Why Crypto Leaders Shell Out Millions for Bodyguards and CEOs Need Elite Security Teams

The robbery of travel influencer Lan Zhanfei in South Africa sent shockwaves through the crypto community. As someone with 26.63 million Douyin followers, his kidnapping—allegedly orchestrated over six months by attackers who held him at knifepoint in a luxury hotel—highlighted a harsh reality: crypto wealth makes you a target. This incident mirrors a troubling global trend: violent incidents targeting cryptocurrency holders have escalated dramatically across Europe, the Middle East, Americas, and Africa.

The High Stakes of Digital Wealth

Unlike traditional asset holders, crypto investors face a unique vulnerability. Their wealth isn’t tied to banks with insurance protections or physical locations that law enforcement monitors. Cryptocurrency can be transferred instantly across the globe, making it the perfect prey for sophisticated criminal networks. When someone holds billions in digital assets—not stocks or real estate—they become prime targets for kidnapping, extortion, and violent robbery schemes.

This reality has fundamentally reshaped how major crypto figures approach personal security. The budgets allocated for protection rival what Fortune 500 CEOs spend, shocking even veteran security consultants.

The Coinbase CEO’s $6.2 Million Annual Security Bill

Coinbase CEO Brian Armstrong operates under what might be called obsessive-level security protocols. According to the company’s SEC proxy filing from April 2025, Coinbase allocated $6.2 million for Armstrong’s personal protection in 2024 alone. Since 2020, cumulative spending has exceeded $20 million—translating to nearly $20,000 per day in security costs.

Armstrong’s protection extends far beyond typical bodyguards. Every package delivered to his residence undergoes X-ray screening. Any suspicious items trigger immediate bomb disposal procedures. His team manages certified armed guards, secure residences, and controlled accommodation arrangements.

This level of preparedness faced an inadvertent test on July 12, 2025. While Armstrong wasn’t home, a security team X-rayed a delivery from The All-In Podcast team. The scan revealed batteries, wires, and cylindrical shapes—hallmark indicators of an improvised explosive device. Law enforcement and bomb squad personnel arrived immediately. Their verdict: a tequila gift box with decorative lighting components. Though a false alarm, it vindicated the $6.2 million annual investment—the security apparatus worked exactly as designed.

Strategy Executive Increases Budget Amid Threat Surge

Michael Saylor, executive chairman of Strategy (formerly MicroStrategy)—which holds over 580,000 BTC as the largest corporate bitcoin holder—saw his security budget jump from $1.4 million to $2 million in October 2025. This increase coincided with a documented surge in violent attacks targeting corporate executives during 2024-2025, including high-profile assaults on executives at major institutions.

Saylor’s threat profile transformed after his company’s aggressive bitcoin acquisition campaign beginning in 2020. With hundreds of thousands of bitcoin under corporate control, his personal risk escalated proportionally. When he appears at events, Saylor travels with private bodyguards, armed drivers, and private jets. Sightings at bitcoin venues in New York in May and September 2025 consistently showed him accompanied by security personnel.

Saylor additionally contends with persistent digital threats. His security team removes approximately 80 AI-generated deepfake videos daily—impostor content promoting fake “bitcoin doubling” schemes that direct users to malicious QR codes. Saylor publicly warned followers: “My team removes about 80 fake AI-generated YouTube videos every day… Don’t believe it, verify.” This dual threat—physical and digital—justifies maintaining a robust security infrastructure.

The Vitalik Buterin Paradox

Ethereum co-founder Vitalik Buterin represents the antithesis of Armstrong’s security model. Since acquiring Singapore permanent residency in 2023, he embraces radical minimalism: renting a Bukit Timah apartment for approximately 5,000-7,000 SGD monthly, commuting via subway, working from cafes, and hand-washing clothes to save $4 in laundry fees—all while possessing a net worth exceeding $1.1 billion.

Walking Singapore’s streets, Buterin blends seamlessly with ordinary residents, appearing without bodyguards or entourages. Yet when attending crypto conferences, event organizers typically arrange security teams as a precaution. At the December 2024 Devcon-related gatherings in Thailand, Bodyguard VIP Thailand provided customized protection. September 2024 photos from crypto conferences captured him with security personnel.

