{"id":29035,"date":"2025-05-30T20:13:11","date_gmt":"2025-05-30T20:13:11","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/crypto-kidnappings-on-the-rise-as-criminals-resort-to-wrench-attacks\/"},"modified":"2025-05-30T20:13:11","modified_gmt":"2025-05-30T20:13:11","slug":"crypto-kidnappings-on-the-rise-as-criminals-resort-to-wrench-attacks","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/crypto-kidnappings-on-the-rise-as-criminals-resort-to-wrench-attacks\/","title":{"rendered":"Crypto kidnappings on the rise as criminals resort to &#8220;wrench attacks&#8221;"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>The recent case of an Italian tourist who was <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/newyork\/news\/kidnapping-torture-arrest-soho-italian-tourist\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">kidnapped in New York City and tortured<\/a><\/span> by people allegedly after his cryptocurrency is drawing attention to a rash of crimes dubbed &#8220;wrench attacks,&#8221; which combine cybertheft with old-fashioned thuggery.\u00a0<\/p>\n<p>The term stems from an <a href=\"https:\/\/xkcd.com\/538\/\" target=\"_blank\" rel=\"nofollow noopener\">XKCD comic<\/a> that depicts a &#8220;crypto nerd&#8217;s imagination&#8221; of the tech know-how that would be required to break into their digital wallet. In reality, the comic notes, all it would take is a heavy $5 wrench to threaten the crypto owner until they revealed their account password.<\/p>\n<p>Such attacks have picked up in recent months, partly because stealing a digital wallet can be easier than stealing money from a traditional bank account, said Ari Redbord, global head of policy and government affairs at TRM Labs, a crypto tracing firm. On top of that, the value of bitcoin has surged in recent months, making people with crypto holdings potentially lucrative targets for criminals.\u00a0<\/p>\n<p>&#8220;Criminals go to where the money is, and we&#8217;re seeing a huge rise in the price of bitcoin,&#8221; Redbord said. &#8220;Before, you needed sophisticated cyber capabilities to hack someone, but now you can be a violent criminal who can beat [the password] out of someone.&#8221;<\/p>\n<p>He added, &#8220;I don&#8217;t think I&#8217;ve ever been as taken aback by this type of illicit activity in crypto.&#8221;<\/p>\n<p>The crypto world also has a culture of flaunting wealth via social media posts or appearances at crypto conference, which allows criminals to easily identify potential targets.<\/p>\n<p>Bitcoin traded Friday at nearly $105,000 per token, according to <a href=\"https:\/\/www.coindesk.com\/price\/bitcoin\" target=\"_blank\" rel=\"nofollow noopener\">CoinDesk<\/a> \u2014 about 53% higher than a year ago. The digital currency has soared partly as people seek alternatives to put their money than traditional investments like stocks and bonds, and as the Trump administration takes steps to promote the use of cryptocurrencies, including establishing a &#8220;<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-a-crypto-strategic-reserve-trump-bitcoin\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">strategic crypto reserve<\/a><\/span>.&#8221;<\/p>\n<h2>How to crack a wallet<\/h2>\n<p>Cryptocurrency thefts aren&#8217;t new, but they&#8217;ve typically involved hacking, such as a massive <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/binance-hack-100-million-cryptocurrency-blockchain\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">2022 hack at crypto exchange Binance<\/a><\/span>\u00a0in which thieves initially stole $570 million, as well as multiple hacks by entities the United Nations found were l<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cryptocurrency-hackers-stole-3-8-billion-north-korea-chainalysis-report\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">inked to North Korea<\/a><\/span>.<\/p>\n<p>In response to such threats, crypto owners often try and keep their private keys off the internet and stored in what are called &#8220;cold wallets.&#8221; When used properly, such wallets can defeat even the most sophisticated and determined hackers.<\/p>\n<p>But criminals have realized they don&#8217;t need any technical skills to steal crypto assets, Redbord said. All it takes is gaining access to a person&#8217;s crypto account password, because there&#8217;s no third-party financial institution standing in the way of accessing funds held in a digital wallet, he explained.\u00a0<\/p>\n<p>Transactions on the blockchain, the technology that powers cryptocurrencies, are permanent. And unlike cash, jewelry, gold or other items of value, thieves don&#8217;t need to carry around stolen crypto. With a few clicks, huge amounts of wealth can be transferred from one address to another.<\/p>\n<h2>NYC crypto kidnapping<\/h2>\n<p>The case in New York City is somewhat unusual because it involves crypto investors allegedly trying to steal the assets of another investor, Redbord said.