Former presidential bodyguard George Sax has a new task on his hands: protecting Bitcoin for the British cryptocurrency corporation Blockchain Ltd.

Since Blockchain Ltd’s founding in 2011, the business has raised USD 70 million in equity capital and manages over 26 million digital wallets spanning 140 countries.

Sax’s employment history boasts experience both as a former special agent and a senior US Secret Service official, previously holding responsibility for the Secret Service’s Office of Investigations. In 2016, he also managed security for the presidential campaign.

Sax released a statement on his new position, sharing his plans to apply his experience at the Secret Service and US Treasury to Blockchain Ltd’s security program, enabling ”millions across the globe access to this new financial system with confidence.”

”We are one of the top targets in the world”

Blockchain Ltd’s co-founder and chief executive officer Peter Smith described his company as ”one of the top targets in the world” for such security threats, given the company’s expansive portfolio. He detailed several specifics of Sax’s job, listing securing infrastructure, data centers, and operations as primary requirements. With Sax’s help, he plans to create the ”next generation of security”.

While the growing cryptocurrency industry still remains relatively in its infancy, concerns continue to increase over the vulnerability of exchanges to cyber attacks and hacking. The peer-to-peer nature of blockchain-backed cryptocurrency transactions means that once assets are unlawfully taken, it is nearly impossible to recover the funds.

In May this year, a reported USD 1 billion in cryptocurrency was reported as stolen globally since the start of 2017, according to data compiled by blockchain security company CipherTrace. The UK’s Financial Conduct Authority is reported to have opened 24 investigations into cryptocurrency businesses in this period also.

Sax’s high-profile employment is one of the first of its kind, with many similar sure to follow as the industry expands.

 

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