Cryptocurrencies are digital assets that are intangible and intangible in nature. Some even call it the “magic internet currency”. However, cryptocurrency investors are not immune to the physical realities of our world.
One of the most influential forces in the space this year has been a series of brute-force attacks that use physical violence, intimidation, and fear to steal people’s cryptocurrency.
The “wrench attack” was once a meme about how no amount of encryption could stop a metal object from hitting the head, but it’s become even more real in 2025.
From Paris to New York, Sweden to Thailand, a new wave of threats has emerged this year, and the cost of holding your own keys is not just volatility and phishing schemes, but physical violence against cryptocurrency holders has also begun to intensify.
These are not isolated incidents. Crypto OG Jameson Lopp has been tracking known physical attacks related to Bitcoin and has registered more than 260 cases since 2014, with spanner attacks increasing by at least 169% this year alone. Lopp’s data is based on news reports of attacks – meaning the true scale of the Wrench attack epidemic is likely greater.
Criminals range from organized gangs to opportunists who use on-chain footprints, luxury purchases and social media oversharing to select their targets. Some people pose as delivery drivers. Others are waiting at the gym, at home or in a hotel room. The message is the same: give up the wallet, or else.
As a result, physical security is now a top concern in the crypto space. Lopp has been promoting campaigns to prevent wrench attacks. Cryptocurrency security doesn’t just mean holding private keys, it now also involves physical security. Depending on the investor’s profile, this could be anything from enhanced operational security (OpSec) to hiring armed bodyguards.
For some, it also means another insurance policy. Some high-profile companies, including insurance giant Lloyd’s of London, have begun offering coverage to clients against Wrench attacks or related kidnappings. On top of that, wallet developers have begun integrating security features, such as codes that trigger silent alarms or clear data.