 Hi, I'm Ryan Lackey with Evertas Insurance. We're gonna talk about a few things, but what we're not gonna talk about is how not to be kidnapped, because I mean, everyone has a different threat profile, everyone has different risks, so it's really hard to give advice that's going to be really successful in your case. And the world's unpredictable, the world changes. The most dangerous time is when you're going from one level of assumptions to another level of assumptions. And also, this isn't legal advice, I'm not a lawyer, but you really would not want to take any security advice from lawyers generally. Lawyers have this amazing habit of they use magical legal privilege dust to protect like anything, so because something is illegal, you can't do it, so as a result, no one has to worry about it, so yeah, so security advice, I think security and engineering is probably a better approach there. So kidnapping in general, kidnapping sucks, it happens like, it's really hard to get statistics, but it happens like, I'd say 25, 30,000 times a year, and the number value of ransom payments is really hard to estimate, it's, I mean, I've seen numbers anywhere from like $500 million this year to like $5 billion, so let's just say $2 billion a year in ransom payments. The real economic loss is definitely higher than that because the ransoms are only a small portion of it, and the rate of this has increased a lot. Like the most monitored period I know about is from 2000 to 2010, I think a lot of that increase where it basically doubled was due to the Iraq War and a lot of kidnappings in that place, but it's really hard to get incident reports because a lot of the smaller scale things people don't report or they're reported to local authorities and not collected in any sort of centralized way, so there's a lot of that stuff. And it's usually like certain industries and certain geographies are very, very overrepresented in those statistics. Like a software engineer in Palo Alto, California has a very low risk of this. A oil and gas executive working in like Nigeria has a much higher risk. People working as security contractors in dangerous countries. Unfortunately, Columbia has had a history where it did have a relatively high rate of kidnappings in the past and has had some fluctuations since. So this is really like a not really uniformly distributed risk. There's a lot of different types of incidents. So Jo vivo in Puerto Rico, pero Jo hablo poco español, but there's express kidnappings or Paseo millonario, which is the millionaire's ride. So the idea is able to kidnap you in a car and take you to an ATM and say take out all the money you can take out of the ATM and usually let you go. And that's like a pretty, it's bad. It's like sort of on the spectrum of someone stealing your cell phone or a robbery, but it does have the threat of physical violence involved. So it's a little bit worse. A name of kidnappings are actually child custody, like a non custodial parent who's lost custody of a child will take or retain the child past an approved monitoring period. So that turns into a kidnapping and it's sort of crazy. There's the custodial kidnapping where they take somebody and they hold them for a period of time until somebody pays a ransom. That's one category we can talk about. There's the political kidnappings where a group is unhappy with a government or with another entity and decides to kidnap people as a way to put pressure on that other entity, the external entity like the government. People that are involved in illegal activities or certain violent industries are at a much higher risk of kidnapping than people that are involved in normal things. Unfortunately also that affects like I'd say the worst and the best people. So people that are doing charity work in places like Haiti, there's a bunch of nuns that were kidnapped while they were doing like relief work there and they want a $17 million ransom for a group of nuns and that's not really feasible for them to pay. So there's that. There was the whole thing off of Somalia where there was the piracy. There's the same thing in the Straits of Malacca and other places where ships are basically piracy and the crew is held kidnapping. There's a virtual kidnapping which is crazy. So someone gets email saying, oh your wife has been kidnapped, she's at a conference and the guy immediately like he loves his wife and he pays the ransom immediately and then it turns out his wife wasn't actually kidnapped and it was just all like fake and he just paid a bunch of money for this and there's that. But the thing that's maybe more relevant to us is something that happened in mostly like the 1800s, bank managers where they had banks back then had huge amounts of gold in their vaults. So like every little local bank had huge amounts like multi, like very, very large amounts of money stored in local vaults and this is very liquid, very stealable and they would kidnap a bank manager at night when a place are not as then the bank's empty and everything else. They would then take the bank manager of the branch and say unlock the bank vault and then take the money out. And that's not really great because it was a very profitable thing and it kept happening over and over again. So what they did is they invented the time lock for SAFE so the SAFE could only open during business hours when people are gonna be in the bank. And that's kind of like kind of relevant to what we're talking about here. So why should we care? Most of us are not like oil and gas executives or doing missionary work or anything like that but we do work in an industry that has some risks that are very specific to the industry. So the blockchains are great but they're instant final transfers and that's the same as, that's like the worst possible model for crime because someone can accomplish a crime and then they're done. There's some great talks that I've seen on how you have to launder the proceeds of crime but that is a very, very good problem to have once you have the cash versus the problem of if you've stolen money from a bank and it can just be revoked by the, we're stolen electronic bank balance deposits and they just get revoked by the bank. It's a very large amount of wealth. There are people who have come in and also people that are new entrants to being wealthy that have come in with like more money than they ever had in the past and very recently. And it's geographically distributed in places that are very high risk relative to a lot of previous economic booms. And a lot of people have like a lifestyle that's kind of hard to secure. I have a very boring lifestyle like I live in my house. I go to my office. My office has 24 seven armed security. My apartment is very secure. I don't really go out all that much and things like that but like people that go out to clubs and bars and everything else, they can't really have security with them 24 seven and it's like they are not willing to make that sacrifice. I think basically old people are willing to do that. Younger people are not. So it's kind of a risk in the crypto industry. There's some basic precautions that everyone can take like normal physical security. And there's a lot of teams here that have come that actually paid for our armed security, armored cars, driving around. It's not because of the getting the phone snatched off the street. It's because they're afraid of targeted threats against them as companies. Avoid risk and everything else. But the crazy thing is this thing called kidnap and ransom insurance. The problem with kidnap and ransom insurance is if you advertise that you have kidnap and ransom insurance, that makes you a target because they know they're gonna get a guaranteed payout. So most of these programs have a program that you're not allowed to actually advertise that you have it. Because one thing worse than being kidnapped for crypto that you do have is being kidnapped for crypto that you don't have. There's all sorts of ways you can set up great multi-sigs and custody arrangements and use custodians and everything else so you don't actually have access to the crypto to steal or to make a transfer. But once you do get kidnapped, it becomes a serious problem. So the problem is you need to convince the dumbest possible kidnapper in the world that this system is in place that you don't actually have instant access to the funds or access to the funds alone. And that's pretty hard because very few people that are gonna be kidnapping people attend conferences like this and learn about the cutting edge of custody arrangements and everything else. So the solution I think is, I mean hopefully, the solution I think is actually you get this into the mainstream. So you build something that has a custody arrangement that prevents someone from being ransom successful or having keys used successfully into mainstream media like a Hollywood movie, find incidents where it's a popular incident and basically have that mechanism foil the crime and have it widely known and publicized and do that. There's also some novel insurance products and there's also the government approach here, which I'm sure a lot of people don't really like government solutions, but certain governments, the US, Israel, a few other countries have a policy of not paying ransoms for people. They send in people to go try to rescue them. Not always successful. Other countries have a policy of paying ransoms like a lot of European countries do and their people get kidnapped and ransomed successfully. So sort of a trade-off. But thank you very much. Yeah, anyone has any questions? I'm happy to answer questions. Thank you.