Physical attacks targeting cryptocurrency holders are becoming more frequent and more severe, according to a fresh analysis of so called wrench attacks. These incidents involve criminals using direct physical force or threats to coerce victims into handing over their digital assets. While online scams remain a major concern, the growing trend of offline violence is adding a disturbing new layer of risk for crypto users worldwide.

What the Data Reveals About Wrench Attacks

The analysis was shared by Haseeb Qureshi, who examined a dataset maintained by Bitcoin security advocate Jameson Lopp. Lopp has spent several years documenting publicly reported cases where attackers resorted to physical violence, intimidation, or kidnapping to steal cryptocurrency. The dataset is widely regarded as one of the most comprehensive public records of such crimes.

According to the data, the total number of reported wrench attacks has steadily increased over time. More concerning is the shift in how violent these incidents have become. Qureshi grouped attacks into five categories, ranging from relatively minor assaults to cases that resulted in serious injury or death. Recent years show a clear trend toward higher severity, suggesting that attackers are becoming more aggressive in their methods.

Violence Increases Alongside Crypto Prices

One of the clearest patterns in the data is the relationship between market conditions and physical crime. When crypto prices rise, wrench attacks tend to increase as well. By comparing attack frequency with total crypto market capitalization, the analysis found that around 45 percent of the variation in attack numbers can be explained by market value alone.

This supports a long held assumption in the industry. As digital assets become more valuable, they attract greater attention from criminals who see crypto holders as lucrative targets. Unlike traditional bank accounts, cryptocurrency transactions are irreversible, which makes coercion an especially effective tactic once attackers gain physical control over a victim.

Europe and Asia See the Sharpest Rise

Geographically, the rise in violent incidents has not been evenly distributed. Western Europe and parts of the Asia Pacific region have seen the sharpest increase in wrench attacks in recent years. Several high profile cases in these regions have involved home invasions, abductions, and prolonged physical threats aimed at forcing victims to transfer funds.

North America, by comparison, remains relatively safer, though the trend there is not flat. The number of incidents has also risen in absolute terms, indicating that no major region is immune to the problem. Differences in reporting standards and media coverage may also influence how many cases become public, meaning the true scale could be larger than what the data shows.

Is Crypto Actually Becoming More Dangerous?

Despite the alarming headlines, the data also offers a more nuanced picture. When wrench attacks are adjusted for user growth, crypto may actually be less dangerous today than it was in earlier years. Crypto ownership has expanded dramatically over the past decade, while physical attacks have not increased at the same rate.

On a per user or per dollar basis, the risk of physical violence linked to crypto was higher in 2015 and again during the 2018 bull cycle than it is now. This suggests that while the absolute number of attacks is rising, the average user is not necessarily facing a higher individual risk than before.

Qureshi emphasized that these findings should not be treated as abstract statistics. For people holding significant amounts of crypto, especially those who are publicly known or easily identifiable, personal security remains a serious concern. He urged high risk individuals to invest in privacy and safety measures rather than assuming digital security alone is sufficient.

Online Threats Show a Different Trend

Interestingly, while physical attacks are becoming more violent, some forms of online crime are moving in the opposite direction. Wallet drainer phishing attacks, which trick users into signing malicious transactions, dropped sharply in 2025.

According to data from Web3 security firm Scam Sniffer, losses linked to wallet drainers fell to $83.85 million in 2025, down 83 percent from nearly $494 million the year before. The number of victims also declined significantly, falling 68 percent year over year to around 106,000.

However, Scam Sniffer warned that this improvement may not be permanent. Phishing activity continues to track market cycles closely. Losses surged during periods of heightened onchain activity, particularly in the third quarter, which coincided with Ethereum’s strongest rally and accounted for roughly $31 million in losses.

A Shifting Risk Landscape for Crypto Holders

Taken together, the data paints a complex picture of security in the crypto space. Digital scams may be getting harder to pull off at scale, thanks to better tooling and awareness. At the same time, physical threats are becoming more prominent as criminals adapt their tactics.

For crypto holders, the message is clear. Security is no longer just about private keys and hardware wallets. As digital wealth becomes more visible and valuable, personal safety, discretion, and privacy are increasingly critical parts of protecting assets.