Cryptocurrency is booming, but so is the violence targeting its holders. A recent report revealed a shocking 170% increase in physical attacks related to crypto ownership over just six months. This isn’t just a few isolated incidents; we’re talking about 48 violent crimes globally, surpassing last year’s total. A huge chunk of these – about 35 – happened since February alone, highlighting a seriously worrying trend.
The Rise of Crypto-Related Violence
Experts believe this surge is due to two main factors: more people holding significant amounts of crypto, and increased awareness of crypto wealth. France, for example, has seen a staggering 14 incidents this year. Many attacks involve coercion – victims are forced to hand over funds or wallet access under threat of violence. The common thread? Criminals are targeting people who self-custody their crypto, as they can be forced into immediate transfers.
Types of Attacks
The attacks range from kidnapping attempts and robberies to what’s being called “wrench attacks,” where victims are physically harmed or threatened until they reveal passwords or sign transactions. Many victims are forced into immediate transfers, bypassing the security features of their wallets.
Community Response and Expert Advice
Security firms and advocacy groups are pushing for better safety practices. Their advice includes:
- Low-key lifestyle: Avoid flaunting your wealth.
- Multi-signature wallets: Require multiple approvals for transactions.
- Secure cold storage: Keep your offline wallets safe.
- Privacy: Make it harder to track your holdings.
Unfortunately, law enforcement’s response varies widely across countries, leaving some victims with limited recourse. Better coordination between law enforcement, crypto companies, and security teams is urgently needed.
Expert Recommendations
Experts strongly advise against storing large sums of crypto in easily accessible places. They urge users to:
- Plan for the worst: Consider what you’d do if attacked.
- Prioritize physical safety: Make it a core part of your crypto risk management strategy.
The bottom line? The rise in violent crypto-related crime is a serious concern. Staying safe requires a multi-pronged approach, combining smart security practices with awareness of the risks.