Cryptocurrency Scams: What is a Wrench Attack?

In recent weeks, the term ‘wrench attack’ has been popping up in the media more and more often. Mostly because wrench attacks have been occurring more frequently.

But what is a wrench attack exactly? And how can you protect yourself from one? Read on to learn the details about wrench attacks and other common cryptocurrency scams.

What is a Wrench Attack?

The term wrench attack was coined in 2009 by the comic strip xkcd, in which a common thief takes a $5 wrench and beats a man for his cryptocurrency password. The point the creator was making was that, as your own bank, you are subject to physical attacks just as a fiat bank would be. But unlike a fiat bank, most cryptocurrency holders don’t have the same levels of physical protections (like a safe, security guards, and security cameras).

Wrench attacks aren’t new, but they have become more common as the price of cryptocurrency soars. Suddenly, robbing someone who owns even just 2 BTC is worth it to some criminals because even just 1 BTC is worth over $100,000.

It’s important to note that those carrying out wrench attacks aren’t sophisticated criminals. They can be, but unlike hackers, they typically use brute force to attempt to get what they want. This is exactly how one victim was able to escape a wrench attack in NYC in May 2025—he was able to run away while the criminals were running to fetch his laptop.

How Common Are Wrench Attacks?

The number of wrench attacks varies widely, typically spiking when BTC experiences a boom. But it is important to remember that cryptocurrency attacks/scams as a whole rise when this happen, so it shouldn’t be a surprise to anyone that you should be more cautious in general as cryptocurrency becomes more valuable.

That being said, wrench attacks are the least common attacks of all—mostly because they require a criminal willing to exert brute force to acquire what they want (your crypto). And, in 2021 during a “surge” of wrench attacks, there were a total of 35 in the United States. So far in 2025, there have been two major wrench attacks in the US, though some more minor ones may still be unreported or undiscovered as of yet.

Regardless, many cryptocurrency users are becoming more aware of these types of attacks and taking some precautions.

How to Protect Yourself Against Wrench Attacks

At a recent cryptocurrency conference, Jameson Lopp gave a presentation about protecting yourself from cryptocurrency wrench attacks. Here is a breakdown of his suggestions:

1. Set All Social Media to Private

You would be surprised by the number of facts a criminal can discern just from a few pictures. It doesn’t matter if you have Instagram, Facebook, or TikTok, but all of these give insight into your life that a criminal could use to cause you harm. Even something as simple as connecting yourself to a friend or family member via social media can put them in danger, as this is how victims were targeted in recent wrench attacks in France.

2. Remove Physical Addresses from Record

This can be notoriously difficult, especially if you own a home. And this is one of the reasons many cryptocurrency owners are choosing to rent instead. When you purchase a home, your name and address enter the public record in the United States—which can be dangerous if your name is famous enough to garner attention.

3. Add Physical Defenses to Your Home

We know selling your home just to remove your name from public record isn’t always possible. So, we recommend instead installing as much security as possible. Utilize cameras and security systems. Purchase a large dog. Consider buying yourself a taser, mace, or a gun—whatever it takes to ensure your safety if someone tries to target you for your crypto.  

4. Watch What You Say

Lopp recommends not speaking about the cryptocurrency portion of your life with anyone—not even friends or family. You never know when this information might be leaked, or when a well-meaning business meeting could go awry. The recent wrench attack on Caturan in New York occurred because of what he thought was a business meeting, but was men targeting him for his crypto instead.

We recommend always attending business meetings with some form of security—either a hired guard or perhaps 1-2 friends to make it less attractive to target you. Always meet in a public setting when possible.

5. Store Your Pass Key in a Safe Deposit Box

This may sound strange, but if you store your seed phrase as a note in your phone, most attackers can easily discover it by hacking your phone (especially if you use Face ID—turn that off right now). Same goes for if you have an in-home safe—as it becomes easy to hold and torture you until you give the password to the safe.

But, if the seed phrase is stored somewhere public, such as a safe deposit box at a large bank, you become an instant turn-off for many attackers. Of course, since a safe deposit box isn’t foolproof, we recommend splitting your seed phrase between two, just in case.

Plus, when you set up the safe deposit box, you can typically write instructions for the bank to alert when you are in danger. This way, even if the attacker does manage to drag you there, a simple pull on the earlobe can have the bank calling the police on your behalf.

Overall, while wrench attacks are still quite rare, they are becoming more common, so it is important to take precautions to protect yourself from them. This is especially true if you are well-known in the cryptocurrency community, as you may easily become a target. Remain vigilant when you travel, and ensure you make yourself as unattractive a target as possible. While this won’t make you 100% safe, it will lower your chances of becoming a victim of a criminal looking to make a quick buck.