New Data Shows Rising Physical Attacks Linked to Crypto Theft

Cryptocurrency has long been associated with digital threats such as hacks and phishing scams. However, a more dangerous trend is gaining ground. Physical attacks against crypto holders are becoming more common and more violent. 

A recent analysis of so-called wrench attacks shows that criminals are more willing to use force, threats, and in some cases, lead to the death of the victims. 

Wrench Attacks Are Increasing in Number and Severity

Haseeb Qureshi recently reviewed a dataset kept by Bitcoin security advocate Jameson Lopp. Lopp has spent years recording reported cases of physical violence connected to crypto theft. The data shows a steady rise in the total number of wrench attacks over time. 

More concerning is the change in how these crimes are carried out. The incidents were grouped into five levels, ranging from minor assaults to fatal cases. The analysis showed that attacks have become more severe in recent years. 

This indicates that criminals are not only striking more often, but are also using greater levels of violence that leads to death of the victims. One of the strongest drivers behind these attacks appears to be market value. 

When violent incidents are compared with total crypto market capitalization, a clear pattern emerges.  As crypto prices rise, the number of attacks increases.

A simple statistical analysis shows that about 45% of the change in attack frequency can be explained by market capitalization alone. 

This supports the idea that higher asset values attract more criminal attention and raise the potential rewards for violent theft.

Physical Crypto Attacks Rise Unevenly Across Regions

The rise in physical attacks is not evenly distributed across the world. Western Europe and parts of the Asia-Pacific region have seen the fastest growth in violent incidents. 

North America remains relatively safer by comparison, but it has not been spared. The total number of attacks in the region has still increased, showing that no major market is fully immune to this trend.

Despite the troubling rise in attacks, the data also challenged the idea that crypto is becoming more dangerous overall. 

When incidents are adjusted for user growth, the trend looks different. Crypto ownership has expanded rapidly over the past decade, while violent attacks have not grown at the same pace. 

On a per-user or per-dollar basis, holding crypto was riskier in 2015 and 2018 than it is today. This suggests that while total incidents are rising, individual risk has not increased at the same rate as adoption.

Digital Threats Decline, but Risks Persist

Qureshi stressed that physical threats are real and demand practical responses. High-risk individuals are urged to take steps to improve their personal security and reduce risk.

While physical attacks are increasing, some digital crimes are moving in the opposite direction. Reports show that crypto phishing attacks linked to wallet drainers fell sharply in 2025. Still, security firms warned that phishing activity remains closely tied to market cycles.