Crypto Bigwigs Arm Themselves With Ex-Special Forces as Kidnap Risks Soar

When your net worth swings 40% before lunch, it’s not just your portfolio that needs protection. Crypto execs—from exchange founders to DeFi whales—are now hiring private security details at rates that’d make a Fortune 500 CEO blush.

Bulletproof SUVs? Check. Ex-military bodyguards packing heat? Double-check. The industry’s ’unbank yourself’ mantra takes on new meaning when you’re literally worth kidnapping.

Irony alert: These are the same folks who mocked TradFi for its ’archaic’ security measures. Now they’re learning why banks have those pesky vaults and armed transports—turns out cold storage works better for coins than for human bodies.

France Rolls Out Emergency Measures to Protect Crypto Entrepreneurs

French authorities have responded by rolling out a set of emergency measures aimed at shielding the country’s crypto entrepreneurs.

These include offering security briefings, direct access to emergency police support, and public safety recommendations — such as avoiding displays of wealth or clothing tied to crypto brands that might draw unwanted attention.

The threat became more tangible earlier this year when David Balland, co-founder of the hardware wallet Maker Ledger, was kidnapped in January and held for ransom.

He was freed days later in a police operation. It was one of several cases that have exposed the growing risks for those operating in the digital asset space.

In May 2024, the father of a crypto entrepreneur was rescued from captivity after French police stormed a suburban Paris location.

The suspects had severed one of the victim’s fingers, echoing earlier high-profile attacks involving physical mutilation and digital wallets.

Just days ago, Pierre Noizat, founder and CEO of French crypto exchange Paymium, saw his own family targeted.

A group of masked men attempted to abduct Noizat’s daughter and grandson in broad daylight. The assault was foiled when the victims and a bystander managed to fight off the attackers.

En plein Paris, un homme a été violenté par des individus cagoulés, habillés tout en noir. Ils tentaient de l’enlever. Un homme a surgi, extincteur à la main, pour les faire fuir. →https://t.co/P0qV6PR40v pic.twitter.com/9f4r2Gi7ho

More recently, three teenagers were accused of kidnapping a man at gunpoint after he returned from hosting a crypto-related event in downtown Las Vegas.

After returning to his apartment, the victim was ambushed at gunpoint by three teenagers from Florida.

The assailants forced him into their vehicle, covered his head with a towel, and warned him not to look at them. They drove him over 70 miles to a remote desert near WHITE Hills, Arizona.

These incidents have intensified calls for better protection for those tied to the crypto world, particularly as rising asset values make high-profile figures more attractive targets.

France Interior Minister Bruno Retailleau has since convened discussions with crypto executives, signaling that the government is treating the threats with growing urgency.

Security Expert Documents Several Kidnappings of Crypto Figures

Crypto security expert Jameson Lopp has documented dozens of such attacks against crypto figures since 2014.

His GitHub list shows over 20 in-person incidents this year, with 28 in 2024 and 17 in 2023.

These cases show that crypto theft is no longer limited to hacks and online scams; personal safety is now a significant concern for those in the industry.