Is it Time to Overhaul KYC Regulations in Crypto?

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With the rise of crypto prices comes a worrying trend: Kidnappings and extortion.

Recently, we’ve seen a surge in these events unfold.

There was the high-profile case of Ledger co-founder David Balland and his partner being abducted earlier this year, with the kidnappers seeking a ransom between five million and seven million euros (roughly $5.7 million to $8 million).

There was another case last month involving an Italian man who was allegedly extorted and kept for weeks inside a Manhattan apartment.

Two perpetrators have turned themselves in to the police, facing several charges.

While the news coverage of these events has faded for now, as crypto prices continue rising, particularly for those holding Bitcoin, expect more of these incidents to occur in the coming years.

Thus, there is an increasing demand for security services and bodyguards, which will grow as more newly minted crypto multimillionaires emerge.

Still, the risk of being kidnapped is only part of the problem. Another, more common issue that needs to be addressed is…