The world of crypto currency is getting more dangerous for people known to have large amounts of digital money. Major companies are taking action, spending millions to protect their leaders from these threats.
As more individuals get interested in cryptocurrencies and fraudsters begin targeting rich cryptocurrency owners, Coinbase, Circle, and Robinhood are spending millions of dollars to protect their top executives.Many cryptocurrency owners are now more concerned about personal protection as a result of recent kidnappings in France .
Coinbase reportedly spent over $6 million on security for its co-founder and CEO, Brian Armstrong, in 2024.Circle spent $800,000 to hire Jeremy Allaire as its CEO, while Robinhood spent $1.6 million to hire Vlad Tenev, its co-founder and CEO. The recent kidnappings in France that have affected some wealthy cryptocurrency leaders, including David Balland, co-founder of Ledger, and the daughter of the CEO of Paymium, have even alarmed regular cryptocurrency investors.
The demand for security services may potentially rise as a result of a recent data leak that revealed the names, addresses, ID scans, transactions, and balances of 1% of Coinbase’s clients.
The world’s cryptocurrency community has been shaken by these instances, which have sparked alarms and urgent conversations on the necessity of proactive personal security measures for both institutional and retail investors. These issues extend beyond only physical security. An equally important battleground in the fight for crypto security is cybersecurity. A number of well-publicized breaches over the past year have revealed significant weaknesses in centralised systems.
In July 2024, Indian crypto exchange WazirX fell victim to one of the most devastating hacks in its history. By taking advantage of weaknesses in the exchange’s infrastructure, hackers stole an estimated $235 million, or roughly half of the platform’s overall assets at the time. Users were in a state of widespread fear as the attackers mainly targeted Shiba Inu (SHIB) and Ethereum (ETH) currencies. A lot of people tried to take their money out, which caused delays in transactions and increased concerns about the platform’s stability.
Users of WazirX are still in the dark ten months later, with the exchange providing few or no formal updates or a remedy. As consumers continue to seek answers and recompense for their losses, the community’s mistrust and dissatisfaction have only grown as a result of the silence.
The crypto world was shocked by what is now regarded as the biggest crypto heist in history just as things were starting to calm down after WazirX’s breach. A significant cyberattack on the Dubai-based exchange Bybit on February 21, 2025, cost the company $1.5 billion in Ethereum. In a tweet on X (previously Twitter), renowned blockchain expert ZachXBT initially revealed the attack, which was linked to North Korean hacker gangs.
The unexpected loss has sparked discussions about how urgently advanced cybersecurity infrastructure is needed. To stay up with the constantly changing threat landscape, experts are now urging improved monitoring methods, thorough code audits, and quicker incident response systems.
A hybrid approach of centralised and decentralised security procedures is also becoming more and more popular since it might provide greater defence against both internal and external threats. It is more important than ever to address both physical and cyber risks as the cryptocurrency sector strives for widespread adoption.
From billion-dollar exchange boardrooms to regular investors with money in hot wallets, the message is unmistakable security is now necessary, not optional. Additionally, the crypto titans may eventually make multi-million dollar security budgets a need rather than an extravagance.
