Crypto kidnappings surge as Bitcoin hits new highs

As Bitcoin continues to break price records—surging past $120,000 this month—a darker trend is following its meteoric rise, a spike in kidnappings and extortion tied to cryptocurrency holdings.

NBC News has identified at least 67 cases of crypto-related abductions in 44 countries over the last decade, affecting victims on every continent except Antarctica.

The phenomenon, once a rare crime, has become a global concern, growing steadily each year since 2019.

In 2024, there were 17 confirmed crypto kidnappings—the most in any single year to date. But 2025 has already matched that total, just over halfway through the year.

The threat hit close to home in the U.S. this past May, when two men were arrested in New York City for allegedly kidnapping and torturing a man in his apartment in a violent effort to steal his bitcoin holdings.

Authorities say the suspects physically assaulted the victim and demanded access to his crypto wallet.

These incidents fall under a broader category of crime known as “wrench attacks”—a term coined from an internet comic where a thief uses a "$5 wrench" to force a victim to surrender their private keys. The comic joke has become a grim reality: NBC News found over 150 suspected wrench attacks worldwide in the past 10 years.

Victims often face threats ranging from home invasions and blackmail to physical violence and even murder.

In some cases, assailants also engage in digital harassment tactics like "swatting"—calling in fake emergencies to police in order to intimidate or distract targets.

Marilyne Ordekian, a doctoral candidate at University College London who co-authored a study on wrench attacks, said the number of attacks is closely tied to the rise and fall of Bitcoin's price.

“We found a clear correlation between price spikes and increased physical targeting of crypto holders,” said Ordekian.

Chainalysis, a blockchain analytics firm, echoed those findings in a recent report, predicting that 2025 could see “twice as many physical attacks as the next highest year on record”.

The firm also noted that actual numbers could be even higher, as many attacks go unreported due to fear, stigma, or privacy concerns.

In May, France saw a dramatic crackdown with 20 arrests linked to a series of crypto kidnappings. Among the most high-profile victims was David Balland, co-founder of the French crypto-wallet company Ledger, who was abducted along with his wife.

French authorities believe the suspects may have been targeting individuals linked to high-profile crypto firms.

One key finding from Ordekian’s research is that most violent wrench attacks involve multiple perpetrators—often with specialized roles. Some assailants are tasked with executing the physical attack, while others handle the digital side, navigating wallets and authentication systems to extract cryptocurrency.

While Bitcoin transactions are recorded on public ledgers, they don’t reveal users’ identities, offering some anonymity.

Other so-called “privacy coins” like Monero and Zcash allow users to mask transaction details entirely, making these digital assets even more attractive targets—and more difficult for authorities to trace.

As cryptocurrency becomes further integrated into global finance and personal wealth portfolios, experts warn that physical security must now be part of the conversation.

“We often talk about cybersecurity when it comes to crypto, but wrench attacks remind us that real-world safety is just as critical,” said Ordekian.