Insurance Companies Explore Kidnap and Ransom Policies for Crypto Investors

Insurance companies are now looking to offer kidnap and ransom policies aimed at crypto investors due to a rise in related violent incidents. Notably, the fear of violence was highlighted at the recent Bitcoin Conference, signaling growing security concerns among crypto holders. Several alarming kidnapping cases in recent weeks have added urgency to this matter, prompting firms like AnchorWatch to explore these protective options.

Insurance companies are reportedly gearing up to take advantage of a troubling trend: the rising number of kidnappings targeting cryptocurrency investors. According to a recent NBC News report, at least three firms don’t just offer insurance but are also preparing specific policies to cover kidnapping and ransom (K&R) situations, all of which ties back to increasing concerns among crypto holders.

Rebecca Rubenfeld, COO of AnchorWatch, a firm focused on crypto insurance, shared that the fear over personal safety was a hot topic at the recent Bitcoin Conference held in Las Vegas. She noted that attendees were clearly on edge, and while she has her own business interests, she conveyed that the atmosphere remains quite tense, which is favorable to their offerings.

The need for such insurance comes on the heels of multiple alarming incidents involving kidnapping attempts aimed at crypto investors. For instance, there was a disturbing report last month detailing how armed kidnappers tried to abduct the daughter and grandson of Pierre Noiza, the CEO of the French crypto exchange Paymium, right in Paris.

In another shocking case, a group of three teens is alleged to have robbed a man at a crypto event in Las Vegas, making off with a staggering $4 million worth of cryptocurrency and NFTs while leaving him stranded in Arizona.

Additionally, even more chilling, a New York City crypto investor reportedly endured three weeks of torture and threats from his kidnapper, all in attempts to gain access to his Bitcoin wallet. These incidents raise serious questions about the safety of investing in cryptocurrencies and have clearly rattled many in the space, pushing companies like AnchorWatch to consider new protective measures.

As this trend develops, it’ll be interesting to see if these K&R insurance policies prove to be a effective solution to the rising concerns over personal safety in the crypto realm.