Physical attacks targeting cryptocurrency holders are becoming more frequent and increasingly severe, according to a new analysis of so-called “wrench attacks.”
In a Sunday on X, Haseeb Qureshi, who analyzed a dataset maintained by Bitcoin () security advocate Jameson Lopp, revealed that the total number of reported wrench attacks over time, and the nature of those attacks has escalated.
After categorizing incidents into five levels, ranging from minor assaults to fatal outcomes, the data suggests the average attack has become more violent in recent years.
Lopp has spent years reported cases in which attackers use physical violence or , creating one of the most comprehensive public records of the phenomenon.
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Wrench attacks rise sharply in Europe and Asia
Geographically, Western Europe and parts of the Asia-Pacific region have seen the sharpest rise in violent incidents, while North America remains comparatively safer. Still, even North America has experienced an increase in absolute terms.
One obvious driver is price. When charted against total crypto market capitalization, violent incidents rise alongside valuations. A simple regression shows that roughly 45% of the variation in attack frequency can be explained by market cap alone, supporting the view that higher prices attract more criminal activity.
However, the data also complicates the narrative that crypto is becoming inherently more dangerous. When attacks are normalized by user growth, the picture changes. Crypto ownership has expanded dramatically over the past decade, while violence has not increased at the same pace. On a per-user or per-dollar basis, crypto was riskier in 2015 and 2018 than it is today.
“With all of this said, this is more than just an intellectual exercise. This is serious shit. Remember that there’s a lot you can do to invest in your own personal security if you’re high-risk,” Qureshi concluded.
Related:
Wallet drainer phishing losses plunge in 2025
As Cointelegraph reported, crypto phishing attacks linked to wallet drainers , with total losses dropping to $83.85 million, down 83% from nearly $494 million the year before, according to a report by Web3 security firm Scam Sniffer. The number of victims also declined 68% year over year to about 106,000.
Despite the decline, Scam Sniffer warned that phishing activity remains closely tied to market cycles. Losses spiked during periods of high onchain activity, particularly in the third quarter, which coincided with Ethereum’s strongest rally and accounted for $31 million in losses.
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