A disturbing new trend is emerging in the world of cryptocurrency: violent, real-world attacks aimed at forcing investors to hand over their digital assets. These incidents, dubbed “wrench attacks,” bypass traditional cyberhacking methods and instead rely on physical intimidation and violence.
In one of the most shocking recent cases, an Italian tourist in New York City was allegedly kidnapped and held captive in a Manhattan townhouse for weeks. According to reports, two men—described as cryptocurrency investors—brutally assaulted and threatened him in an attempt to access his bitcoin wallet. The victim reportedly endured repeated beatings before managing to escape on Friday.
Similar incidents have surfaced across the globe. In France, masked attackers attempted to kidnap the daughter of a prominent crypto company CEO—an attack authorities believe was intended to pressure the family into surrendering crypto assets.
The term “wrench attack” comes from the idea that a criminal could simply threaten someone with a wrench—or worse—to get access to their private keys, bypassing the need for technical expertise. And with bitcoin currently trading near record highs—hovering around $107,000—these violent tactics are becoming more attractive to would-be thieves.
Law enforcement faces major challenges in tackling this growing problem. Unlike bank accounts or traditional assets, cryptocurrencies are decentralized and often anonymous, making it far more difficult to trace transactions or recover stolen funds. As crypto wealth becomes more common, security experts warn that both investors and exchanges need to prepare for threats that go far beyond the digital realm.