Remarkably, at the ETHCC conference in Brussels during July 2024, Buterin arrived alone by bus in rainfall, delivered his presentation in wet clothing, and departed on foot unaccompanied. His primary threat vector remains digital rather than physical: a 2023 SIM swap attack compromised his Twitter account, resulting in approximately $700,000 in losses for followers who fell victim to phishing NFT schemes he was impersonated into promoting.

Justin Sun’s Distinctive Approach

Justin Sun maintains a notably visible security presence befitting his high-profile approach to crypto industry affairs. During a June 2023 Hong Kong visit, bounty postings encouraged public aggression toward him. His accompanying security detail—particularly four bodyguards—generated substantial online discussion. One guard gained internet fame, later revealed to be a Nepalese Gurkha from one of the world’s most renowned mercenary organizations.

Sun’s security consciousness extends beyond physical protection into wealth privacy safeguarding. On August 11, 2025, he initiated legal action against Bloomberg for breaching confidentiality agreements by incorporating his cryptocurrency holdings into billionaire rankings. He argued this disclosure enabled “wallet clustering analysis” that increased risks of “theft, hacking, kidnapping, and personal harm.” Sun cited Bloomberg’s own research documenting 51 global cases in 2025 where crypto investors faced violent coercion into surrendering private keys.

Circle’s Stablecoin Leader and Security Investment

Jeremy Allaire, CEO of Circle—which manages the $78 billion market cap USDC stablecoin and operates a $20 billion publicly-traded enterprise—represents crypto financial infrastructure’s apex. According to Circle’s April 1, 2025 S-1 IPO filing, the company expended $800,000 on Allaire’s personal security during 2024. Considering multiple kidnapping incidents targeting crypto figures in France, Dubai, and Argentina that same year, this expenditure appears proportionate to actual threat levels.

The Less-Publicized Security Operations

Information regarding security arrangements for some major figures remains deliberately opaque. Details about one prominent exchange founder’s protection protocols emerged unexpectedly through 2024 US court documents. Among 160 support letters, one correspondent named Xin Wang identified himself as a longtime associate and personal bodyguard. Wang recalled meeting his protected client at McGill University, describing the young years as “bookish and bespectacled” before maturation into someone “pragmatically kind.”

This particular bodyguard operates in an unusual capacity—simultaneously serving as CEO of Bayview Acquisition Corp, advising financial institutions on mergers and acquisitions, holding law licenses across multiple jurisdictions, and serving as an independent board member since April 2024. Such diversified roles remain exceptionally rare within crypto security circles.

Ethereum Co-Founder Anthony’s Full-Time Protection Model

Early Ethereum contributor Anthony Di Iorio selected security infrastructure markedly different from Buterin’s minimalist approach. Potentially stemming from inherited wealth or recognizing his early-stage ETH holdings as high-value targets, Di Iorio has maintained 24/7 private bodyguard accompaniment since 2017—teams that follow him everywhere or maintain stationed presence.

Forbes valued his 2018 net worth at $750 million to $1 billion, positioning him among crypto’s top 20 wealth holders. That same year, he acquired Canada’s most expensive apartment for $22 million—a three-story penthouse partly purchased with cryptocurrency—generating considerable media attention. His security team’s budget reportedly expanded accordingly, with observers documenting him traveling within “small entourages including bodyguards” across 2017-2021.

The threat perception ultimately proved decisive: Di Iorio announced in 2021 his intention to exit cryptocurrency entirely, declaring “I don’t feel safe in this industry.” He liquidated holdings, sold his Decentral company, severed blockchain startup connections, and redirected efforts toward philanthropy—specifically to avoid remaining labeled as a “crypto person” and the associated personal security risks.

The Industry-Wide Pattern

These examples collectively illustrate a fundamental industry reality: cryptocurrency’s unique technical properties create unprecedented personal security demands. Asset self-custody prevents traditional financial insurance from functioning. Instant global transferability attracts organized criminal networks. The combination generates security budgets that persistently astound mainstream business observers. For crypto CEOs and major holders, eight-figure annual security investments increasingly represent not excessive paranoia but rational responses to documented, persistent, and escalating personal threats.