<\/p>\n<p>In that case, investors John Woeltz, 37, and William Duplessie, 33, face\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/newyork\/news\/nyc-crypto-kidnapping-john-woeltz-accomplice\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">charges of kidnapping<\/a><\/span>, assault and unlawful imprisonment of the Italian tourist in an effort to steal his digital wallet containing bitcoin worth millions of dollars. Court papers allege that the pair held the unidentified 28-year-old victim for weeks in an apartment in New York City&#8217;s fashionable Soho neighborhood.\u00a0<\/p>\n<p>After the victim was abducted, he was shocked with electric wires, his leg was cut with a saw and he was forced to smoke crack cocaine, prosecutors allege. Items including a photo of a gun held to the Italian tourist&#8217;s head were found in the apartment by investigators.\u00a0<\/p>\n<p>Two New York City police detectives had been working security for the accused kidnappers, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/newyork\/news\/soho-crypto-kidnappers-nypd-detectives-working-security-police\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">CBS News New York has reported<\/a><\/span>. The detective have been placed on desk duty as police investigate.<\/p>\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/05\/30\/ce804804-c6cc-4146-960c-38835952088b\/thumbnail\/620x414\/23cc17d159367743990f107d74e7d0c6\/ap25147601029783.jpg?v=15603985a4508c8e7bc83d8e4e73c5d0#\" alt=\"Crypto Kidnapping \" height=\"414\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/05\/30\/ce804804-c6cc-4146-960c-38835952088b\/thumbnail\/620x414\/23cc17d159367743990f107d74e7d0c6\/ap25147601029783.jpg?v=15603985a4508c8e7bc83d8e4e73c5d0 1x, https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/05\/30\/ce804804-c6cc-4146-960c-38835952088b\/thumbnail\/1240x828\/7458107fadeac391dd1d8d76c5214be6\/ap25147601029783.jpg?v=15603985a4508c8e7bc83d8e4e73c5d0 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">William Duplessie, who along with John Woeltz is accused of kidnapping an Italian tourist to steal his cryptocurrency holdings, is escorted out of the New York Police 13th Precinct after turning himself in on charges of kidnapping and false imprisonment, Tuesday, May 27, 2025, in New York.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Yuki Iwamura \/ AP<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>Such incidents have also occurred with increasing frequency in Europe and Asia. Several cases in France have mirrored the New York City attack, with French police arresting 20 people following several alleged kidnapping plots involving crypto investors and their families, the BBC <a href=\"https:\/\/www.bbc.com\/news\/articles\/clyz4rkxrwxo\" target=\"_blank\" rel=\"nofollow noopener\">reported<\/a> earlier this week.\u00a0<\/p>\n<p>In one case, a gang allegedly tried to <a href=\"https:\/\/www.bbc.com\/news\/articles\/c20qee5030do\" target=\"_blank\" rel=\"nofollow noopener\">kidnap <\/a>the daughter and young grandson of a cryptocurrency company executive in Paris, while earlier this month the father of a crypto millionaire was rescued by police in Paris after he was kidnapped and held for ransom.\u00a0<\/p>\n<p>Aside from keeping a lower profile, crypto investors can take other steps to make it tougher for criminals, Redbord said. One option is to require permissions from several people to access a wallet, for instance.\u00a0<\/p>\n<p>In the meantime, criminals are taking note and may be pursuing similar crimes, he added. &#8220;They are seeing successes and trying to replicate these successes,&#8221; Redbord said.<\/p>\n<p class=\"content__meta--contributors\">\n<p>                      <span class=\"byline__author__text\">The Associated  Press<\/span><\/p>\n<p>        contributed to this report.\n    <\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n        <\/aside>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/aimee-picchi\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Aimee  Picchi<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/crypto-wrench-attack-bitcoin-kidnapping-nyc\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The recent case of an Italian tourist who was kidnapped in New York City and tortured by people allegedly after<\/p>\n","protected":false},"author":1,"featured_media":29036,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[3795,1228,3450],"class_list":["post-29035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-bitcoin","tag-crime","tag-cryptocurrency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto kidnappings on the rise as criminals resort to &quot;wrench attacks&quot; - World News<\/title>\n<meta name=\"description\" content=\"A rash of attacks on cryptocurrency owners is combining cybercrime with old-fashioned thuggery, experts say.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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