Crypto 'Wrench Attacks' Surge Globally, With Over 60 Physical Crimes Reported in 2025

A 52-year-old man in Trinidad was robbed of $85,800 in cash at gunpoint while attempting to purchase cryptocurrency in a pharmacy parking lot on November 29. The victim, who had been conducting crypto business with a 33-year-old Belmont man for nearly two years, was ambushed by two armed men in hoodies shortly after handing over the cash. The assailants smashed the car windows, seized the money and both victims' mobile phones, and escaped unharmed.

This incident is part of a sharp global increase in physical "wrench attacks" targeting cryptocurrency holders. Jameson Lopp, co-founder and chief security officer at self-custody platform Casa, has documented over 60 such attacks in 2025 alone, already surpassing the 32 recorded for all of 2024. Lopp's analysis indicates a 169% rise in cases since February, with France currently leading in reported incidents.

The violence associated with these crimes is escalating. Recent cases include a home invasion in British Columbia where a family was tied, tortured, and waterboarded for 200 BTC, resulting in a $1.6 million theft. In San Francisco, a homeowner was robbed of $11 million in crypto by a fake delivery driver. In a particularly gruesome case in the United Arab Emirates, convicted Russian scammer Roman Novak and his wife were murdered and dismembered after being targeted by individuals posing as crypto investors.

Security experts attribute the surge to rising cryptocurrency prices, which make private holdings more valuable targets. David Richards, CEO of BlockchainUnmasked, warns that criminals are leveraging sophisticated social media and technology to identify victims, and that many attacks go unreported. He cautions that the trend could worsen through 2026 without improved privacy tools and global law enforcement coordination.

Authorities worldwide are responding to the wave of violence. The NYPD has placed two detectives on modified duty amid an investigation into a kidnapping case where an Italian tourist was held for over two weeks while captors attempted to extract his Bitcoin credentials. In Chicago, six men were charged with kidnapping residents and coercing $15 million in crypto transfers.