Crypto's Dark Side: The Rise of Violent Heists

The cryptocurrency world has a hidden danger: violent thefts targeting wealthy investors. These crimes, known as “wrench attacks, ” involve physical violence to force victims to hand over their digital assets. The name comes from a comic that showed how easy it is to bypass high-tech security with brute force. This type of crime is becoming more common as cryptocurrency becomes mainstream. Criminals who already use violence for other crimes are now turning to crypto. Cryptocurrencies appeal to many because they offer full control over funds without needing a bank or government approval. However, this control comes with a risk: if funds are stolen, there’s often no way to get them back. The crypto community values self-reliance and securing private keys, which are like passwords for crypto holdings. The motto “not your keys, not your coins” reflects this belief. Transactions on the blockchain, the technology behind cryptocurrencies, are permanent. Unlike physical items, crypto can be transferred instantly with just a few clicks. This makes it an attractive target for thieves. In New York, two people were charged in a case where a man claimed he was kidnapped and tortured for his bitcoin. The details of the case are still unfolding, including the amount of bitcoin involved. Crypto theft isn’t new, but it’s usually done through hacking. North Korean hackers, for example, have stolen billions in crypto. To protect against hacking, many crypto holders use “cold wallets, ” which store private keys offline. While this protects against hackers, it doesn’t stop thieves who can force victims to give up their passwords. The New York case is just one of several high-profile wrench attacks. In France, thieves even cut off a crypto executive’s finger. Experts suggest several ways to reduce the risk of wrench attacks. Using wallets that require multiple approvals for transactions can help. Many crypto-wealthy individuals also try to stay anonymous, using nicknames and avatars on social media. However, the best defense might be awareness and caution. Understanding the risks and taking steps to protect oneself can make a big difference.