We hear more and more from cryptocurrency executives about their fear for personal safety as the price of Bitcoin keeps setting new records. Recent reports from The Wall Street Journal and Bloomberg highlight a surge in security concerns among wealthy investors in the cryptocurrency sector. Per Jethro Pijlman, consultant with Infinite Risks International in Amsterdam, these few examples provide a wealth of full spectrum learning observations. His team has experienced a 300% increase in inquiries and unsolicited requests from clients looking to improve their own security.
The sudden new wealth from cryptocurrency holdings made them the target of dangerous attention, including fear of violent kidnapping. A shocking case that recently came to media attention underscored these dangers. In a related story, three masked assailants apparently tried to kidnap the daughter and granddaughter of the CEO of French crypto firm Paymium. Fortunately, the family’s neighbors stepped in, stopping the abduction.
This frightening development follows a major breach on Coinbase just last week. The breach leaked customers’ sensitive information and raised alarm over security among the crypto community. Pijlman remarked on the shift in attitude among crypto investors, stating, “We’re seeing more inquiries, more long-term clients, and more proactive requests from crypto investors who don’t want to be caught off guard.”
Cryptocurrencies, with their digital-only existence and the unique forms of anonymity they can provide, have always brought new security risks to the table. As Bitcoin’s value has skyrocketed, so too have the risks for miners operating in this profitable industry. The Bitcoin coins picture pays tribute to this financial revolution. It’s spread far and wide, as for instance in this TechCrunch piece which only referenced the photo’s source as alexsl/Getty Images.
Personal safety is in the spotlight these days. This focus – development of a comprehensive regulatory framework – is sorely needed as the cryptocurrency market has come under severe criticism given its extreme volatility and increasing risks. As more people gain wealth from cryptocurrencies their invite target attacks become much higher. This massive increase in threats is forcing executives to reassess and bolster their security strategies.