Rising Wave of Crypto Kidnappings: Criminals Employ "Wrench Attacks"
By Aimee Picchi, CBS News Associate Managing Editor, MoneyWatch
Date: May 30, 2025
In a disturbing trend undermining the digital currency landscape, cases of crypto-related kidnappings are on the rise, with criminals resorting to violent tactics known as "wrench attacks." This alarming phenomenon combines elements of traditional thuggery with modern cybercrime, raising concerns among law enforcement and cryptocurrency enthusiasts alike.
Understanding "Wrench Attacks"
The term "wrench attack" was inspired by an XKCD comic that highlights a scenario where a hacker imagines high-tech methods for accessing digital wallets. However, the reality is far simpler—and more dangerous. As the comic humorously suggests, a criminal only needs a basic tool, such as a heavy wrench, to coerce a crypto owner into revealing their account credentials.
Ari Redbord, the global head of policy and government affairs at crypto tracing firm TRM Labs, noted that these attacks have seen a surge recently. The increasing value of bitcoin, which is currently trading at nearly $105,000 per token—about 53% higher than a year ago—means that individuals holding cryptocurrency are becoming prime targets for criminals. "Criminals go to where the money is," Redbord stated, emphasizing that the barriers to entry for committing such crimes have significantly lowered. "Before, you needed sophisticated cyber capabilities to hack someone," he added, "but now you can simply use violence to get what you want."
A Recent Case in New York City
A particularly alarming incident unfolded in New York City, where an Italian tourist was kidnapped and tortured by two individuals allegedly seeking to steal his cryptocurrency holdings. John Woeltz, 37, and William Duplessie, 33, face serious charges including kidnapping, assault, and unlawful imprisonment. Prosecutors claim the victim, who was held for weeks in an apartment in Soho, suffered brutal treatment, including electric shocks and physical mutilation. Disturbing evidence, such as photographs depicting a gun held to the victim’s head, was recovered by authorities from the scene.
This case stands out not only due to its violent nature but also because it involved crypto investors targeting another investor for his assets. The situation is compounded by allegations that two detectives from the New York City Police Department were assigned to provide security for the accused kidnappers and have since been placed on desk duty as investigations continue.
Global Implications and Response
The increase in such violent criminal tactics is not confined to the United States. Similar kidnappings have been reported globally, particularly in France and Asia. French authorities recently arrested 20 individuals involved in multiple kidnapping plots targeting cryptocurrency investors and their relatives. In one harrowing instance, a cryptocurrency executive’s family members were targeted for ransom, underscoring the international nature of the threat.
In light of these developments, experts recommend that crypto investors adopt stronger security measures. These might include maintaining a lower public profile to avoid drawing attention and employing multi-signature wallets that require multiple approvals for access.
Conclusion
As the popularity and valuation of cryptocurrencies continue to rise, so too does the risk of violent crime targeting their holders. The chilling trend of wrench attacks signals a shift in the tactics employed by criminals, combining brute force with the world of digital finance. As the criminal landscape evolves, it becomes increasingly important for investors to remain vigilant and protect their assets in the face of these emerging threats.
For now, law enforcement and the crypto community are left grappling with the implications of this alarming trend, hoping to implement effective strategies to deter future incidents.
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