Norway’s TV2 made headlines on December 4, when it disclosed the personal information of some of the country’s largest cryptocurrency investors. The data, which includes income and total wealth details, was gleaned from Norway’s publicly accessible tax return system. The revelations have sparked debate about privacy concerns and the potential risk to these high-profile individuals.
The list is topped by Terje Øvrehus, Kristoffer Daniel Norambuena, and Alexander Leonard Larsen. They control assets worth $32.7 million, $28.8 million, and $28 million respectively. Øvrehus has attracted attention for his Bitcoin investments, while Norambuena remains a mystery to TV2. Larsen is the co-founder of Axie Infinity, a contentious crypto gaming company. Interestingly, their declared incomes are significantly lower. Øvrehus reported earnings of $57,000, Norambuena showed no income, and Larsen declared a $1.3 million income.
Norway’s tax return system, which is publicly accessible, discloses an individual’s full name and date of birth. This level of transparency dates back to the 1800s, but the internet has made this information much easier to access. Until 2014, one could anonymously search someone else’s tax returns, but a notification system has since been implemented, alerting individuals when their data is accessed. However, Norway’s media can reportedly view these returns without alerting the respective individuals.
This disclosure has drawn criticism from several quarters. Bitcoin influencer @Hodlonaut described it as “completely insane,” arguing that it places these individuals at risk by essentially publishing a “hit list.” Prominent podcast host and Bitcoin enthusiast Peter McCormack echoed these sentiments, succinctly labeling the situation as “nuts.”
While Norway enjoys a relatively low crime rate, which has reportedly been declining over the years, the crypto community remains wary of in-person robberies. In a notable incident this year, a U.S. man was convicted of leading a gang that specifically targeted and robbed homes of crypto owners. Similarly, in 2019, an armed gang attempted to rob a Bitcoin millionaire in Oslo, who managed to escape by leaping from his balcony.
The publication of this information raises questions about the balance between transparency and privacy, and the potential threats such transparency may pose to high-profile cryptocurrency investors. As the debate heats up, it remains to be seen whether Norway will adjust its tax transparency policy in response to these concerns.
