Physical Attacks on Bitcoin Holders Spike Amid Price Surge

SEOUL, South Korea — A recent surge in physical attacks against Bitcoin and cryptocurrency holders corresponds with a significant rise in Bitcoin’s market price, raising concerns among investors and security experts. Since 2014, more than 200 documented incidents of such attacks have been recorded, according to Jameson Lopp, co-founder and chief security officer of CASA. In 2025 alone, eleven incidents, including a murder case, highlight the escalating risks faced by crypto investors.

The latest incident, which occurred on February 25 in Korea, involved the arrest of four individuals in connection with the murder of a Chinese man intending to purchase cryptocurrency, as reported by Decrypt. With Bitcoin prices climbing, interest from criminals has intensified, particularly in regions like Thailand, Korea, and France.

“There’s a rough correlation between the number of wrench attacks and the price of Bitcoin,” Lopp explained. “As adoption increases and mainstream awareness grows, more criminals recognize the potential targets—crypto asset holders.” This correlation suggests that the increase in Bitcoin’s value has drawn greater criminal attention, potentially putting investors at risk.

Since 2021, the number of physical attacks has consistently exceeded 20 incidents per year, with the current year witnessing heightened activity. Lopp indicated that this uptick in attacks aligns with Bitcoin reaching significant price milestones, including surpassing the $100,000 mark. However, Lopp cautions that his archive only tracks documented incidents, implying that actual figures may be far higher, as many incidents likely go unreported due to the sensitive nature of these crimes.

“What people need to realize is that law enforcement does not protect individuals from attacks; they only respond after the fact,” Lopp stated. He urged potential victims to take proactive measures for their safety. “If you want protection, you’ll have to implement those measures yourself.”

The intrinsic nature of Bitcoin as a form of immaterial wealth makes it susceptible to targeted thefts. Victims often feel embarrassment or fear about disclosing incidents, leading to a lack of comprehensive crime data in the realm of cryptocurrencies.

To mitigate risks associated with these thefts, Lopp advises implementing security protocols such as multi-signature wallets and avoiding high-value face-to-face transactions. “Are you a potential single point of failure? If so, your assets are at great risk,” he noted, emphasizing the need for security awareness among Bitcoin holders.

Criminals generally prefer swift execution of their attacks, aiming to avoid prolonged hostage situations that increase detection chances. “Wrench attacks aim for quick in-and-out operations,” Lopp explained, warning that any delay could lead to greater exposure and risks for both parties.

Ultimately, Lopp’s insights underline the complexity of protecting Bitcoin investors amid rising prices and criminal activity. He reiterates that adopting common-sense privacy practices is essential for safeguarding personal assets and limiting exposure in both physical and online spaces.