TLDR
- Crypto wrench attacks are driving exchanges to spend on executive guards and safer travel plans.
- Coinbase reported $8.7 million in 2025 security costs for CEO Brian Armstrong and related measures.
- Gemini pays Winklevoss Capital Management monthly for executive protection, transport, risk advice, and family security.
- A UK victim lost bank funds, crypto, watches, and safety after attackers forced account access.
- Police said offenders used violence, while the victim described lasting fear and social withdrawal afterward.
Crypto wealth is no longer only at risk online. A rise in kidnappings, home invasions, and wrench attacks is forcing exchanges and top executives to spend millions on personal security, secure transport, and family protection, as criminals use fear and violence to unlock digital assets.
Exchanges raise spending on protection
Bloomberg reported that kidnappings, assaults, and armed home invasions have pushed crypto firms toward tighter defenses. These attacks target people, not just online accounts. As a result, security plans now cover both devices and daily movement.
Coinbase spent about $8.7 million in 2025 on security and related protection for Brian Armstrong. The figure rose from about $6.2 million in 2024, according to its latest proxy filing. That increase shows how executive safety has become a larger company cost.
Gemini’s latest filing says it pays Winklevoss Capital Management $400,000 each month for protection services. The services cover executive protection, secure transport, risk advice, and family safety. They apply to the company’s CEO, president, and their families.
In crypto, a wrench attack means physical force used to make a person surrender access. The term often covers robberies, kidnappings, and threats linked to digital assets. It also shows why online security alone may not stop theft.
London case shows human coercion risk
The UK case described in the report began in Shoreditch, east London, on July 3, 2025. Police said four men befriended a 36-year-old man during an evening with friends. They then forced him to return to his home address.
The next morning, the man woke with facial injuries and missing personal items. More than £10,000 also left his bank and crypto accounts. Investigators said the attackers used facial checks to make him open accounts.
Coinbase alerted Hertfordshire Constabulary after unusual activity appeared on the victim’s account. Police then opened an investigation and identified the men at the victim’s home. Five men appeared at St Albans Crown Court for sentencing on May 18.
Brandon Stephenson, Jason Kareem, Jerome Denton, and Royan Campbell received jail terms. Jason Kareem received the longest sentence, at six years and six months. Rayshon Keena received a two-year community order for money laundering offences.
Victim statements add focus on safety
The victim said the attack changed his daily routine and social life. In court, he said he had “trouble sleeping” after the incident. He also feared strangers still had details about his family and work.
He said he avoids some parts of London and often turns down invitations. Friends noticed he had become more reserved around groups, according to his statement. His partner said she felt “exposed and vulnerable” after finding him injured.
Detective Chief Inspector Nick Gardner said the offenders showed “no remorse” for the ordeal. He said they used threats and violence to take cash, crypto, and watches. The court also heard that the victim suffered financial and emotional harm.
The case has added pressure on crypto firms to review personal protection again. Conferences are also increasing checks to protect guests, speakers, and staff. For crypto leaders, security now starts before any account login.
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