EddieJayonCrypto
2 Jun 25
Insurance companies are preparing to offer kidnap and ransom (K&R) insurance policies targeting crypto millionaires due to rising incidents of kidnapping and violence against cryptocurrency investors. At least three firms providing insurance and security services for crypto investors are considering...
Insurance companies are gearing up to offer kidnap and ransom (K&R) insurance policies specifically targeting crypto millionaires amid a surge in violent incidents and kidnappings linked to cryptocurrency investors.At least three firms specializing in insurance and security services for crypto investors are exploring these policies as recent events underscore the growing threat. This concern was a major topic at the Bitcoin Conference in Las Vegas, reflecting anxiety within the crypto community.Highlighted incidents include an attempted kidnapping in Paris targeting the family of Pierre Noiza, CEO of the French crypto exchange Paymium, a $4 million theft by teenagers in Las Vegas involving cryptocurrency and NFTs, and a harrowing three-week kidnapping and torture in New York City aimed at extracting access to a Bitcoin wallet.Rebecca Rubenfeld, COO of the crypto insurance firm AnchorWatch, noted that fear of violence was palpable at the Bitcoin Conference, indicating a ripe environment for K&R insurance products. AnchorWatch itself considers rolling out kidnapping and ransom protection in the near future.With these alarming developments, insurance companies see an opportunity to provide tailored solutions to the unique risks facing crypto investors, who often hold substantial digital assets that make them attractive targets.The introduction of K&R policies marks a significant evolution in the insurance landscape, responding to the intersection of digital wealth and physical security challenges inherent to the cryptocurrency market.