Wrench attacks on crypto owners: number of home invasions skyrockets to 20 cases in six months
The analysis of the crypto asset security market for the first half of 2024 has revealed an alarming trend: the number of so-called wrench attacks — physical assaults aimed at forcibly extracting cryptocurrency — reached 52 registered incidents. This is a 33% increase compared to the same period last year.
Of particular concern is the qualitative shift in the nature of these crimes. While street robberies or attacks in public places previously dominated, home invasions have now come to the forefront. Over the past six months, the number of such cases has surged from a single incident to 20, accounting for nearly 40% of all recorded attacks.
The total damage from these incidents, according to our estimates, has exceeded $124.1 million. This indicates that attackers are deliberately targeting large cryptocurrency holders, using reconnaissance and planning. Geographically, the hottest hotspot has become France, which accounted for 33 cases, representing over 63% of the total. This could be due to both a high concentration of crypto wealth in the region and insufficient physical protection of owners.
Expert opinion: The rise in home invasions is a direct consequence of the crypto community still underestimating the risks of physical security. Cold wallets, multi-factor authentication, and encryption are useless if an attacker holds a gun to the owner's head. I advise anyone storing significant amounts to consider distributing assets across multiple jurisdictions, using professional security systems, and refraining from publicly flaunting their crypto assets.