Rise in 'Wrench Attacks' as Cryptocurrency Holders Encounter Increasing Levels of Violence

According to law enforcement and media sources, a San Francisco local became the target of one of the most significant personal cryptocurrency thefts in American history after a criminal, pretending to be a delivery worker, forced entry into their home at gunpoint and made off with $11 million in digital currency. The daring crime took place at about 6:45 a.m. on Saturday in the Mission Dolores area, where the intruder displayed a firearm, restrained the resident with duct tape, and escaped with the victim’s phone, computer, and access to their crypto assets

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This event highlights a disturbing increase in violent crimes and abductions aimed at cryptocurrency holders—a phenomenon specialists refer to as "wrench attacks," meaning that even the most secure digital assets can be seized through physical threats and intimidation. Data from

security specialist Jameson Lopp indicates , with 48 reported cases so far this year. The San Francisco incident mirrors a worldwide trend of increasing violence, such as where attackers tortured an Italian millionaire for his Bitcoin credentials, and and an alleged Israeli mobster who forced a teenager to hand over $350,000 in cryptocurrency.

The ordeal faced by the San Francisco victim draws attention to the risks associated with managing one’s own crypto storage. Unlike conventional bank accounts, digital currencies are extremely difficult to recover once moved, making them attractive to criminals. "There’s definitely an uptick in kidnappings targeting crypto owners," Steve Krystek, CEO of security company PFC Safeguards, told The New York Post. "Many of those who acquire this wealth tend to flaunt it, making themselves visible targets."

This robbery is the latest in a series of notable crypto-related crimes. In March, thieves tried to steal digital assets from influencer Amouranth’s residence, and in May, two suspects were detained for torturing a New York resident to obtain crypto access codes. French officials have also documented

, with organized groups using public information and social networks to identify potential victims.

The San Francisco Police Department has yet to disclose whether the victim suffered injuries or if any suspects have been apprehended. Efforts to reach the homeowner listed in public documents were unsuccessful. This case has brought renewed focus to the dangers of keeping substantial crypto funds in easily accessible wallets, and

, including keeping holdings private and combining personal storage with institutional solutions.

As the cryptocurrency sector evolves, so do the tactics of those seeking to exploit it. The San Francisco robbery is a stark warning that, despite its decentralized nature, digital wealth remains highly susceptible to real-world threats.