Crypto kidnappings on the rise as criminals resort to “wrench attacks”

The recent surge in cryptocurrency-related crime has sparked serious concerns, particularly with a disturbing trend known as “wrench attacks.” These incidents blend cybercriminal activity with overt physical intimidation, posing a significant threat to cryptocurrency investors. A harrowing case involving an Italian tourist in New York City has drawn heightened attention to this alarming wave of crime.

In May 2025, the victim found himself at the mercy of two men—John Woeltz, 37, and William Duplessie, 33—who allegedly kidnapped him, held him captive, and tortured him in an attempt to access his digital wallet containing cryptocurrency assets worth millions. Reports indicate that he was subjected to shocking abuse, including electric shocks and threats involving a gun. This case exemplifies the dangerous intersection of digital finance and personal safety, underscoring the lengths that some criminals will go to claim what they see as cashless wealth.

The term “wrench attack” draws its name from a comic that humorously outlines the stark difference between hacking in theory versus practice. Instead of complex cyber techniques, the comic suggested that a simple wrench could force someone to divulge their digital wallet password. This reflects a troubling reality: many criminals are now opting for violent methods over high-tech hacks to steal cryptocurrency. Ari Redbord, of TRM Labs, notes that as the value of Bitcoin has soared—recently pegged at around $105,000 per token—cryptocurrency holders have become increasingly attractive targets.

The rise in wrench attacks seems particularly pronounced due to a blend of factors. For one, there’s a growing culture within the cryptocurrency community that promotes showcasing wealth, especially on social media. This public demonstration of finances serves as a virtual neon sign to criminals, making it easier for them to identify wealthy targets. Consequently, instead of requiring sophisticated hacking skills to break into digital wallets, criminals have found they can rely on physical threats and intimidation to extract passwords.

While cybercrime concerning cryptocurrencies isn’t new, it has typically revolved around hacking incidents—like the well-known 2022 Binance hack that resulted in significant asset theft. Individuals tend to safeguard their private keys using “cold wallets,” which keep their information offline to ward off complex cyber theft. But the growing trend of wrench attacks suggests a shift; now, the physical intimidation of individuals has become a more prevalent method for criminals looking to steal cryptocurrency.

The New York case isn’t isolated. Europe and Asia have witnessed a simultaneous rise in similar kidnappings targeting crypto investors. For instance, French authorities recently apprehended 20 individuals involved in a series of kidnapping plots against cryptocurrency investors and their families. This trend showcases the widespread nature of the issue, amplifying the urgency for cryptocurrency holders to adopt preventative measures.

In light of these events, experts advise crypto investors to be mindful of their public persona and take actions to secure their assets. For example, employing multi-signature wallets can require multiple approvals for access, adding an extra layer of security. Keeping a lower profile is another practical approach to deter potential threats.

Despite these preventative measures, the allure of cryptocurrency as a target for criminals is unlikely to diminish soon. Redbord suggests that as successful wrench attacks are reported, more criminals may replicate these methods, recognizing the lower barrier of entry compared to traditional cybercrime.

Given the current climate, it’s crucial for individuals engaged in cryptocurrency investments to remain vigilant. This rising trend of wrench attacks not only jeopardizes financial security but also personal safety. As people continue to navigate the evolving landscape of digital assets, both awareness and precaution will be key in safeguarding their holdings from theft—whether online or offline.

In conclusion, the emergence of wrench attacks as a method for stealing cryptocurrencies is an alarming trend that underscores vulnerabilities within this burgeoning financial sector. As the value of cryptocurrencies like Bitcoin attract more attention, so too do nefarious individuals who may resort to violent means to seize these assets. While technological advancements in securing digital properties have been substantial, human vulnerability remains a critical point authors and investors must address. Every stakeholder in the crypto landscape, from casual investors to seasoned traders, should not only focus on enhancing their cyber defenses but also remain aware of their environment and the potential threats that lurk in today’s increasingly dangerous climate.

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