Fake Delivery Driver Steals $11M in Crypto at Gunpoint — ‘Wrench Attacks’ Hit Record High
A San Francisco resident was robbed of $11 million in cryptocurrency after a thief posing as a delivery driver forced his way into a home and carried out a violent early-morning attack, marking one of the largest known individual crypto robberies in the United States this year.
According to a San Francisco police report, the robbery took place around 6:45 a.m. Saturday near 18th and Dolores streets in the Mission Dolores neighborhood.
Police have not confirmed whether the victim was injured, and no arrests have been announced. Attempts to contact the homeowner listed in public records were unsuccessful.
Physical Attacks on Crypto Investors Hit Record Levels, Up 169% in 2025
The incident adds to what experts describe as a rapidly escalating wave of “wrench attacks,” a term used to describe physical assaults, kidnappings, and coercion aimed at forcing crypto holders to reveal passwords or transfer funds.
The name comes from a well-known webcomic illustrating that even strong digital security can be defeated with a $5 wrench, as attackers shift from hacking wallets to targeting their owners directly.
According to a CryptoNews report in September citing data compiled by Bitcoin security advocate Jameson Lopp, there has been a sharp rise in physical attacks targeting crypto holders, climbing 169% since February, with 48 cases logged in 2025.
However, Lopp has now tracked more than 60 wrench-style incidents this year, already 33% higher than the total for 2024.
France leads with 14 reported cases, but similar attacks have been documented across North America, Europe, and Australia, highlighting a growing global security concern.
Security researchers say the rise coincides with ongoing market strength, which has pushed Bitcoin and other assets higher and made private holders more valuable targets.
The attacks have grown more violent, with criminals often using fake delivery uniforms, social engineering, and pre-attack intelligence gathering to identify victims.
In some cases, attackers study social media posts, public records, or conference appearances to estimate a person’s crypto wealth.
French Police Warn of Coordinated Crime Rings Behind Crypto Kidnappings
Similar patterns have emerged in U.S. cities. In New York, an Italian tourist was kidnapped and tortured for more than two weeks as captors attempted to extract his Bitcoin credentials, leading to an internal investigation involving two NYPD officers.
In Chicago, six men were charged after allegedly kidnapping four residents and coercing them into transferring $15 million in cryptocurrency.
The violence has been most concentrated in France, where coordinated criminal networks repeatedly target entrepreneurs, traders, and their families.
In August, a 35-year-old former trader was kidnapped and held captive between Paris and Saint-Germain-en-Laye after his captors failed to extract a €10,000 ransom.
He was found wandering home with visible injuries after a call for help reached authorities abroad. Police say the case was the tenth crypto-related kidnapping reported in France in recent months.
Beyond physical attacks, crypto holders have also faced a surge in digital theft. A report from security firm CertiK found that investors lost $2.47 billion to hacks, scams, and security breaches in the first half of 2025 alone.
Analysts warn that as digital defenses improve, criminals often turn to physical coercion instead, contributing to the rise in wrench attacks.
Lopp, who began tracking these incidents after a 2017 SWATing attack targeting him, said the spike is a sign of a shifting security landscape.
He noted that rising asset values attract more criminals but added that self-custody tools and best practices have also evolved.
He advised crypto users to avoid publicizing their holdings, understand basic operational security, and consider blending self-custody with custodial services depending on personal risk.
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