Coinbase Increases Security Spending for CEO by Almost 30% in 2025

Key Insights

• Coinbase reported an almost 30% increase in the amount spent on Brian Armstrong’s personal security in 2025
• Crypto exchanges and executives have now rapidly increased their security budgets due to the rise of wrench attacks
• Certik says wrench attacks have led to the loss of over $101 million this year

U.S.-based crypto exchange Coinbase disclosed that it spent $8.7 million protecting CEO Brian Armstrong in 2025, reflecting rising security concerns across the digital asset industry.

The figure marked roughly a 30% increase from the $6.2 million Coinbase spent on Armstrong’s security in 2024.

Rise in Wrench Attacks Driving up Personal Security Costs for Crypto Firms and Executives

Interestingly, the rise in Coinbase spending on Armstrong security is only a reflection of an industry-wide phenomenon.

According to filings by another crypto exchange, Gemini, it pays $400,000 per month to Winklevoss Capital Management for the personal security of its CEO and president, and their families.

The increased spending on security is not surprising given the rise in wrench attacks last year.  Physical attacks on crypto holders have been happening for a long time, with the first recorded incidents dating back to December 29 2014.

However, it became prevalent in 2025 with several high-profile incidents. A GitHub page maintained by Jameson Loop that shows records of all wrench attacks reported, around 80 incidents last year, the highest on record.

These included the kidnapping and torture of Ledger cofounder David Balland and his wife. Several other kidnapping attacks targeting crypto industry insiders and their families were also reported.

While wrench attacks happened globally, a sizable percentage occurred in France and gained national attention. Even the Boston Police Department issued a public alert about a rise in phone thefts in the city’s downtown area, with thieves targeting users’ crypto accounts.

Unsurprisingly, this has led to increased security, especially among crypto executives and in crypto gatherings. Bloomberg reported that security at crypto conferences has increased amid concerns about physical attacks.

Certik Report Shows Over $100 Million to Wrench Attacks in 2026

Meanwhile, 2026 is already on track to surpass last year’s record as physical violence targeting crypto holders continues to increase.

So far, 37 incidents have been recorded this year on the GitHub page, with the latest happening on May 11 when an individual in France was targeted twice in a kidnapping attempt.

The spate of attacks has also had significant financial consequences. According to Certik, 34 incidents were recorded between January and April, totaling around $101 million in estimated losses.

The losses include amounts paid as ransom, frozen funds, and recovered assets. Certik noted that 2026 could finish with around 130 incidents if the trend continues.

Interestingly, 82% of the incidents reported within the first four months were in Europe compared to 39.5% for the whole of 2025. France remains the country with the most documented reports of wrench attacks.

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