Wrench Attacks on Crypto Holders Increase as Violence Escalates Globally

The physical attacks against crypto holders is increasing all over the world. A recent study reveals that these so-called wrench attacks are increasingly common and violent, with Europe and Asia registering the highest rates. The review is based on years of accumulated data and indicates a concerning trend in the manner in which criminals are trying to steal digital assets.

Analyst Haseeb Qureshi posted recent findings on X. He examined a data set preserved by a Bitcoin security enthusiast, Jameson Lopp, and followed it up on reported cases of physical crypto theft attempts over a period of years. According to the review by Qureshi, the total number of the incidents and the severity of an attack has steadily increased.

Severity of Wrench Attacks Intensifies Across Regions

Lopp classifies every incident into five levels. These include petty physical attacks to lethal violence. The breakdown by Qureshi indicates that the average case now has increased force compared to previous times. It has been reported that there are those attackers who would have used weapons, others just resorted to intimidation to get the victims to give them access to the wallets.

The geographic spread of such incidents has also changed. Western Europe has seen the highest increase in the number of violent cases, with some of the Asian Pacific nations about to be added to the list. The American North continues to be relatively safe, though there has also been an increase in the number of attacks. 

Also Read: $3.4 Billion Lost in 2025 Crypto Hacks, North Korea Tops the List

The trend appears to have been largely contributed to by the movement of prices. Qureshi noted that the correlation is rather self-evident when plotting violent occurrences by total market capitalization. He concludes that about 45% of the movement of the frequency of attacks can be attributed to the movement in the general value of the market.

Source: Qureshi

Nonetheless, the data also refutes the assumption that crypto is increasingly becoming riskier. The risk profile would be different when total attacks are corrected to reflect growth in global ownership. The user population has been increasing at a higher rate than the reported attacks. The risk levels on a per-user basis were greater in 2015 and 2018 than now.

Crypto Users Prioritize Stronger Protection

Qureshi underlined the necessity of the individual safety practices. He pointed out that some of the high-risk people can minimize exposure through the use of superior operational security features. He also observed that most attacks were based on foreseeable methods that were associated with irresponsible storing practices.

In 2025, there was a massive collapse in crypto phishing schemes of wallet drainers. According to Web3 security company Scam Sniffer, total losses hit a low of $83.85 million, which was 83% lower than almost $494 million a year ago. The number of victims also declined significantly, with the number plummeting by 68% in a year to about 106,000.

As Scam Sniffer pointed out, phishing is still correlated with market cycles. There were soaring losses during high on-chain activity, and some particularly in the third quarter. The notable increase of Ethereum was correlated with $31 million of phishing losses.

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