The year 2025 has seen a dramatic shift in cryptocurrency crime.
Physical attacks aimed at stealing cryptocurrency, known as “wrench attacks,” have increased by 75% over the last year, with 72 incidents confirmed worldwide, according to a new report from CertiK.
The report sees last year as a turning point, with physical violence becoming a core threat to cryptocurrency holders.
In this context, a spanner attack describes a scenario in which a victim is forced to hand over their private keys, often through violent means. The report documented a 250% increase in physical assaults, including burglaries, kidnappings and even murders.
Europe currently accounts for more than 40% of all such incidents globally, up from 22% in 2024, the report said. France had the most reported attacks with 19, more than twice as many as the United States. CertiK attributes the surge to organized crime gangs increasingly targeting known cryptocurrency holders in France, Spain and Sweden.
In some cases, criminals force their way into victims’ homes. In other cases, they target spouses, children or elderly parents to pressure them into cooperating. So-called “honeypot” schemes also emerged in the data, in which attackers set up fake romantic relationships to carry out their attacks.
Behind the violence appear to be advances in digital security, which have increased the cost of hacking. Still, threatening someone with a weapon is valid. The report calls it a “technological paradox”: technology is more powerful, but the human dimension is just as fragile.
With more than $40 million in confirmed losses and likely more going unreported, personal safety is now part of the cryptocurrency risk equation, CertiK warns.
The cryptocurrency space has been working on solutions, including insurance policies. Some well-known companies, including insurance giant Lloyd’s of London, have begun offering clients cover that includes spanner attacks.