Trinidad Crypto Ambush: Armed Robbers Snatch $85K as ’Wrench Attacks’ Now Strike Weekly
Forget sophisticated hacks—the latest threat to crypto holders comes with a barrel and a mask. Physical 'wrench attacks' are escalating from rare horror stories to weekly headlines, turning digital fortunes into street-level targets.
The New Face of Crypto Crime
It’s a brutal pivot in the security landscape. While the industry pours billions into quantum-resistant encryption and multi-sig wallets, a crew with firearms just bypassed it all for a five-figure score. The $85,000 heist in Trinidad isn't an anomaly; it's a trend. Criminals are trading code for coercion, realizing a private key is only as secure as the person who holds it.
Security Theater vs. Street Reality
The incident exposes a painful disconnect. We debate decentralized governance and tokenomics, but the most critical vulnerability sits between our ears—and can be threatened with a weapon. It’s the ultimate irony: assets designed to be trustless and borderless are being seized the old-fashioned way, with force in a specific location. A cynical finance pro might note it's the most reliable exit liquidity some bags have seen in years.
The takeaway is stark. The future of finance demands a new kind of street smarts. Your seed phrase’s safety no longer depends just on your opsec, but on your awareness. As crypto moves from niche to normal, the risks are getting physical, proving that sometimes, the market's hardest lessons aren't learned on a chart, but in an alley.
$85K Trinidad Heist Joins Over 60 Cases Of Physical Crypto Crimes, Researcher Says
The man, a 33-year-old from Belmont, entered the vehicle as he had done in previous transactions. The buyer then handed him a black bag containing $85,800 in cash intended for a crypto purchase.
Moments later, two armed men wearing hoodies approached both sides of the vehicle and announced a robbery. They smashed their way in, grabbed the cash and the victims’ mobile phones, and escaped in a waiting car.
The victim later reported the incident to the Arouca Police Station. Investigators have not disclosed whether the longtime trading partner was involved or was also targeted.
The robbery occurred on the same weekend police responded to two unrelated vehicle thefts at nearby shopping centers, adding to concerns about rising property crime in the area.
A St. Joseph woman reported her Nissan B14 stolen from the One Woodbrook Place basement car park, while another woman discovered her Suzuki Vitara missing from the Trincity Mall parking lot. Police say investigations into all incidents are ongoing.
Although cash was stolen, security analysts categorize it within a growing class of physical attacks linked to digital-asset activity.
These incidents, informally referred to as “wrench attacks”, involve criminals using violence, coercion, or kidnapping to force victims to hand over wallet credentials, sign transactions, or surrender funds.
Jameson Lopp, co-founder of security firm Casa and one of the few researchers tracking physical crypto crimes, has documented more than 60 such attacks this year, already surpassing last year’s total by more than 30%.
Physical attacks targeting Bitcoin and crypto holders are rising at an alarming rate, according to CASA co-founder Jameson Lopp. #Crypto #Attackhttps://t.co/d7lhF9bvvO
Lopp describes a 169% rise in cases since February, with France currently leading global reports at 14 confirmed incidents.
Physical Crypto Crimes Escalate Worldwide, From Home Invasions to Kidnappings
Notably, the violence attached to these crimes has escalated. Last week, a British Columbia court detailed a 2024 home invasion where a family was tied, tortured, and waterboarded as attackers demanded access to cryptocurrency.
The gang sought 200 BTC before taking $1.6 million in digital assets. One suspect, Tsz Wing Boaz Chan, later pleaded guilty and received a seven-year sentence.
In the United States, authorities are also investigating a violent robbery in San Francisco on November 24, Police have released few details and no arrests have been made.
A fake delivery driver robs a San Francisco homeowner of $11M in crypto as wrench attacks surge globally#CryptoCrime #WrenchAttackshttps://t.co/fOslqzEJeS
Similar incidents have been recorded across major cities. An Italian tourist kidnapped in New York was held for more than two weeks while captors attempted to extract his bitcoin credentials, leading to a case that has since drawn internal scrutiny within the NYPD.
Two NYPD officers are on modified duty after reports emerged the two detectives may have possible links to last week's crypto kidnapping.#NYPD #CryptoKidnappinghttps://t.co/bbUSkcge54
In Chicago, six men were charged earlier this year with kidnapping residents and coercing them to transfer $15 million in crypto, with similar attacks reported worldwide.
France has seen some of the most organized efforts. Prosecutors say criminal groups have used fake delivery uniforms, pre-attack intelligence gathering, and stolen service vans to identify potential targets.
In one high-profile case earlier this year, Ledger co-founder David Balland and his wife were kidnapped for 48 hours; Balland later told investigators his finger was severed during the ordeal.
Analysts say the surge in physical crime coincides with continued strength in crypto markets, which has raised the value of private holdings and drawn criminals toward coercion rather than online hacking.
