LONDON, ENGLAND – JUNE 04: Counter terrorism officers march near the scene of last night’s London … [+]
According to the archive maintained by security expert Jameson Lopp, co-founder and chief security officer of CASA, over 200 known physical attacks against bitcoin and crypto holders have been reported since 2014. In 2025 alone, 11 criminal incidents targeted holders, including Ledger’s Chief Executive Officer, David Balland, as reported by Coindesk January 24.
With bitcoin and crypto prices experiencing a strong bullish run in recent months, followed by market corrections, criminal interest in physically targeting crypto holders has significantly increased. Most of the reported crimes in 2025 occurred in Asia and Europe, with Thailand, Korea, and France being the most affected regions.
The most recent of these incidents occurred on February 25 in Korea, when officers from Jeju Western Police arrested four individuals in connection with the murder of a Chinese man who “went to buy virtual currency,” as reported by Decrypt. This case highlights the ongoing risks associated with physical attacks against bitcoin holders.
“There’s a rough correlation between the number of wrench attacks and the price of Bitcoin,” Lopp explained to me in an interview. “As adoption increases, mainstream awareness increases, and as such, the number of criminally minded people who are aware of it increases. We’re currently in the discovery phase where criminals are trying to determine the risks and rewards of targeting crypto asset holders for robberies,” he described.
Number Go Up, So Do Physical Attacks Against Bitcoin Holders
Since 2021, these attacks have remained consistently above 20 incidents per year, with more than half of that threshold already recorded in 2025. The current spike aligns with moments when bitcoin and crypto gained mainstream attention, and it coincides with BTC surpassing the critical $100,000 mark.
It is important to note that Lopp’s archive only compiles documented incidents. The actual number of physical attacks against bitcoin holders may be much higher, as many cases likely go unreported. Given the privacy-oriented nature of cryptocurrencies, victims may be reluctant to disclose such events.
“What people need to realize is that law enforcement is not in the business of protecting individuals from attacks – they only come into play after an attack has occurred. If you wish to have proactive protection measures in place, you’ll have to implement them yourself,” Lopp argued.
Technology To Mitigate Physical Attacks Against Bitcoin Investors
Bitcoin and cryptocurrencies represent immaterial wealth, making their transmission vulnerable to targeted attacks. However, adopting security practices can mitigate risks. Avoiding a single point of failure is crucial in preventing theft. Multi-signature wallets, multi-party computing, and time locks are effective ways to leverage Bitcoin technology for enhanced security.
“Are you – or whoever owns the assets – a potential single point of failure? Do you have the ability to quickly and unilaterally transfer large amounts of your assets? If so, your assets are vulnerable to wrench attacks,” Lopp detailed.
Criminals targeting bitcoin holders aim for swift execution. Prolonged hostage situations increase the chances of being tracked or facing escalated risks.
“Wrench attacks want to get in and out as quickly as possible; requiring them to hold you hostage for a lengthy period of time and transport you without raising suspicion will be quite unpalatable,” Lopp explained.
For Lopp, mitigating physical attacks against bitcoin investors and holders requires both technological solutions and common-sense privacy practices. He advises: “Be anonymous if you post online about crypto. Don’t talk about your assets to people in meatspace. Don’t do high-value face-to-face trades. Don’t flaunt wealth. Don’t give your real name and address to crypto services.”
