Mother Detained Following Alleged Kidnapping; Demanded Bitcoin as Ransom by Son's Stalkers, Being a Crypto-Trader
In the rapidly evolving world of cryptocurrencies, a troubling trend has emerged: an increase in physical attacks on individuals to extort access to their digital assets. Known as "wrench attacks," these incidents have been on the rise globally, particularly in 2025, as the value of cryptocurrencies, especially Bitcoin, has soared.
The term "wrench attack" refers to the use of physical force, often with a blunt object like a wrench, to compel victims to reveal their cryptocurrency wallet passwords or keys[1]. These attacks typically involve multiple perpetrators, with some carrying out the physical coercion and others managing the technical aspects of moving cryptocurrencies, often preferring privacy coins like Monero or Zcash to evade blockchain tracing[1].
According to the Chainalysis 2025 report, wrench attacks could double compared to previous years, with over 35 incidents recorded by mid-July 2025 alone[1][2]. Many attacks likely go unreported due to victim fear or privacy concerns[1].
Wealthy individual holders of self-custodied assets who keep their private keys offline or in cold storage are prime targets for these attacks[1][2][4]. In a high-profile case in New York, two men pleaded not guilty to kidnapping and torturing a man for his Bitcoin[5]. Similarly, in London last month, four individuals were convicted for kidnapping a Belgian barber after he boasted online about a non-existent Bitcoin fortune[6].
The geographical scope of these attacks is widespread, affecting victims worldwide[1][2][4]. For instance, earlier this summer, 25 suspects were arrested in France in relation to a series of crypto-driven attacks and kidnapping attempts[7]. In Brazil, Brazilian police have arrested four individuals for allegedly kidnapping a retired teacher and demanding a ransom of over $600,000 worth of Bitcoin[8].
These attacks often coincide with sophisticated social engineering, phishing, and impersonation scams. Attackers use AI-generated deepfakes, voice cloning, and highly personalized phishing campaigns to manipulate victims before or during physical coercion[3][5]. The combination of physical and digital tactics has significantly increased stolen crypto asset losses, which reached over $2.17 billion in the first half of 2025 alone due to social engineering and related attacks[3].
In response, the crypto industry is moving towards institutional-grade custodial solutions that employ multi-party computation (MPC) and multisignature vaults to distribute asset control and reduce single points of failure[5]. Enhanced multi-factor authentication (MFA), cold storage with added layers of security, employee training, and AI-based threat detection are now critical security strategies[3][5].
As the value of Bitcoin and other cryptocurrencies continues to rise, it is crucial for holders to prioritise their security and adopt layered protection measures to safeguard their assets from these escalating threats.
References:
- Decrypt
- Coindesk
- Cointelegraph
- Bloomberg
- CNBC
- BBC News
- Reuters
- Decrypt
- In the rapidly increasing worth of Bitcoin and other cryptocurrencies like Ethereum (ETH), there has been a surge in physical attacks known as "wrench attacks," where perpetrators use force to gain access to victims' digital assets.
- These wrench attacks have become a growing concern worldwide, with the number of incidents potentially doubling in 2025, according to the Chainalysis report, and over 35 incidents recorded by mid-July alone.
- These attacks are often accompanied by sophisticated digital tactics, such as AI-generated deepfakes, voice cloning, and phishing campaigns, aiming to manipulate victims before or during the physical coercion.
- The crypto industry is responding to this threat by introducing institutional-grade custodial solutions, employing multi-party computation (MPC) and multisignature vaults, to distribute control of assets and reduce single points of failure.
- To safeguard their investments, crypto enthusiasts should prioritize security by adopting layered protection measures, such as enhanced multi-factor authentication (MFA), cold storage with additional layers of security, employee training, and AI-based threat detection.
