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The cryptocurrency industry has witnessed a disturbing trend of high-profile kidnappings targeting its leaders. Last month, the co-founder of Ledger, a leading crypto wallet provider, was kidnapped along with his spouse.1 The kidnappers demanded a ransom in cryptocurrency, which was later frozen and seized after their rescue. This incident follows another alarming case at the end of last year, where the CEO of WonderFi, a Canadian crypto exchange, was kidnapped and held for a $1 million ransom before being safely released.2
These incidents highlight a growing concern within the industry: criminals are increasingly targeting executives of crypto firms, presuming they have quick access to large amounts of cryptocurrency. This risk becomes even more pronounced when market prices are high, making it imperative for companies to take proactive measures to protect their leaders and employees.
In a more volatile and complex world, serious attention to kidnap for ransom, extortion and threats is required. In addition to there being an uptick in kidnap for ransom cases worldwide, threat cases have been on the rise in the U.S. over the past several years. Every corporation with global operations should consider protecting themselves and their employees by purchasing a kidnap, ransom, and extortion (K&R) policy. The cost of coverage is small compared to the self-insured risk and inability to provide support when required.
The immediate and unlimited access to a vetted crisis response firm is almost more important than the coverage included in a K&R policy. The crisis management consultant’s role is that of an advisor; to provide information, advice, help, and guidance at every stage of an incident. Their primary aim is the safe and timely release of the victim with minimum disruption to other people’s lives and your company’s operations.
Pre-incident prevention training is also vital. Therefore, we negotiate a percentage of the premium that can be reimbursed for pre-incident prevention training with the vetted crisis management firm, which could include threat assessment of executives and other employees, incident management plans, and incident workshops. If you have any questions about your coverage or are interested in obtaining coverage, please contact your Aon broker.
1 - Kidnapped co-founder of French crypto firm Ledger had his hand mutilated | Reuters
2 - Crypto firm WonderFi's CEO kidnapped then released after paying $1 million ransom: report | The Block
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