The Rise of “Wrench Attacks” in Cryptocurrency: What Every Holder Needs to Know

Cryptocurrency fraud has always been thought of as a digital problem. Hackers probe for weaknesses in code. Scammers build fake platforms. Phishing emails harvest passwords and personal details. But a disturbing new threat has emerged — one that does not involve a single line of code.

It involves a knock at the door. Or a stranger on the street. Or something far worse.

These are known as “wrench attacks,” and they are rising at a pace that has alarmed security experts across the world.

What Is a Wrench Attack?

The name sounds almost comical, but the reality is anything but. A wrench attack is when a criminal uses physical force, threats, or intimidation to make a cryptocurrency holder hand over their private keys or transfer funds directly.

The term comes from the idea that no amount of digital security can protect you once someone has a wrench — or any other physical leverage — pressed against you or someone you love.

Unlike hacking, these attacks do not target your software. They target you.

That distinction matters. A hardware wallet locked in a safe can withstand a cyberattack. It cannot withstand the threat of harm to your family.

How Bad Has It Gotten?

Physical violence targeting cryptocurrency holders escalated sharply in 2025, with wrench attacks surging 75% year over year, according to blockchain security firm CertiK. 72 verified attacks were recorded globally, with confirmed financial losses exceeding $40.9 million — up 44% year on year. Kidnapping was the most common method, while physical assaults rose by 250%.

CertiK noted that even these figures may understate the true scale, as many incidents go unreported, involve silent settlements, or leave ransoms that are difficult to trace. You can read the full findings in the CertiK Skynet Wrench Attacks Report.

These are not isolated incidents. They represent a pattern — one that security professionals say is only going to grow as cryptocurrency becomes more mainstream.

Why Europe? Why Now?

Europe accounted for over 40% of global wrench attacks in 2025, up from just 22% in 2024. France emerged as the epicentre, recording 19 attacks — more than any other country in the world, surpassing even the United States. The surge was driven in part by the growth of organised crypto-targeting groups, particularly in France, Spain, and Sweden.

But why are crypto holders being targeted now, more than ever? The answer has three parts.

Crypto is visible.  Unlike cash held in a bank, cryptocurrency activity can sometimes be traced on public blockchains. Screenshots shared on social media, wallet addresses posted publicly, or even offhand comments at networking events can signal to the wrong person that you hold digital assets worth targeting. Good due diligence and a careful approach to privacy are essential for anyone holding cryptocurrency.

Crypto is irreversible.  Once a transaction is made under duress, it cannot be undone. There is no bank to call, no chargeback process, no cooling-off period. This makes it uniquely attractive to criminals who want a theft that sticks. That said, cryptocurrency is far more traceable than many people assume — and that traceability can work in a victim’s favour.

Crypto is high-value.  As adoption grows and values rise, even modest holders represent a worthwhile target. Experts have noted that attackers are no longer focused only on the wealthiest individuals — people have been kidnapped for amounts as low as $6,000 worth of cryptocurrency.

Real Cases That Brought This Into Focus

Security researchers have been tracking physical attacks on cryptocurrency holders for some time, and the documented cases make for sobering reading.

Among the most high-profile incidents from recent years:

In January 2025, Ledger co-founder David Balland and his wife were kidnapped in France. Attackers severed his finger and demanded €10 million in cryptocurrency before a 48-hour police operation led to ten arrests. In May 2025, an Italian cryptocurrency holder was reportedly kidnapped and tortured during a visit to New York City.

In March 2026, crypto developer and NFT entrepreneur Alex Amsel — known online as “Sillytuna” — reported losing approximately $24 million in a violent robbery involving weapons and kidnapping threats, with police called to the scene. The stolen funds were rapidly moved across multiple blockchain networks in what investigators identified as an attempt to obscure the trail, with portions converted into privacy-focused cryptocurrencies to complicate tracing. Amsel subsequently offered a 10% bounty to anyone able to help recover the funds. It is worth noting that the full details of the incident remain subject to ongoing investigation.

What the Sillytuna case illustrates above all else is how quickly stolen funds can move. Within hours, assets had been shifted across multiple chains and converted in what appeared to be a deliberate effort to cover the trail. This is precisely why speed matters so much — every hour that passes makes tracing harder, though professional blockchain forensics can still recover vital evidence long after an attack.

These cases are high-profile because of the sums involved. But they sit at the tip of a much larger iceberg. Many victims never come forward — out of shame, fear, or simply because they believe there is nothing to be done.

What Can You Do to Protect Yourself?

Physical security is beyond the scope of what The Crypto Tracing Experts do — but there are steps that security professionals widely recommend to reduce your risk of becoming a target.

Keep your holdings private.  Avoid sharing wallet balances, portfolio screenshots, or anything that signals the size of your holdings — on social media or in conversation. The less visible you are as a target, the safer you are.

Consider a decoy wallet.  Security experts recommend maintaining a wallet with a plausible but modest amount of cryptocurrency that can be surrendered quickly in a high-pressure situation, while your main holdings remain protected separately.

Separate your keys from your hardware.  Storing your seed phrase and your hardware wallet in different physical locations means that even if one is found, your funds are not immediately accessible.

Tell people you trust.  If you hold significant amounts of cryptocurrency, a trusted person should know how to raise the alarm if something goes wrong.

Think carefully about who knows.  Be mindful of who you discuss your holdings with, and in what settings — especially at industry events or on public forums.

If the Worst Has Already Happened

If you or someone you know has been the victim of a wrench attack or cryptocurrency theft, you may feel overwhelmed and unsure of where to turn.

Help is available. Blockchain forensics can play a vital role in tracing stolen funds and building the evidence needed to support a legal or investigative process — even when it feels like the trail has gone cold.

At The Crypto Tracing Experts, we work with individuals who have lost cryptocurrency through theft, fraud, and coercion. When funds are moved quickly across chains — as they were in the Sillytuna case — professional tracing is not just useful. It can be the difference between recovery and permanent loss. We can help you understand what happened, trace where your assets went, and build the clearest possible picture to support whatever comes next.

Beyond the financial losses, the psychological impact of these attacks can be significant and lasting. Victims should not have to face that alone.

For more expert guidance on crypto fraud and what to do if you have been affected, visit our Insights page. If you have been affected by crypto-related crime, we are here to help. Get in touch with our team today.