Rise of 'Wrench Attacks' as Crypto Investors Face Escalating Violence

A San Francisco resident fell victim to one of the largest individual cryptocurrency heists in U.S. history when a thief posing as a delivery driver invaded their home at gunpoint and stole $11 million in digital assets, according to police reports and media accounts. The brazen attack, which occurred around 6:45 a.m. on Saturday in the Mission Dolores neighborhood, saw the suspect brandish a weapon, tie up the homeowner with duct tape, and flee with the victim's cellphone, laptop, and access to their crypto holdings according to police reports.

The incident underscores a troubling rise in physical assaults and kidnappings targeting crypto investors, a trend experts describe as "wrench attacks"-a term referencing the idea that even the most secure digital assets can be compromised through direct, forceful coercion. According to data from Bitcoin security advocate Jameson Lopp, such attacks have surged 169% in 2025, with 48 cases logged year-to-date. The San Francisco robbery aligns with a global pattern of escalating violence, including a New York City kidnapping in May where perpetrators tortured an Italian millionaire for his Bitcoin password and a Los Angeles case involving a former police officer and alleged Israeli gangster who coerced a teenager into surrendering $350,000 in crypto.

The San Francisco victim's ordeal highlights the vulnerabilities of self-custody crypto storage. Unlike traditional financial assets, digital currencies are nearly impossible to trace once transferred, making them a prime target for criminals. "Kidnappings of crypto investors are definitely on the rise," Steve Krystek, CEO of personal security firm PFC Safeguards, told The New York Post. "A lot of the people who come into this money are flashy, and they're signaling that they have wealth."

The attack follows a string of high-profile crypto heists. In March, burglars attempted to steal cryptocurrency from influencer Amouranth's home, and in May, two men were arrested for torturing a New York City resident to extract crypto credentials. Meanwhile, French authorities have reported 10 crypto-related kidnappings in recent months, with coordinated crime rings exploiting public records and social media to identify targets.

The San Francisco Police Department has not confirmed whether the victim was injured or if arrests have been made. Attempts to contact the homeowner listed in public records were unsuccessful. The case has drawn attention to the broader risks of holding large crypto balances in easily accessible wallets, security experts urge investors to adopt operational best practices, such as avoiding public disclosure of holdings and using a mix of self-custody and institutional services.

As the crypto market continues to mature, so too does the sophistication of its threats. The San Francisco heist serves as a stark reminder that digital wealth, while borderless and decentralized, remains perilously exposed to human greed.