Increasing numbers of crypto investors and execs are employing personal security as physical attacks aimed at gaining access to their or their firm’s tokens show no signs of stopping.
Indeed, the numbers of so-called “wrench attacks” have jumped in recent months, particularly in France where reports claim that there’s been one violent crypto-related robbery attempt every five days on average this year.
Prominent individuals, including Ledger’s David Balland, have been kidnapped and extorted, while in cases like the kidnapping of Nancy Guthrie, the mother of Today host Savannah Guthrie, the kidnappers appeared to request a ransom in bitcoin.
Luckily, for many at-risk execs, the firms they lead have been willing to step into the breach and swallow some of the costs incurred by keeping them safe.
Protos reviewed SEC filings to build a picture of just how much some of these companies are spending.
Coinbase spends big on Armstrong and small on Choi
Coinbase’s Schedule 14A, filed with the SEC, notes that Brian Armstrong, Coinbase’s CEO and chairman of the board, receives security paid for by Coinbase as part of his compensation.
Specifically, the form claims that in 2025, Coinbase paid $7,634,834 “in costs related to personal security measures for Mr. Armstrong.”
This is approximately $20,900 per day and a more-than-20% increase on the $6.2 million that the exchange paid to keep Armstrong safe in 2024.
Coinbase spends $17k per day to protect Brian Armstrong from tequila
Additionally, Emilie Choi, the company’s president and COO, also receives personal security.
However, this part of her compensation totals just $43,567, approximately 0.6% or a little over two days worth of Armstrong’s costs.
In 2024, approximately $78,000 was spent on Choi’s security.
Gemini defends its eponymous twins
Gemini currently pays for security for the Winklevoss twins.
Its Schedule 14A details how it pays a “$2,490,844 cost per individual for the provision of personal security services” for Cameron Winklevoss, the firm’s president, and Tyler Winklevoss, its CEO.
Each of their security costs is approximately 33% as much as Armstrong’s.
Strategy protects Saylor, but not the C-suite
Strategy’s Schedule 14A reveals that it pays for security services as part of its executive compensation.
For Michael Saylor, the chairman of the board and executive chairman, it pays $272,113 per year.
This is approximately 3.6% as much as Armstrong’s security costs, or approximately 13 days worth.
Strategy’s disclosure doesn’t seem to include security for any of its apparently far more expendable C-suite.
France crypto conference doubles security as wrench attacks rise
Circle spends a lot for Allaire and some for other executives
Circle, the firm behind stablecoin USDC, reveals in its Schedule 14A that it does pay for security.
Specifically, it reveals that it forked out $4,096,862 “for personal travel and home security enhancement” for its Chairman and CEO, Jeremy Allaire.
Outside of Allaire, it also has paid for “home security enhancements” for other executives.
Specifically, it paid:
- $106,100 for CFO Jeremy Fox-Geen
- $48,770 for COO Kash Razzaghi
- $91,372 for President Heath Tarbert
- $108,414 for Chief Product and Technology Officer Nikhil Chandhok
Crypto firms that don’t mention security for execs
Bullish’s Form 20-F doesn’t include any pay for security.
Meanwhile, none of Galaxy Digital, crypto mining firm Riot, or Trump-affiliated Hut 8 mention security in their Schedule 14A.
Nigel Farage and Christopher Harborne
Recently, British politician Nigel Farage of the Reform Party received a £5 million ($6.7 million) “gift” from Christopher Harborne, a Tether shareholder.
Farage has claimed that this gift was “a reward for campaigning for Brexit for 27 years.”
However, before he made that claim, he also explained that he was given the money so that he “would be safe and secure for the rest” of his life and further claimed that Harborne “is deeply concerned for his safety.”
Farage has become a vocal supporter of cryptocurrency, something critics have attributed to his “friendship” with Harborne.