Crypto valuations reach astronomical levels. Investors rush in to hold cryptos, dreaming to being ‘their own bank.’ They in fact hold tokens which could be transferred instantly and anonymously outside the traditional financial system. It is not being realized what risks are posed to the status of being your own bank’s security guard in a cashless world.
First of all, there are hacks of crypto exchanges. And then there are kidnappings of crypto executives. In 2025, 23 such attacks have been recorded. There is physical mutilation (say severed fingers). Many such instances happen in France. Bank heists have become old-fashioned. It is a rare thing to hold enormous cash in safes. In outside world too, there is large-scale digital transfer. It was believed that a cashless world would become safer. Instead, there are physical attacks on crypto holders and their families. It is a face-to-face extortion in such attacks. A slip-up on social media can, reveal your identity and whereabouts.
The police track down such criminals in cyber space. There is a debate between balancing security and liberty. Some opt mor more anonymity. And being armed to fight the menace. However, the use of weapons does require considerable training. What about the unarmed family members who are vulnerable?
There is a demand for private security firms and rethink of security. Crypto world is going through the same things banks used to in past.
Security too comes at a cost . Is it worthwhile to own cryptos? People may get rid of them or the sake peace of mind. Regulators may make decide to make crypto centralized. Italy had to freeze the assets of vulnerable people to dissuade extortion. It is an anathema to crypto owners.
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