Crypto execs ramp up security as wrench attacks increase
Notable crypto execs descended on Paris Blockchain Week, bringing more attention to personal security as kidnapping and ransom attempts skyrocket.
The frequency of kidnap and ransom attempts on prominent cryptocurrency executives has skyrocketed in recent years.
Referred to, perhaps crudely, in the crypto community as a “$5 wrench attack,” these attempts to extract millions from crypto bigwigs have spurred politicians to mitigate risk.
Policymakers in France are currently working on safeguards, including a prevention platform announced at Paris Blockchain Week yesterday. In the private sector, insurance companies are offering bespoke coverage to crypto execs, which includes awareness and prevention training.
