When Willie Sutton, the infamous early 20th century criminal, was asked why he robbed banks, he said, “because that’s where the money is”. A hundred years later, as crypto becomes the currency of choice for organized criminals, the institutions that house it, and the individuals perceived to have access to it, are now under threat.
A spate of recent kidnapping attempts targeting individuals with links to the cryptocurrency industry has shocked the sector, both in the brazen nature of the attacks and the fact that they have occurred in territories – with the US and France leading the list – not traditionally considered kidnapping hotspots.
Three episodes in May 2025 alone underscore the growing danger:
01
The father of a prominent crypto entrepreneur was abducted in a suburban Paris location. The kidnappers demanded a EUR5m-7m ransom from the entrepreneur, and the victim's finger was cut off during captivity. Police successfully rescued the victim and arrested several suspects involved in the crime.
02
The daughter and grandson of Pierre Noizat, founder and CEO of the crypto exchange Paymium, faced a terrifying ordeal when masked men attempted to abduct them in broad daylight. The attackers tried to force them into a van, but the victims resisted, and the assailants fled the scene.
03
An Italian national was kidnapped upon his arrival in New York and held for several weeks in a Manhattan apartment, where he was allegedly tortured in an attempt to obtain his bitcoin password.
Targeting those at the heart of the cryptocurrency world comes as no surprise to those that study kidnapping for ransom and extortion. As Kate Colberg, Risk Advisory Lead within WTW’s Alert:24 practice notes, “the lack of regulation in many jurisdictions, as well as the relative pseudo-anonymity, of crypto currencies make them difficult for law enforcement to track and therefore an attractive form of payment for kidnappers.” In addition to avoiding the trappings of traditional banking systems, Colberg explains, “cryptocurrencies provide a rapid means of payment by completely circumventing the requirement for victim’s families to acquire cash.”
In response to these threats, many crypto executives are hiring personal security services and bodyguards to protect themselves and their families. Crisis 24 – one such firm active in this space is “increasingly helping technology companies, including crypto-related business, to manage “real world” risks” according to Toby Chinn, Associate Director – Response. This means providing travel security management, executive protection and, though insurance, responding to kidnaps and extortion. “Recent incidents have raised the profile of these real world risks to a sector that has traditionally perceived their greatest exposure in the cyber domain.”
In this context, ‘special risks’ coverage – often referred to as kidnap and ransom, or K&R insurance – should be considered an essential part of any firm’s security program. These policies will provide invaluable support as the victims, their families and their employers navigate toward the safe release of the abductees, including if necessary, the reimbursement of any ransom paid.
Phil Seel, Head of Special Risks for WTW in North America, emphasizes that with the crypto sector demonstrating an elevated risk, “we expect insurers paying closer attention to an organization’s physical security arrangements for employees deemed high risk.” For this reason, it is of utmost importance that clients can take full advantage of the pre-incident services available under coverages such as the WTW Corporate Protection program. “Following the purchase of an insurance policy, we recommend that policyholders consider an onboarding with the policy’s crisis response firm and explore suitable pre-loss training services. A training bursary (a percentage of the bound premium) offered by most special risks insurers has been designed to contribute to the costs of such training.”
These incidents serve as a wake-up call for the cryptocurrency community, emphasizing the need for heightened security and awareness. As the industry continues to grow, it is crucial for professionals to take proactive steps to protect themselves and their families from such threats. Insurance is a crucial part of preparedness strategy.
WTW hopes you found the general information provided in this article informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, WTW offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
With 15 years experience in the specialty re(insurance) industry, Pete has spent time as an underwriter, broker and risk manager. Pete now leads Willis Crisis Management in North America working to protect clients from terrorism, political violence, active assailant, social unrest, kidnap for ransom and extortion risks.
