LONDON, ENGLAND – JUNE 04: Counter-terrorism officers march near the site of last night’s London … [+]
Getty Images
According to the records maintained by security authority Jameson Lopp, co-founder and Chief Security Officer of CASA, there have been over 200 reported physical attacks on bitcoin and cryptocurrency holders since 2014. In 2025 alone, 11 criminal incidents targeted such holders, including Ledger’s CEO, David Balland, as reported by Coindesk on January 24.
As bitcoin and cryptocurrency values have seen a pronounced bullish trend recently, followed by subsequent market corrections, the interest in physically targeting crypto holders has escalated. The majority of such reported crimes in 2025 occurred in Asia and Europe, with Thailand, Korea, and France being the most impacted regions.
The latest incident took place on February 25 in Korea, where Jeju Western Police apprehended four suspects in connection with the murder of a Chinese man who “went to buy virtual currency,” as reported by Decrypt. This case emphasizes the persistent risks linked to physical assaults on bitcoin holders.
“There’s a rough correlation between the frequency of wrench attacks and Bitcoin’s price,” Lopp mentioned in a recent interview. “As adoption rises, awareness among the general public grows, which in turn increases the number of individuals with criminal intentions who are informed about it. We’re currently in a discovery phase where criminals are evaluating the risks and rewards of targeting crypto asset holders for heists,” he explained.
As Bitcoin Prices Rise, So Do Physical Threats to Holders
Since 2021, these attacks have consistently exceeded 20 incidents annually, with more than half of that already recorded in 2025. The current increase corresponds to periods when bitcoin and cryptocurrencies garnered mainstream attention, particularly coinciding with BTC exceeding the pivotal $100,000 threshold.
It’s vital to understand that Lopp’s archive only includes documented cases. The real number of physical assaults on bitcoin holders may be significantly higher, as many occurrences likely go unreported. Due to the privacy-centric nature of cryptocurrencies, victims may hesitate to reveal such incidents.
“People need to understand that law enforcement is not in the business of protecting individuals from attacks – they primarily intervene after an incident has occurred. If you want proactive protection measures, you need to put them in place yourself,” Lopp asserted.
Technological Solutions to Prevent Physical Attacks on Bitcoin Investors
Bitcoin and cryptocurrencies symbolize intangible wealth, which makes their transfer susceptible to targeted assaults. However, implementing security measures can help reduce risks. Avoiding a single point of failure is crucial for preventing theft. Utilizing multi-signature wallets, multi-party computing, and time locks are effective strategies to enhance security through Bitcoin technology.
“Are you – or whoever holds the assets – a potential single point of failure? Can you quickly and unilaterally transfer substantial amounts of your assets? If so, your assets are at risk of wrench attacks,” Lopp explained.
Criminals targeting bitcoin holders typically seek rapid execution. Extended hostage scenarios increase the likelihood of being tracked or facing heightened dangers.
“Wrench attacks aim to get in and out as swiftly as possible; requiring them to hold you hostage for a long duration and transport you without raising suspicion will not be ideal,” Lopp noted.
For Lopp, reducing the risk of physical attacks on bitcoin investors necessitates both technological interventions and prudent privacy practices. He advises: “Remain anonymous when discussing crypto online. Refrain from discussing your assets with people in real life. Avoid high-value face-to-face transactions. Don’t flaunt wealth. And do not share your real name and address with crypto services.”
