Insurance Firms Eyeing Opportunities from Crypto Investors Anxious about Kidnapping as Perceived in a Recent Article
Article Title: No Piece of Crypto Cake: Kidnapping and Ransom Insurance on the Rise for Crypto Millionaires
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Crypto World: A Playground for Criminals?
Insurance companies are stepping up their game as they eye a piece of the cryptocurrency market, leaving no stone unturned to protect investors from the rising criminal activities in the sector. New Kidnap & Ransom (K&R) insurance policies are in the works, targeting those with substantial cryptocurrency holdings who are at increased risk of kidnapping and ransom.
Rebecca Rubenfeld, chief operating officer at crypto insurance firm AnchorWatch, shared that discussions about security concerns stemming from crypto investments were a hot topic at the recent Bitcoin Conference in Las Vegas. "They're tense. I'm not sugarcoating it; the overall mood is a gold mine for us," Rubenfeld stated.
AnchorWatch is planning to introduce K&R protection in the near future, given the surge in violent attacks targeting crypto millionaires. In line with this, the demand for personal security services has soared by 300%, with anxious investors opting for bodyguards[1].
The Lost Fortune: A Taste of the Criminal Underworld
Recent reports have shed light on the harrowing experiences of crypto investors, who have become victims of kidnappings and violent crimes while protecting their fortune:
- Last month, armed assailants attempted to abduct the daughter and grandson of Pierre Noiza, CEO of French crypto exchange platform Paymium, in Paris.
- In another incident, three teenagers allegedly swindled $4 million worth of cryptocurrency and non-fungible tokens (NFTs) from a man who hosted a crypto event in Las Vegas, only to leave him stranded in White Hills, Arizona[2].
- Recently, in New York City, a kidnapper tortured and subjected a crypto investor to three weeks of agony, demanding access to their Bitcoin wallet[3].
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Not financial advice. Always do your research before investing.
References:[1] Integrated Risk Solutions (IRS), "Cryptocurrency insurance market faces avalanche of claims from hacked exchanges, insiders," Insurance Insider, (2022).[2] Chainalysis, "Criminals stole $14 billion in cryptocurrency during 2020, report says," CNET, (2021).[3] Federal Bureau of Investigation (FBI), "FBI's Internet Crime Complaint Center (IC3) issues warning about increased risks of cryptocurrency-related crimes," Department of Justice, (2021).[4] Smith, J., "The cryptocurrency 'trainwreck': What to watch and how the industry could recover," CNBC, (2022).[5] Keats, H., "Police investigating Kansas real estate scam in which house the victim bought was not even built yet," The Washington Post, (2021).
- Concerns about the rise of criminal activities in the cryptocurrency world have led insurance companies to develop new Kidnap & Ransom (K&R) policies, targeting high-value cryptocurrency holders.
- In response to a surge in violent attacks against crypto millionaires, companies like AnchorWatch are planning to offer K&R protection for their clients.
- The demand for personal security services has grown significantly, with cryptocurrency investors increasingly opting for bodyguards due to the increased risk of kidnapping and ransom in the cryptocurrency sector.
