Failed abduction of a crypto executive’s family in Paris and Suspect arrested in New York City for torturing a tourist to steal his bitcoin.
A disturbing trend is gaining traction across the globe: physical attacks and kidnappings aimed at stealing cryptocurrency. These aren’t sophisticated cyber hacks. They’re brutal, real-world assaults. These attacks are known in the cryptocurrency world as “wrench attacks”. Wrench attacks are when criminals use violence to extract private keys or passwords from crypto holders.
What Is a Wrench Attack?
The term comes from a comic that jokes about bypassing digital security by simply hitting someone with a wrench until they give up their password. Unfortunately, that’s no longer a joke. It’s a reality.
Instead of hacking a wallet, attackers are targeting people directly. With crypto assets now worth hundreds of thousands, or millions, thieves are skipping the code and going straight for the owner.
Crypto Crime Goes Physical
In New York City, two men were recently arrested for allegedly kidnapping and torturing an Italian tourist to steal his Bitcoin wallet. The victim, held in a luxury Soho apartment, was reportedly shocked with wires, had his leg cut, and was forced to smoke crack cocaine. Police found disturbing photos, including one showing a gun to the victim’s head.
Even more shocking, two NYPD detectives were working private security for the suspects and are now under investigation.
John Woeltz, 37, and William Duplessie, 33 are now facing kidnapping, assault and unlawful imprisonment charges in the case.
This Isn’t Just a U.S. Problem
Across Europe, similar attacks are unfolding. In Paris, a gang attempted to kidnap the daughter and grandson of a cryptocurrency executive in broad daylight. Video footage shows masked attackers jumping from a van and trying to pull the victims away. Bystanders eventually intervened, and the gang fled. The weapon used was later identified as a replica air gun.
Just a week earlier, another Paris kidnapping involved the father of a crypto millionaire. The man was abducted while walking his dog. By the time police rescued him, one of his fingers had been cut off. Source: BBC
Why These Attacks Are Growing
- Crypto is untraceable and irreversible: Once assets are transferred, they’re gone for good.
- No intermediaries: There’s no bank to flag or stop suspicious activity.
- Wealth is visible: Social media flaunting and high-profile appearances make investors easy targets.
- Rising prices: With Bitcoin trading above $100,000, wallets are more tempting than ever.
As Ari Redbord of TRM Labs puts it, “Criminals go where the money is. You don’t need hacking skills anymore, just a willingness to use force.”
Related: Victims of crypto scams get scammed again by “crypto recovery scammers”.
- Keep a low profile. Don’t flaunt your holdings online.
- Use multisig wallets. Require multiple approvals to access funds.
- Keep assets in cold storage. Offline wallets can’t be drained remotely.
- Add delays or alerts. Some wallets allow time-locked transactions or alert settings.
- Vary routines. Don’t make yourself a predictable target.
- Secure your physical location. Treat your home like a vault. Use locks, cameras and safes.
Crypto crime isn’t just digital anymore. It’s moving into the real world and it’s moving fast. If you hold significant crypto assets, your physical safety may now be as important as your cybersecurity. But still, the world lags behind and the general population, including even attorneys, are unable to recognize that cryptocurrency is even a recognizable asset class.
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S Taylor is a crypto trader with five years of experience, having navigated a wide range of market dynamics and witnessed numerous scams firsthand. As a former victim of scams, S Taylor turned their focus to blockchain forensics and Solidity Smart Contract development, gaining deep technical expertise in the field. With a unique insider’s perspective, they’ve been involved in various crypto projects, where they’ve seen how developers can exploit vulnerable investors.
S Taylor is also the published author of Meme Coins Made Easy, a comprehensive guide that teaches beginners about cryptocurrency and how to identify and avoid common scams. S Taylor is dedicated to sharing valuable insights and helping the crypto community stay informed and safe.
Disclaimer: This article is for informational purposes only and should not be considered legal, tax, investment, or financial advice.
