Crypto executives are being hunted. A surge in violent kidnappings, including the brutal abduction of Ledger co-founder David Balland, has forced industry leaders to rethink their security. The recent abduction of Ledger co-founder David Balland in France is the latest in a string of attacks that have heightened concerns over the safety of individuals handling large sums of digital assets.
On January 21, Balland and his wife were kidnapped at gunpoint outside their home in Méreau. The assailants demanded a ransom from Éric Larchevêque, another Ledger co-founder, and severed one of Balland’s fingers to exert pressure.
David Balland Speaking at an event. Source: AML Intelligence
French law enforcement deployed over 200 officers to locate the couple, eventually rescuing Balland the next day in Châteauroux. His wife was found tied up in a van but was otherwise unharmed. Authorities arrested ten suspects linked to the case, and the accused face potential life sentences if convicted. The harrowing episode has sent shockwaves through the crypto industry, spurring high-profile figures to bolster their personal security.
Increased Demand for Private Security Services
The high-profile nature of crypto executives, combined with the irreversible nature of digital currency transactions, has made them prime targets for extortion. Industry insiders report a surge in demand for personal security services, particularly among executives managing significant assets. Adam Healy, CEO of cybersecurity firm Station 70 and a former US Marine, notes that requests for security services have escalated in response to media coverage of such incidents.
Security firms now cater specifically to crypto executives, offering discreet protection measures. Unlike earlier years, when wealthier crypto investors sought bodyguards as a status symbol, the focus has shifted toward covert security. “The Bitcoin Boys have grown up,” says John Moore, managing director at Westminster Security. “They now opt for low-key, covert protection to avoid attracting attention.”
Private security firms provide tailored strategies, including intelligence gathering, secure transportation, and coordination with law enforcement. For those traveling to high-risk areas, additional precautions such as armored vehicles and armed escorts are often employed. Some executives even resort to paying local criminal groups to ensure safe passage through volatile regions.
Unique Security Risks of Crypto Wealth
Unlike traditional banking assets, cryptocurrency holdings are secured by private keys, which, if compromised, provide unfettered access to digital funds. The concept of “self-custody”—a cornerstone of the crypto ethos—has increased personal risk for high-net-worth individuals in the industry. “Gun to your head, the [kidnapper] has all your money,” one anonymous crypto executive explained.
While some firms implement multi-signature wallets requiring multiple approvals for transactions, criminals continue to target individuals with direct access to private keys. Kidnappers, lured by the misconception that crypto transactions are anonymous and untraceable, view crypto investors as lucrative targets. “Bad actors see this as untraceable internet money in the millions,” Healy said. “That’s not entirely true, but it’s all they see.”
To mitigate risks, many crypto figures now adopt security protocols similar to those used by high-ranking executives in traditional finance. Physical security layers are complemented by operational security measures, such as minimizing online exposure and refraining from publicizing wealth. Security experts also advise executives to distribute wallet keys across multiple locations to prevent single-point vulnerabilities.
Growing Concerns Over Copycat Crimes
The rise in crypto-related kidnappings has fueled concerns over potential copycat incidents. Ryan Martin, VP of operations at Crisis24 Private Strategic Group, warns that heightened media attention on high-profile abductions may inspire additional attacks. “These cases become sensationalized, but the risk is that they encourage more attempts,” he said.
While crypto firms have made strides in securing digital assets, the physical risks faced by executives remain a formidable challenge. As crypto adoption grows, so will the risks. Without stronger security protocols, industry leaders could remain prime targets for high-stakes extortion. “People just want it to go away,” Healy said, alluding to the growing fear within the industry.
