Bloomberg, at least a dozen cases involving the kidnapping or attempted kidnapping of crypto executives have been recorded in the past two years. 

One notable incident involved a British national who was abducted in Spain and held for ransom in Bitcoin (BTC). In another case, a tech entrepreneur in Argentina was kidnapped and forced to transfer crypto worth hundreds of thousands of dollars to his captors. These incidents often go underreported, as victims and companies may choose not to publicise the events to avoid panic or reputational damage. However, the pattern is becoming hard to ignore, prompting an urgent response from those most at risk.

Crypto Leaders Respond with Tightened Security

High-ranking executives at major blockchain firms treat personal security as seriously as cybersecurity. Some have hired private security teams, installed panic rooms, and taken self-defence training in their homes. Others are taking less visible but equally significant measures, including restricting public appearances, using pseudonyms, and masking online activity. 

In jurisdictions where crypto-related crimes have spiked, such as parts of Latin America, Eastern Europe, and Southeast Asia, executives also invest in location privacy technologies and encrypted communication tools to protect themselves and their families. One unnamed executive told Bloomberg that he no longer posts on social media in real time and varies his commute daily to avoid becoming a predictable target. Companies are also stepping in. Blockchain and fintech firms are beginning to offer executive protection services as part of compensation packages and are conducting employee training on responding to kidnapping and ransom scenarios.

An Industry Grappling with Security Challenges

The rise in these criminal threats has underscored a broader issue within the crypto industry: the lack of robust physical security protocols. While blockchain technology is designed to be secure and decentralised, human vulnerabilities remain a significant weak point. Experts argue that as the industry matures, there needs to be a concerted effort to create physical security frameworks tailored to the unique risks faced by crypto professionals. 

This includes collaboration with law enforcement, implementing anti-kidnapping insurance policies, and setting standards for personal data protection. Furthermore, crypto firms must work proactively to build internal cultures of security. This includes restricting access to sensitive information, conducting regular threat assessments, and educating staff on the risks of oversharing online.

As digital assets continue to play a larger role in global finance, the risks to those at the heart of the industry will likely persist. The recent wave of kidnappings has served as a stark reminder that the dangers in crypto extend beyond the digital world—and that robust, real-world defences are now a necessity.