A shocking incident in San Francisco has highlighted the growing threat of physical assaults targeting cryptocurrency holders. A resident was robbed of a staggering $11 million in cryptocurrency after a thief, masquerading as a delivery driver, forced entry into his home and violently restrained him.
The brazen robbery occurred at approximately 6:45 a.m. in the Mission Dolores neighborhood of San Francisco. The suspect presented a firearm to the victim, subsequently tying him up with duct tape before making off with the substantial digital fortune. While authorities are investigating, no arrests have been reported, and it remains unclear if the victim sustained injuries during the ordeal. Attempts to reach the homeowner listed in public records yielded no response.
This incident is part of a troubling trend described by experts as a rise in “wrench attacks”—a term that encompasses physical assaults, kidnappings, and coercive methods employed to extract sensitive information such as passwords or fund access from cryptocurrency holders. The concept reflects the shift from cyber-hacking to direct physical confrontations, emphasizing that even the most secure digital systems can be undermined through force.
A report released by Bitcoin security advocate Jameson Lopp revealed that physical attacks on cryptocurrency investors have surged by 169% since February of this year, with at least 48 incidents documented. The newly updated figures indicate that there have already been over 60 wrench-style incidents in 2025, surpassing totals from the previous year, and demonstrating an escalating threat landscape.
Regions across North America, Europe, and Australia have reported similar incidents, further underscoring a pervasive security crisis. In France alone, 14 cases have been logged, while coordinated crime rings have increasingly targeted crypto entrepreneurs and their families. Recent notable cases include the severe kidnapping of an Italian tourist in New York, where the victim was tortured for over two weeks in efforts to extract his Bitcoin credentials. Meanwhile, in Chicago, six individuals face charges for allegedly abducting four residents and coercing them into transferring $15 million in cryptocurrency.
In France, victims have experienced particularly violent encounters, exemplified by a recent case involving a former trader who was kidnapped and held captive. After his captors failed to receive the ransom, he was discovered wandering home with visible injuries, marking it as one of numerous reported kidnappings linked to cryptocurrency.
In addition to the physical attacks, the cryptocurrency community is facing a concerning surge in digital theft. A report from security firm CertiK indicated that cryptocurrency investors lost nearly $2.47 billion in hacks, scams, and security breaches during the first half of 2025. Experts suggest that as digital security measures improve, criminals often resort to physical violence, thus exacerbating the rise of wrench attacks.
Jameson Lopp emphasized the significance of this surge, attributing it partly to the increasing valuation of cryptocurrencies, which makes individuals with digital assets attractive targets for criminals. He advises cryptocurrency holders to adopt best practices for security, advocating for the blending of self-custody with custodial services tailored to individual risk factors. Furthermore, he warns users against publicizing their holdings and encourages a thorough understanding of operational security, underscoring the importance of being vigilant in today’s challenging landscape.
