# Wrench Attacks: A Growing Threat to Wealthy Crypto Moguls

The cryptocurrency industry has experienced unprecedented growth in recent years, with Bitcoin prices soaring by 54% in the last year alone. This surge in value has made it an attractive target for thieves, who are increasingly resorting to violent means to get their hands on wealthy investors' cryptocurrencies.

These attacks, dubbed "wrench attacks" due to the use of physical violence, have become a growing concern among cryptocurrency enthusiasts and experts alike. The phrase was coined by an online meme that poked fun at the ease with which high-tech security can be breached by using brute force, such as hitting someone with a wrench until they reveal their password.

"We've seen a significant increase in these types of attacks, and it's alarming," said Jeff John Roberts, a crypto reporter for NPR. "Even if you have state-of-the-art digital security measures, physical violence can be an effective way to extract information from a victim."

One high-profile example of this type of attack took place in France in January, where abductors kidnapped cryptocurrency executive David Ballard and subjected him to physical abuse before releasing his girlfriend and taking him to a car. Another case involved a man who was kidnapped and tortured for nearly three weeks in an effort to separate him from his fortune.

These attacks mark a notable shift in strategy for crypto thieves, who are increasingly turning to in-person violence to steal cryptocurrencies. In the past, hacking was the primary method used by cybercriminals to steal millions of dollars' worth of cryptocurrency. However, with the rise of Bitcoin's value and the vast amount of personal data available online, thieves have turned to more aggressive tactics.

"Cybercriminals have become adept at figuring out their victims' home addresses by cross-referencing databases and even using paid sources of information," said Becca Rubenfeld, co-founder of AnchorWatch. "This type of data is often made public in order to threaten and de-anonymize their victims, a form of online attack known as doxxing."

As the number of wrench attacks continues to rise, insurance companies are starting to take notice. A startup called AnchorWatch has successfully persuaded Lloyd's of London to include wrench attacks in its policy offerings. "Crypto should be insurable," said Rubenfeld. "Since you can transfer it on chain, it's easy to see, and you have a better chance to recover it."

The nature of these attacks may seem amateurish, but they can still be deadly. According to Fortune, there were eight reported physical attacks against people owning Bitcoin and other cryptocurrencies in 2023, while there were 24 in 2024.

"It's a growing concern that needs attention," said Roberts. "We need to find ways to prevent these types of attacks and protect the innocent."

As the cryptocurrency industry continues to grow, it's essential for investors to take necessary precautions to safeguard their assets. With the rise of wrench attacks, it's clear that physical security measures are no longer enough.

Stay safe online,

Justin Klawans