Cryptocurrency has become a significant driver of both cybercrime and real-world criminal activities, according to a report by the Wall Street Journal. As major cryptocurrency holders move their assets into cold wallets—physical devices that store digital currencies offline—they are increasingly becoming targets for physical thefts, abductions, and robberies.
The Journal highlights an increase in so-called “wrench attacks,” where attackers use basic tools to inflict pain and coerce victims into surrendering their cryptocurrency. Dozens of such incidents have been reported globally over the past year, with at least five occurring in France alone in recent months.
High-profile cases include an attempted robbery targeting popular Twitch streamer Amouranth at her Houston home earlier this year. Although the attackers managed to steal her laptop, they were ultimately unsuccessful in accessing her cryptocurrency holdings.
Organized crime rings may also be involved in these thefts. For instance, a Florida man named Remy St. Felix was sentenced to 47 years in prison last year for leading a group that conducted multiple home invasions targeting cryptocurrency owners, stealing a total of $3.5 million in digital currency.
Attackers often identify their victims through online profiles, particularly those who publicly flaunt their wealth. Additionally, data breaches at major cryptocurrency platforms like Coinbase and Ledger have exposed personal information of potential cryptocurrency holders, making them more vulnerable to such crimes.
— new from Gizmodo