# Why 'Wrench Attacks' on Wealthy Crypto Holders Are on the Rise

In a disturbing trend that highlights the darker side of cryptocurrency's growing mainstream acceptance, wealthy individuals who hold significant digital assets are becoming increasingly targeted by thieves seeking to exploit their wealth.

A recent high-profile case in Manhattan, where an Italian man claimed to have been kidnapped and tortured for weeks inside an upscale townhouse by captors seeking his bitcoin, has shed light on a phenomenon known as "wrench attacks." The term gained notoriety after an online comic joked about the ease with which high-tech security can be bypassed using physical force. Wrench attacks are now being reported with increasing frequency, and experts warn that this trend is unlikely to subside anytime soon.

"The criminal groups already comfortable with using violence to achieve their goals were always likely to migrate to crypto," said Phil Ariss, a crypto tracing firm expert at TRM Labs in a recent blog post. This statement underscores the growing threat posed by sophisticated thieves who are leveraging cryptocurrency's decentralized nature and anonymity benefits to target wealthy individuals.

So why are these "wrench attacks" on the rise? One key factor is cryptocurrency's unique characteristics, which offer both significant benefits and vulnerabilities. Unlike traditional banking systems, cryptocurrencies like bitcoin allow users to maintain full control over their funds without relying on intermediaries or government permission. While this provides a level of autonomy and freedom, it also means that if an individual loses access to their private keys – essentially their passwords – they may never be able to recover their assets.

The concept of "not your keys, not your coins" encapsulates the self-reliance ethos that underlies much of the crypto community. Securing one's private keys is seen as a matter of personal responsibility, and many users store them in what are known as cold wallets – offline storage solutions that can provide an additional layer of security against hacking attempts.

However, thieves have found ways to exploit this self-reliance by targeting individuals who try to keep their private keys hidden. By forcing the victim to divulge their password or access information, they can effectively gain control over the individual's cryptocurrency holdings. In some cases, the stolen funds are transferred directly from one digital address to another with just a few clicks.

The rise of wrench attacks has been linked to North Korean state hackers, who have allegedly stolen billions of dollars' worth of crypto in recent years. While hacking remains the most common method for stealing cryptocurrency, experts warn that new threats like wrench attacks require innovative solutions.

Some proposed mitigations include the use of multi-approval wallets, which require multiple individuals or transactions before any funds can be moved. Additionally, many wealthy crypto holders try to stay anonymous by using pseudonyms and cartoon avatars on social media platforms – a practice that may provide temporary cover but ultimately leaves them vulnerable to these types of threats.

As the cryptocurrency market continues to expand its reach into mainstream finance, experts urge individuals holding significant digital assets to take proactive steps to protect themselves against wrench attacks. By staying informed and employing innovative security measures, they can reduce their risk of falling victim to these types of targeted heists.