Armed Robbers Make Off With $85K in Trinidad Crypto Heist — Surge in “Wrench Attacks” Reported Weekly

Summary: A recent armed robbery in Trinidad led to the theft of approximately $85,800 from a crypto buyer during a parking lot ambush. This incident is part of a worrying trend of “wrench attacks,” where assailants target cryptocurrency holders using violence to steal digital assets or cash. Security experts have observed a significant increase in these crimes globally.

Key Takeaways

A 52-year-old man in Trinidad was robbed of $85,800 in cash while meeting a trading partner.
This incident contributes to a growing number of “wrench attacks” targeting crypto holders.
Research shows a 169% increase in physical crypto crimes this year, with over 60 attacks documented.
Physical threats linked to cryptocurrency are on the rise, involving tactics like violence and coercion.

Armed Robbers Steal $85K in Trinidad Crypto Ambush — "Wrench Attacks" Now Strike Weekly

Rising Threats to Crypto Holders

A victim in Trinidad experienced a harrowing theft of about $85,800 in cash during a recent ambush at a pharmacy’s parking lot. This incident highlights a troubling global trend of “wrench attacks,” which specifically target holders of digital assets.

As reported by Trinidad and Tobago Newsday, the incident took place on November 29, when the 52-year-old resident of Arouca arrived at a SuperPharm parking lot to conduct a cryptocurrency transaction with a man he had been trading with for nearly two years.

The Incident Unfolds

The trading partner, a 33-year-old individual from Belmont, entered the victim’s vehicle as they had done in previous meetups. The victim then handed over a black bag containing $85,800 in cash for the crypto exchange. However, moments later, two men wearing hoodies approached both sides of the car, demanding the cash. They forcefully entered the vehicle, seized the money and the victim’s mobile phone, and fled in a waiting car.

After the robbery, the victim reported the incident to the Arouca Police Station. It remains unclear whether the long-time trading partner was aware of or involved in the ambush.

This robbery coincided with reports of two unrelated vehicle thefts at nearby shopping areas, raising alarm about increasing property crime in the region. One woman reported her Nissan B14 stolen from a basement parking lot at One Woodbrook Place, while another discovered her Suzuki Vitara missing from the parking area of Trincity Mall. Authorities are actively investigating these cases.

A New Wave of Crypto Crimes

Despite the cash being taken, security experts categorize this incident within a rising category of violent, physical attacks aimed at individuals involved in digital assets. These occurrences are informally dubbed “wrench attacks.” Criminals may resort to violence, coercion, or even kidnapping to compel victims to reveal wallet keys, complete transactions, or surrender their funds.

Jameson Lopp, co-founder of the security firm Casa, is one of the few researchers tracking such incidents. He has documented over 60 of these attacks in just this year, far surpassing the previous year’s total by more than 30%. According to Lopp, there has been a staggering 169% increase in such cases since February, with France leading globally in reported incidents.

Escalation of Violence in Crypto Crimes

The level of violence associated with these crimes continues to rise. Recently, a court in British Columbia addressed a case of a 2024 home invasion where a family was bound and tortured as assailants sought access to their cryptocurrency holdings. The criminals demanded 200 BTC and ultimately stole around $1.6 million in digital assets. One suspect from this case has since pleaded guilty and was sentenced to seven years in prison.

Moreover, authorities in the United States are investigating a violent robbery in San Francisco that occurred on November 24. Details remain sparse, with no arrests reported yet.

Similar alarming cases have emerged in major cities. In one incident, an Italian tourist was kidnapped in New York City and held for over two weeks while captors tried to obtain his Bitcoin credentials, drawing significant attention from the NYPD.

In Chicago, six men were charged earlier this year for kidnapping residents and coercing them into transferring a staggering $15 million in cryptocurrency. Reports of similar encounters indicate that this phenomenon is becoming widespread across the globe.

France has been noted for particularly organized efforts in these crimes. Prosecutors have disclosed that criminal factions have employed fake delivery uniforms, pre-attack surveillance, and stolen delivery vans to select their targets.

One notorious case involved the kidnapping of Ledger co-founder David Balland and his wife; he later recounted that he suffered a severe injury during their 48-hour ordeal.

Experts suggest that the growth in physical assaults is directly linked to the persistent strength of the cryptocurrency market, which enhances the value of individual holdings and attracts criminals who prefer coercive methods to traditional online hacking.