A disturbing case in New York has brought new attention to a violent trend in the world of crypto crime. An Italian tourist was reportedly abducted, tortured, and held for weeks by individuals who were allegedly trying to force him to give up access to his digital wallet.
These kinds of crimes are being called “wrench attacks”—a term that originated from a web comic, where a character uses a simple wrench to beat a crypto holder into giving up their password, rather than relying on technical hacking.
According to Ari Redbord of TRM Labs, a firm that tracks crypto-related crimes, these attacks are becoming more common because accessing someone’s crypto funds can be far easier than breaking into a bank. With cryptocurrency prices soaring— Bitcoin recently hit $105,000—holders have become attractive targets for criminals who don’t need advanced hacking skills, just brute force.
Another factor fueling these crimes is the culture surrounding crypto. Many investors are publicly displaying their wealth, posting about gains, showcasing expensive purchases, or attending flashy events. That visibility makes them easy targets.
Unlike traditional assets, cryptocurrency can be moved instantly. Once a password is in hand, there’s no need to smuggle anything physical—just a few keystrokes can transfer large amounts of money without a traceable middleman.
While hacks remain a threat, such as the $570 million breach at Binance in 2022, this new wave of physical attacks is more personal. In the recent case, two men, John Woeltz and William Duplessie, were charged with kidnapping and assaulting the tourist.
Reports say the victim was tortured through shock wires, a saw, and forced drug use for weeks in a Manhattan apartment. Investigators even found a photo of a gun being held to his head. Two NYPD officers, accused of providing private security for the suspects, have been reassigned while under investigation.
Meanwhile, similar crimes have emerged across Asia and Europe. French authorities recently arrested 20 suspects linked to crypto-related kidnappings. In one instance, a gang tried to abduct the daughter and grandson of a Paris-based crypto executive. In another case, police rescued the kidnapped father of a cryptocurrency millionaire.
While cold wallets and offline storage provide some protection, Redbord suggests more secure approaches, such as requiring multiple approvals to access a wallet. “Criminals are learning fast. They’re watching these attacks succeed and trying to do the same,” Redbord said.
The broader crypto industry, including major companies like Canaan Inc. (NASDAQ: CAN), needs to keep refining their security measures in order to keep not just their digital systems safe but also improve security awareness among their staff and clients.
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