Physical assaults known as wrench attacks against cryptocurrency holders are increasing in number and severity, according to recent analyses. These incidents correlate with fluctuations in crypto market values, prompting calls for enhanced personal security measures. While overall risks to individual holders may be decreasing, the trend highlights vulnerabilities in self-custody practices.
Wrench attacks, where criminals use force or threats to extract cryptocurrency private keys, have surged alongside the booming crypto market. An analysis of data compiled by Bitcoin security advocate Jameson Lopp, shared by Haseeb Qureshi in a post on X, reveals a steady uptick in these incidents. Before 2021, such attacks were rare, but they have since multiplied, becoming more violent and even fatal in some cases.
A statistical examination links about 45% of the change in attack frequency to fluctuations in cryptocurrency market capitalization. As prices rise, so does the incentive for criminals, making holders attractive targets. Regions like Western Europe and parts of Asia-Pacific have seen the highest concentrations, with North America experiencing a slight increase. Despite the overall rise, the risk to any single holder has decreased amid broader crypto adoption.
Serious incidents, including armed robberies, kidnappings, and home invasions, account for more than half of reported cases, with a notable climb since 2020 and particular concern in 2025. For instance, a wrench attack in mid-2025 coincided with a 5% drop in Bitcoin's price within 24 hours, underscoring how such events can fuel market uncertainty akin to geopolitical risks.
These attacks bypass digital safeguards like hardware wallets, emphasizing the need for personal security. Experts recommend multi-signature wallets requiring multiple approvals, decoy accounts with minimal funds, privacy-focused cryptocurrencies such as Zcash or Monero, and cold storage to keep assets offline. Additional measures include home alarms, cameras, operational security like avoiding public displays of wealth, and regular audits. As crypto wealth grows, regulators and custodians may need to address these physical threats to support wider adoption.
