Bitcoin miner MARA Holdings spent $4.3 million on personal security for CEO Fred Thiel in 2025, including $430,780 to armor a vehicle, as crypto companies respond to a surge in physical attacks on industry executives.
MARA, the seventh-largest Bitcoin mining company worth over $5 billion, disclosed the expenses in its DEF 14A filing with the SEC on April 30. The total included bodyguards, home security upgrades, and an armored vehicle.
Thiel’s security costs rose sharply from $191,040 in 2024 to $4.3 million in 2025. Chief financial officer Salman Khan also received $3.9 million in personal security, including $438,380 for an armored vehicle.
Crypto-linked wrench attacks, which use coercion or violence to steal digital assets, have increased globally. Cybersecurity firm CertiK reported 72 verified physical coercion incidents in 2025, up 75% year-over-year.
France saw the most wrench attacks with 19 confirmed cases, leading authorities to implement new preventive measures. At least 88 people, including 10 minors, have been indicted in connection with attacks against crypto owners in France.