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wired.comAfter a Violent Kidnapping, Crypto Elites Hire BodyguardsA spate of abductions has sent crypto executives and wealthy investors in search of ways to protect themselves.

On January 21, David Balland and his wife were forced at gunpoint into separate vehicles outside their home in Méreau. The kidnappers had targeted Balland, who cofounded cryptocurrency wallet company Ledger, with the goal of winning a ransom, a prosecutor has claimed.

The grisly kidnapping—which came shortly after a crypto executive was held for ransom in Canada and the assassination of the United Healthcare CEO—has spooked the crypto industry. 🔗 www.wired.com/story/after-...

wired.comAfter a Violent Kidnapping, Crypto Elites Hire BodyguardsA spate of abductions has sent crypto executives and wealthy investors in search of ways to protect themselves.

To protect themselves, wealthy crypto figures are turning to bodyguard services, which have experienced an influx of requests, sources with knowledge of the physical security sector tell WIRED.

wired.comAfter a Violent Kidnapping, Crypto Elites Hire BodyguardsA spate of abductions has sent crypto executives and wealthy investors in search of ways to protect themselves.

Because not every case of kidnap or extortion is reported, it is difficult to objectively assess the actual risk to wealthy figures in crypto. In making the fear of kidnap more acute, the headlines benefit the private security businesses, themselves incentivized to overstate the threat.

25/2/25, 1:41 pm3 reposts31 likes

However, it is the case that people who control large amounts of crypto are more exposed to violent extortion than the typical executive by the nature of the technology: Unlike regular currency, crypto is stored in digital wallets protected only by alphanumeric keys. 🔗 www.wired.com/story/after-...

Because crypto transactions are irreversible, if a bad actor can coerce someone into handing over their key, they gain unfettered access to the coins in their wallet. 🔗 www.wired.com/story/after-...

Over time, crypto organizations have taken steps to dilute the risk associated with self-custody, including by storing coins in special wallets that require the signature of multiple people for any transactions to take place. 🔗 www.wired.com/story/after-...