Insurance companies are seeing a lucrative opportunity: protecting wealthy crypto investors from kidnapping.
A Growing Market for Kidnap & Ransom Insurance
Several insurance and security firms are reportedly developing kidnap and ransom (K&R) insurance policies specifically for crypto investors. The rising number of violent crimes targeting those in the crypto space is driving this demand. One executive from a crypto insurance firm, AnchorWatch, noted the palpable anxiety among attendees at a recent Bitcoin conference in Las Vegas, describing the atmosphere as “a very good environment” for selling such insurance. AnchorWatch plans to offer K&R protection soon.
Recent High-Profile Incidents Fuel Demand
This push for specialized insurance follows several publicized incidents:
- Paris: The daughter and grandson of a French crypto exchange CEO were targeted in a kidnapping attempt.
- Las Vegas/Arizona: A man hosting a crypto event was robbed of millions in crypto and NFTs, then abandoned in the desert.
- New York City: A crypto investor was allegedly tortured and held for three weeks to force access to their Bitcoin wallet.
These incidents highlight the very real dangers faced by some in the crypto world, creating a market for specialized insurance solutions.
