Cryptocurrency brute-force robberies are rampant! Top executives at the three major exchanges are all on edge as "sky-high security costs" are revealed

The expansion of the cryptocurrency market has triggered a surge in physical violent crimes, with Europe and America frequently reporting kidnapping and extortion incidents targeting industry executives. As a result, companies are significantly increasing security budgets to protect top executives.

Crypto Tycoons Become New Targets of Violence

As the scale of the cryptocurrency market continues to grow, violent incidents targeting crypto billionaires and exchange executives are rapidly increasing. In recent months, there have been frequent reports in Europe and America of so-called "Wrench Attacks," where criminal groups use kidnapping, assault, and threats against family members to force victims to hand over private keys and crypto assets.

France has become one of the most serious recent cases. Local media report that, on average, a crypto-related violent robbery or kidnapping attempt occurs every five days. Ledger co-founder David Balland was kidnapped and extorted, and when the mother of well-known American host Savannah Guthrie, Nancy Guthrie, was kidnapped, the kidnappers even directly demanded ransom paid in Bitcoin ($BTC).

These incidents have caused many crypto industry leaders to reassess their personal risks. Previously, the market was more concerned with on-chain hackers and exchange vulnerabilities; now, physical violence has become a more direct threat. As information about crypto holdings becomes increasingly traceable, the public identities and lifestyles of crypto tycoons are also becoming targets for criminal groups.

Further Reading
Ledger co-founder rescued after kidnapping! French police arrest suspects and recover full crypto ransom
American host’s mother kidnapped! Kidnappers demand 85 Bitcoins ransom, police search yields no results

Coinbase CEO’s Annual Security Spending Exceeds $7.6 Million

According to documents filed by multiple publicly listed crypto companies with the SEC, exchanges and crypto firms are currently significantly increasing their executive security budgets, with Coinbase’s expenditure drawing the most market attention.

Image source: Protos Exchanges and crypto companies are currently significantly increasing their security budgets for top executives, with Coinbase’s spending attracting the most market attention.

The documents show that in 2025, Coinbase will spend about $7.63 million on personal security for CEO Brian Armstrong, averaging over $20k per day, an increase of more than 20% compared to 2024. These costs cover residential security, personal protection, and daily itinerary security.

In comparison, the security expenses for Coinbase President and COO Emilie Choi are about $43k, showing a stark contrast to Armstrong’s costs, reflecting that the market perceives higher risks for founders compared to other senior executives.

Gemini also provides high-level security protection for the Winklevoss twins. Public documents show that Gemini spends about $2.49 million annually on each of Cameron and Tyler Winklevoss.

Meanwhile, Strategy, which holds a large amount of Bitcoin, allocates about $272k annually for Michael Saylor’s security. Although this amount is much lower than Coinbase and Gemini, it indicates that major Bitcoin holders are increasingly integrating personal security into corporate governance and risk management.

Circle Strengthens Executive Residential and Travel Security

Stablecoin issuer Circle is also upgrading its high-level security measures across the board. According to publicly available documents, in 2025, Circle will spend about $4.09 million on personal travel and residential security upgrades for CEO Jeremy Allaire.

In addition to Allaire, Circle also provides residential security subsidies for several other top executives, including CFO Jeremy Fox-Green, COO Kash Razzaghi, President Heath Tarbert, and CTO Nikhil Chandhok, with amounts ranging from tens of thousands to $100k.

This shows that crypto companies are now beginning to treat real-world personal threats as long-term risks, no longer focusing solely on exchange hacking and on-chain attacks. Especially as stablecoins and payment infrastructure become more deeply integrated with the global financial system, the exposure and political sensitivity of top executives in related companies are also increasing.

Many large crypto firms have already started arranging personal bodyguards, residential surveillance, 24/7 security consultants, and emergency evacuation mechanisms. Some companies even restrict public schedules and social media disclosures of top executives to reduce the risk of being tracked and targeted.

Crypto Wealth and Political Influence Are Growing in Tandem

Another recent case that has attracted market attention is UK politician Nigel Farage receiving a £5 million fund from Tether shareholder Christopher Harborne.

Farage stated that this funding is related to his future personal security, and revealed that Harborne is concerned about his safety.

Farage has been actively supporting cryptocurrency policies in recent years and maintains close ties with the crypto industry. This incident reflects that cryptocurrencies are no longer just financial and technological issues but are increasingly intertwined with politics, security, and social risks.

On the other hand, some crypto companies have not disclosed executive security expenses in SEC filings, including Galaxy Digital, Riot, Hut 8, and Bullish. However, it is widely believed that this does not mean there are no related expenditures, but rather that it involves strategic disclosure and security considerations.

As the crypto market’s capital continues to grow and on-chain assets become easier targets for criminal groups, the lifestyles of crypto billionaires are also undergoing significant changes. In the past, the crypto industry emphasized freedom, anonymity, and decentralization; now, many token holders are investing heavily in security measures.