Coinbase spends $7.6M on CEO security, far more than rivals
Physical attacks on crypto executives are rising, leading many companies to spend heavily on personal security. The trend, sometimes called “wrench attacks,” has gained attention after several high-profile incidents. In France, reports suggest there has been one violent crypto-related robbery attempt every five days on average this year.
High-profile cases include the kidnapping of Ledger executive David Balland and an incident involving Nancy Guthrie, mother of Today host Savannah Guthrie, where kidnappers demanded a Bitcoin ransom. For many at-risk executives, their companies are absorbing these security costs.
Protos reviewed SEC filings to compare spending across major crypto firms.
Coinbase: Armstrong far outpaces Choi
Coinbase’s Schedule 14A shows it paid $7,634,834 for CEO Brian Armstrong’s personal security in 2025. That is about $20,900 per day, a 20% increase from $6.2 million in 2024. In contrast, president and COO Emilie Choi received only $43,567 in security costs, roughly 0.6% of Armstrong’s. In 2024, Choi’s security was about $78,000.
Gemini covers the Winklevoss twins
Gemini’s filing reveals it pays $2,490,844 per individual for security for Cameron and Tyler Winklevoss. Each twin’s security costs about 33% of what Coinbase spends on Armstrong.
Strategy spends little on Saylor, nothing on others
Strategy (formerly MicroStrategy) pays $272,113 per year for chairman Michael Saylor’s security. That is roughly 3.6% of Armstrong’s costs, or about 13 days’ worth. The filing does not mention security for any other executives.
Circle invests heavily in Allaire
Circle, the company behind USDC, spent $4,096,862 on personal travel and home security for CEO Jeremy Allaire. It also paid for home security enhancements for other executives.
Firms with no disclosed security costs
Bullish’s Form 20-F does not mention security payments. Galaxy Digital, crypto miner Riot, and Trump-affiliated Hut 8 also do not include security in their Schedule 14A filings.
Farage and Harborne controversy
Separately, British politician Nigel Farage received a $6.7 million gift from Tether shareholder Christopher Harborne. Farage initially said the money was for his personal safety, later claiming it was a reward for his Brexit campaigning. Critics have linked this to his growing support for cryptocurrency.
