Frequent abduction incidents: How do crypto millionaires protect their personal safety?
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Frequent abduction incidents: How do crypto millionaires protect their personal safety?
Security demands from the cryptocurrency industry have significantly increased.
Navigating Web3 tides with focused insightsBy: Joel Khalili, Wired reporter
Translation: Luffy, Foresight News
A well-dressed security guard speaking into a walkie-talkie
In the early hours of January 21, David Balland and his wife were forced at gunpoint by kidnappers into separate vehicles outside their home in the town of Meaux, in France’s upscale Loire Valley. Prosecutors said the attackers targeted Balland, one of the co-founders of cryptocurrency wallet company Ledger, aiming to extract a ransom.
The kidnappers delivered their demands to Éric Larchevêque, another Ledger co-founder, though law enforcement has not disclosed the specifics. To pressure the payment of the full ransom, they severed one of Balland’s fingers. French authorities deployed more than 200 police officers to investigate the abduction.
On January 22, police rescued Balland from a residence in the nearby town of Châteauroux. Later, they found his wife bound but unharmed in the back seat of a dilapidated van.
Paris prosecutor Laure Beccuau detailed these events during a press conference on January 23 and in subsequent reporting. Beccuau stated that authorities had arrested ten individuals suspected of involvement in the kidnapping. She said they face charges including “torture, acts of cruelty, and extortion,” which could carry a maximum penalty of life imprisonment if convicted.
Ledger declined to comment, citing the ongoing investigation and the need to protect Balland’s privacy. Pascal Gauthier, CEO of Ledger, posted on X (formerly Twitter): “Balland and his wife have been released, and we are profoundly relieved.”
This harrowing incident follows closely on the heels of another kidnapping for ransom involving a cryptocurrency executive in Canada, as well as the assassination of the United Healthcare CEO. These events have sent shockwaves through the crypto industry. Security industry insiders familiar with the matter told Wired that wealthy figures in the cryptocurrency sector are increasingly turning to bodyguard services to protect themselves, driving a surge in demand.
“Like any other human emotion, fear is a powerful motivator… These headlines have undoubtedly sparked widespread concern,” said Adam Healy, a former U.S. Marine and now CEO of Station 70, a cybersecurity firm focused on crypto, who frequently helps contacts in the industry secure protection. “Demand for security personnel has risen dramatically.”
Not every kidnapping or extortion attempt is reported, making it difficult to objectively assess the actual risks faced by wealthy individuals in the crypto space. These high-profile cases amplify fears of abduction—a situation that benefits private security firms, which have an incentive to exaggerate the threat.
In fact, due to the nature of cryptographic technology, those controlling large amounts of cryptocurrency are more vulnerable to violent coercion than traditional corporate executives: unlike fiat money, cryptocurrencies are stored in digital wallets protected solely by cryptographic keys. Transactions are irreversible; if criminals can force someone to reveal their key, they gain unrestricted access to all funds in the wallet.
“One of the foundational principles of cryptocurrency is self-custody: if you don’t hold your private key, the crypto doesn’t truly belong to you,” said a cryptocurrency executive who hired bodyguards for his own protection, speaking anonymously for personal safety. “It’s like hiding your money under the mattress.”
Over time, institutional players in crypto have implemented measures to reduce the risks of self-custody—such as storing assets in specialized wallets requiring multi-signature approvals for transactions, or splitting wallet keys into fragments stored in separate locations. Yet even with such elaborate precautions, these measures offer only limited protection against kidnapping or extortion attempts.
“Security today has many more layers than five or ten years ago,” said the cryptocurrency executive. “But ultimately… when a gun is pointed at your head, they can take everything you have.”
Healy said the long-debunked misconception that cryptocurrency transactions are anonymous and untraceable continues to exacerbate dangers faced by people in the crypto industry. “Criminals see millions in untraceable online funds. That narrative isn't entirely accurate, but that's how they perceive it. They think it's an easy target.”
Security experts say investors’ attitudes toward protection have evolved significantly over time, shaped by fluctuations in capital inflows, public attention, and growing awareness of the risks associated with flaunting crypto wealth.
John Moore, managing director of Westminster Security, a London-based private security firm, said that after Bitcoin prices surged in 2013, early investors sought bodyguards as a way to flaunt their newfound wealth. This generation of crypto millionaires would fly to London for luxury shopping sprees and request high-profile security details. “They thought it looked cool to be surrounded by bodyguards and riding in luxury cars,” Moore said. “It was a bit excessive.”
Today, crypto elites prefer to stay as low-key as possible, often opting for plainclothes guards and recognizing that “wealth attracts bad actors.” “Those ‘Bitcoin boys’ have matured,” Moore said. “Now they want discreet, inconspicuous protection.”
Few clients in the cryptocurrency sector require round-the-clock bodyguards; most typically hire protection only when attending public events or traveling abroad.
Insiders say the specifics of protecting crypto executives vary by case, but overall involve more logistical planning than armed defense. This includes coordinating with venues the client plans to visit, conducting advance site surveys, liaising with law enforcement, and providing close protection when clients must move through crowds.
“In their circles, these people are like rock stars,” said Darrell M. Blocker, who founded personal security firm DMB Consulting after a long career as a senior CIA operative. “Anyone following crypto knows who the big names are.”
The overarching goal of bodyguards is never to have to act—but rather to eliminate potential threats long before they materialize. Blocker said that in rare cases, if a client must travel to particularly dangerous regions, armed escorts and bulletproof vehicles may be arranged, and in extreme circumstances, payments might even be made to gangs or criminal groups controlling certain areas.
“We talk to the police, and we also talk to the people the police want to put behind bars. We must be able to communicate with both sides,” Blocker said. “Kidnapping is a business, and businessmen are willing to negotiate… there’s a code, even among thieves.”
Sometimes, due to the intense proximity between bodyguards and clients, their relationship becomes almost familial. In other cases, clients grow frustrated with tightly controlled operations and chafe at the loss of personal freedom. “Handing over control of your life to someone else is never easy,” Blocker said.
Yet after incidents like Balland’s kidnapping, figures in the crypto industry are increasingly recognizing that while having security is inconvenient, it is necessary. Healy estimates that for every reported kidnapping in the crypto world, there is an equal number that go unreported—and he claims to have learned privately of abductions that never became public. “This shows people are genuinely worried… they just hope these things won’t happen,” Healy said. “The danger is real.”
High-profile incidents highlight unique vulnerabilities tied to cryptocurrency, which could have unintended consequences by inspiring copycat crimes. “These cases do get sensationalized, but the risk is that others will imitate them,” said Ryan Martin, vice president of operations at Crisis24 Private Strategic Group, which provides bodyguards and other security services.
The cryptocurrency executive who spoke anonymously to Wired said that while investors have become more cautious about revealing their crypto wealth, and institutions have adopted smarter storage practices, the threat remains inevitable: “If you decide to self-custody (hold your own crypto), you must be prepared for the risks that come with it.”
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