Crypto kidnappings on the rise as criminals resort to "wrench attacks"
CBSN
The recent case of an Italian tourist who was kidnapped in New York City and tortured by people allegedly after his cryptocurrency is drawing attention to a rash of crimes dubbed "wrench attacks," which combine cybertheft with old-fashioned thuggery.
The term stems from an XKCD comic that depicts a "crypto nerd's imagination" of the tech know-how that would be required to break into their digital wallet. In reality, the comic notes, all it would take is a heavy $5 wrench to threaten the crypto owner until they revealed their account password.
Such attacks have picked up in recent months, partly because stealing a digital wallet can be easier than stealing money from a traditional bank account, said Ari Redbord, global head of policy and government affairs at TRM Labs, a crypto tracing firm. On top of that, the value of bitcoin has surged in recent months, making people with crypto holdings potentially lucrative targets for criminals.
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