BITCOIN SEASON 2: Bitcoin Has a Wrench Attack Problem

Jun 7, 2025

The podcast dives into the alarming rise of crypto-related kidnappings and wrench attacks. Real-life horror stories include a Ledger co-founder's torture and a high-stakes hostage situation in NYC. Security expert Jameson Lopp shares vital tips to protect against physical Bitcoin theft. The conversation spans the dark side of custody risks, revealing shocking incidents of abductions across Europe and Asia. Listeners gain crucial insights into navigating the treacherous landscape of cryptocurrency while emphasizing the importance of operational security.

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INSIGHT

Wrench Attacks as a Single Failure

Wrench attacks illustrate physical coercion as a single point of failure for self-custodied crypto assets.
Torture can extract keys since funds are irretrievable once transferred under duress.

ADVICE

Protect Crypto Privacy and Custody

Keep your crypto assets on offline cold wallets rather than accounts or hot wallets.
Avoid public displays of wealth or travel plans to reduce kidnapping or extortion risks.

ANECDOTE

Ledger Co-founder Kidnapping

Ledger co-founder and his wife were kidnapped in France and he was mutilated.
The kidnappers demanded cryptocurrency ransom prompting a large police rescue operation.

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