Cryptocurrency is rising in price despite its inherent volatility. Yet as it does, attacks against those holding the currency have increased. We discuss why crime is rising as the price of crypto does.
Very specific crimes known as crypto wrench attacks are on the rise. They involve the threat of physical force, which is rescinded if a person gives over their cryptocurrency. In 2025 alone there have been several high-profile incidents and according to security expert Jameson Lopp, there have been over 200 recorded since 2014. We discuss why they are happening and how to safeguard your cryptocurrency in the article below.
Crypto Attacks
One documented attack of this type happened in January. This was when the moderator of a crypto forum was kidnapped, with the attacker demanding a ransom. He was forced to transfer Bitcoin to a wallet in exchange for his freedom. Other incidents include a similar incident in the same month, in which high-profile crypto figure David Balland was abducted for a crypto ransom.
There are several reasons why this may be, and though this week in particular has been a volatile one for cryptocurrencies, this type of crime is generally rising in price over the long term. The possibility of a Bitcoin Strategic Reserve in the US, that will include Bitcoin and four altcoins, has sent the current market into a frenzy. This saw gains of around 20% for the Bitcoin price, with some altcoins making a 60% gain. Since then, this has gone back down. However, it will only take a comment or social post to send prices rocketing again, and short-term investors are poised to see where the market will go next.
Security experts have discussed how there is a very rough correlation between the rise in the price of Bitcoin and these attacks. As the adoption of crypto increases, so does its awareness in the minds of those with ill intent. It becomes another way for them to extort money. They also go on to describe how criminals are in the phase at which they are balancing the risks and rewards associated with this.
These incidents have remained at around 20 per year since 2021. Half of that has been exceeded in 2025 already. This aligns with a perfect moment when Bitcoin passed the $100,000 price tag and popped back into the mainstream public eye. It is also worth noting that these are only reported attacks. There may be others that people have not disclosed.
Streamer Amouranth Victim of Bitcoin Robbery
Another reason is the increasing prevalence of those who are involved in cryptocurrency posting their finances. Social media is a playground for this, with people often boasting about crypto gains in a bid to further their social reach or gain conversions for their financial advice businesses. The downside to this is that people can easily find out who has what in their crypto wallets.
One example is Kaitlyn Siragusa, well known by her public persona of Amouranth. On March 2nd, she was the victim of a frightening home invasion. Sharing her experience on X, she described how robbers had woken her in the night, pulled her out of bed, and demanded payment. However, it was not physical cash or household belongings they wanted. Instead, they were fixated on her holdings in Bitcoin and cryptocurrencies.
Posting on social media, she explained that posting was her first reaction as they had picked up her phone and told her to log in to her crypto wallet. Sending a message on social media seemed to be the obvious choice, as calling would have elicited a reaction. This was later reported to the Houston Police Officer Union, who asked for any information about the attack.
Amouranth, as discussed above, is one celebrity well-known to talk about their finances on open channels. She has appeared on YouTube hosting personal finance shows. Her earnings from various platforms have also been made public through her own choosing.
Keeping Your Crypto Safe
Cryptocurrency is an extremely safe medium. In fact, it is both transparent and anonymous at the same time. People can see how much is kept in wallets and where the money goes. However, they have no way of knowing who they belong to, so they can't find addresses or personal details.
There are ways you can also increase security. Namely, this involves not posting financial gains and losses, along with your income, on social media. However, for those who must, perhaps because of their line of work, then a dummy crypto wallet is advised. This can be a wallet that has very little in it, should an attack ever occur.
Like a commodity, as it becomes more accepted and valuable, crypto will become a target of crime. This is more an indication of the society itself than anything to do with cryptocurrency. Keep your trading success to yourself and you will have no issues. All you need to worry about is deciding to ride the short-term volatility or invest for the long haul.