Crypto Holder Kidnapped Amid $2.17 Billion Theft Surge

In early May, authorities in San Bernardino County began investigating the disappearance of 74-year-old Naiping Hou, who vanished under suspicious circumstances. Hou left his home without his phone on a Monday and never returned. Days later, his silver Toyota Yaris was discovered abandoned near a hiking trail in Rancho Cucamonga. On May 4, he was officially declared missing.

By July 7, the San Bernardino County Sheriff’s Department confirmed that its Specialized Investigations Division was treating the case as suspicious, citing evidence of “extensive fraudulent activity” involving Hou’s bank accounts. Investigators revealed that an unknown individual used Hou’s phone and impersonated him to communicate with his family, raising concerns that Hou may have been kidnapped.

No suspects have been named, but authorities have not ruled out foul play. Hou’s son, Wen Hou, has offered a $250,000 reward for information that could lead to his father’s safe return. Wen, who has worked as Chief Investment Officer of hedge fund Coincident Capital since 2019, built his fortune in crypto and believes the motive behind his father’s disappearance may be financial.

“He had no reason to disappear,” Wen said in an interview. “I miss him a lot. He’s sort of a guide to my life.” Experts suggest the case fits a growing trend of physical attacks targeting individuals linked to digital wealth. Local and federal agencies now use blockchain forensics to follow the money in these cases.

Violent physical attacks targeting cryptocurrency holders, known as “wrench attacks,” are sharply rising, with a significant number of cases already reported. The trend is driven by the recent surge in the value of Bitcoin, with criminals increasingly shifting from online hacks to real-world violence. So far this year, over $2.17 billion in crypto has been stolen globally, surpassing the total from the previous year. Attacks on personal wallets now account for nearly 25% of stolen funds.

Retail wallet holders are now the main targets. Users in the U.S. report a significant number of cases. The trend is also being fueled by advanced tactics, with growing use of AI tools to identify and manipulate victims, often through phishing and impersonation schemes. The rise of wrench attacks is a stark reminder that digital assets are only as safe as the people who hold them.