Crypto whales and executives face rising physical attacks

Cryptocurrency executives and whales are increasingly becoming targets for criminals worldwide, despite enhanced security measures, as reported by Tech Radar.

The public ledger that underpins cryptocurrency, while enabling transparency, also exposes wealthy holders, known as whales, to identification and targeting by hackers and con artists. Bloomberg reports a 75% year-on-year increase in physical attacks, or crypto wrench attacks, against cryptocurrency holders in 2025. Criminals view these attacks as low-risk, high-return opportunities due to the unrecoverable nature of many crypto holdings and their liquidity.

This has led crypto-related firms and exchanges to significantly bolster their security protocols, including employing executive protection, secure travel, and hardened office spaces. Private crypto holders are also investing in bodyguards, attending physical security conferences, and utilizing decoy wallets and time-delay locks. The problem may be understated, as many victims opt not to report losses or involve authorities due to the difficulty of recovering assets and the fear of attracting further attention.

Source: Tech Radar