30s Summary

In Norway, Sweden, and Finland, the annual publication of citizens’ financial records combined with widespread ownership of cryptocurrency is leading to security concerns. Unlike standard assets, crypto assets are easily accessed and can’t be recovered once stolen, making owners potential targets for criminals. There has been increased criticism towards local media for publishing lists of wealthy crypto holders, leading to security risks and infringements on privacy. With the rising value of Bitcoin, there are fears of increased assaults on crypto millionaires if no protective measures are put in place.

Full Article

In Norway, Sweden, and Finland, every citizen’s financial records are published every year along with their personal details, due to a tradition rooted in transparency. But this can put those with a lot of cryptocurrency, which they manage themselves, at risk. Unlike standard assets kept in a bank, crypto assets are easily accessed and transactions can’t be undone. This makes theft just a threat or act of violence away.

This became a reality on May 14, 2018, when a Norwegian Bitcoin millionaire had a close call with death when a shotgun-wielding man tried to take his crypto assets. To escape, he had to jump off a two-story balcony.

In Sweden, a series of assaults over recent years have seen victims harshly attacked for their Bitcoin assets. As a case in point, on November 8, 2023, a Swedish couple were tied up by four masked men and attacked with knives, leading to one victim being airlifted to the nearest hospital.

Sweden’s financial transparency policy has been pinpointed as a significant factor in these assaults, due to criminals being able to identify wealthy targets and find out where they live.

Although instances of physical assault are currently low, the crypto community fears there will be more as the number of crypto millionaires increases along with Bitcoin’s rising value.

The Norwegian tax office reports that at least 48,000 Norwegians own cryptocurrency, and as Bitcoin’s value crosses into new record highs, the media has been publishing lists of the nation’s biggest crypto holders. This has raised security concerns.

While the data is already public knowledge, some have criticised local media for irresponsibly promoting the list. The creation of such lists, involving filtering, is currently a big infringement on privacy. The cultural emphasis on transparency in Norway is entrenched, but negative impacts have emerged from comparisons of income, which have adversely affected the wellbeing of poorer Norwegians while boosting the self-esteem of the rich.

While the security risks for crypto holders was not originally anticipated when the tradition of financial transparency was established centuries ago, the dangers it presents today are very real. Until a solution is found, crypto holders may need to take steps to safeguard their assets.