Insurance companies are reportedly looking to capitalize on the rising incidents of kidnapping and physical violence targeting crypto millionaires.
NBC News reports that at least three companies that provide insurance and security services for cryptocurrency investors and firms are preparing to offer kidnap and ransom (K&R) insurance policies for those with security concerns stemming from their crypto holdings.
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According to Rebecca Rubenfeld, chief operating officer at the crypto insurance firm AnchorWatch, the fear of violence was a big topic at the annual Bitcoin Conference that was held in Las Vegas last week.
“They’re tense. I’m not saying that because I’m trying to sell insurance, but overall, the mood is a very good environment for me.”
AnchorWatch is considering offering kidnapping and ransom protection in the coming months.
The news comes after a string of reports emerged about the kidnapping of crypto investors. Last month, armed assailants reportedly tried to abduct the daughter and grandson of Pierre Noiza, the CEO of the French crypto exchange platform Paymium, in Paris.
In another incident, three teenagers allegedly stole $4 million worth of cryptocurrency and non-fungible tokens (NFTs) from a man who hosted a crypto-related event in Las Vegas and left him stranded at White Hills, Arizona.
And last week in New York City, a kidnapper allegedly tortured and threatened a crypto investor for three weeks to gain access to his Bitcoin (BTC) wallet.
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