Global "Wrench Attacks" Surge: Trinidad Crypto Buyer Robbed at Gunpoint, Loses $85,800

Another armed robbery targeting cryptocurrency buyers has occurred in Trinidad, where a man from Aruca was ambushed by two armed, masked attackers in a parking lot, losing $85,800 in cash and his mobile phone. This incident highlights the global surge in violent “wrench attacks.”

According to local media reports, the man was sitting in the parking lot of a pharmacy on Trinity Center Road, handing a black bag filled with cash to a colleague he had known for two years, in preparation for a cryptocurrency purchase. Right after the handover, two armed men approached the vehicle, knocked on the window, and quickly fled with the cash and the phone. Police are currently investigating the case.

Incidents where physical violence is used to seize crypto assets are on the rise worldwide. According to a database maintained by Casa co-founder Jameson Lopp, there have been over 60 such “wrench attacks” in 2024, a trend that is much higher than in previous years.

Recent cases have been even more brutal. In San Francisco, an assailant posing as a deliveryman tied up a homeowner at gunpoint, forcing them to hand over access to a cryptocurrency wallet holding over $11 million, along with their phone and laptop. Last month, Russian crypto industry figure Roman Novak and his wife were violently killed in the UAE after meeting with so-called investors and being forced to unlock their assets.

Security experts say this type of crime is shifting from online attacks to physical violence. Cybersecurity consultant David Sehyeon Baek notes that attackers are using not only blockchain analytics tools but also AI technology to track users’ fund movements, withdrawals, and locations in real time. He emphasizes that these are not random crimes, but “well-planned, data-driven precision attacks.”

As the scale of crypto assets grows and wallet ownership becomes more widespread, the offline risks faced by crypto users continue to rise. Experts advise crypto holders to avoid carrying large amounts of cash for in-person transactions, to keep their asset holdings private, and to use multisig, cold wallets, and withdrawal time delays to minimize losses in the event of coercion.

The rising trend in such cases is prompting regulators, security teams, and users worldwide to reassess the real-world risks of crypto asset ownership. For crypto users, cybersecurity is no longer just about online protection—real-world security is equally important. (Decrypt)