The post Warning over rise of violent ‘wrench attacks’ on wealthy crypto holders appeared on BitcoinEthereumNews.com.

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US The alleged kidnapping and torture of an Italian man in Manhattan, purportedly over access to his Bitcoin, has spotlighted a concerning aspect of the cryptocurrency landscape: the risk of violent theft targeting digital assets. This type of attempted robbery is often referred to as a “wrench attack,” a term that gained traction from an online comic. The comic humorously depicted how physical coercion can bypass sophisticated security measures, with attackers resorting to violence to obtain crucial passwords. Wrench attacks are on the rise thanks in part to cryptocurrency’s move into mainstream finance, Phil Ariss of the crypto tracing firm TRM Labs said in a recent blog post. “Criminal groups already comfortable with using violence to achieve their goals were always likely to migrate to crypto,” Ariss said. open image in gallery New York police officers arrest John Woeltz Some of the crypto’s key characteristics help explain why wealthy individuals who hold a lot of digital assets can be ripe targets for such attacks. Cryptocurrencies like bitcoin offer traders full control of their funds without the need for a bank or permission from a government to buy, sell or hold it. The trade-off is that if funds are lost or stolen, there can be no way to get them back. Self-reliance is a key ethos of crypto. Securing and controlling one’s private keys, which are like passwords used to access one’s crypto holdings, is viewed as sacrosanct among many in the crypto community. A popular motto is “not your keys, not your coins.” Transactions on the blockchain, the technology that powers cryptocurrencies, are permanent. And…

---

Filed under: News - @ May 29, 2025 2:27 pm