MARA Spent $4.3M on CEO Security in 2025 Amid Wrench Attacks

MARA Holdings reported $4.3 million in personal security expenses for CEO Fred Thiel in fiscal 2025, according to its proxy filing with the U.S. Securities and Exchange Commission filed April 30. The filing lists payments for armored vehicles, armed guards and home security work.

The filing shows $430,780 for an armored vehicle and about $58,810 for home security installations tied directly to Thiel. MARA recorded $191,040 in personal security for Thiel in fiscal 2024. Thiel’s “All Other Compensation” rose to $4.4 million in 2025 from $201,390 a year earlier.

The company also reported $3.9 million in personal security expenses for chief financial officer Salman Khan in 2025, including $438,380 for an armored vehicle.

The disclosures come as reports of physical coercion targeting cryptocurrency holders and industry personnel have increased. Cybersecurity firm CertiK verified 72 physical coercion incidents in 2025, a 75% rise from 2024, and identified 19 incidents in France.

French authorities have indicted at least 88 people, including 10 minors, in connection with alleged wrench attacks through April 27. In February, a senior employee at a cryptocurrency company’s French unit was the victim of an armed home invasion; authorities arrested three suspects hours after the break-in.

Wrench attacks involve coercion, kidnapping or violence to force victims to surrender private keys, passwords or account access. The portability of crypto assets and the public profile of some holders can make executives and large holders targets.

MARA’s filing documents how companies are recording personal security as a corporate expense, listing specific costs tied to vehicles, personnel and home protections.

MARA did not immediately respond to requests for comment. Security specialists note that protecting private keys and account access requires both cybersecurity measures and physical protections for key personnel and premises.