Criminals in Trinidad Rob $85K in Crypto Ambush — Weekly "Wrench Attacks" on the Rise

A crypto investor in Trinidad lost approximately $85,800 in cash after being ambushed in a pharmacy parking lot, adding to the growing number of physical assaults aimed at cryptocurrency holders worldwide.

According to local reports, the 52-year-old man from Arouca arrived at the SuperPharm lot on Trincity Central Road on November 29 to meet a trader he had exchanged cryptocurrency with for nearly two years. The 33-year-old trader from Belmont entered the buyers vehicle as he had during previous deals, and the buyer handed over a black bag filled with cash for the planned purchase.

Moments later, two armed individuals wearing hoodies approached the car, announced a robbery, smashed their way inside, and seized the cash and both victims mobile phones before fleeing in a getaway vehicle. The victim later filed a report at the Arouca Police Station. Authorities have not stated whether the long-time trading partner was involved or also victimized.

The incident occurred during a weekend when police were already responding to a rise in vehicle thefts at nearby shopping areas. In separate reports, a St. Joseph resident found her Nissan B14 missing from the One Woodbrook Place parking garage, while another woman reported her Suzuki Vitara stolen from the Trincity Mall lot. Police investigations remain ongoing.

Security analysts classify the Trinidad robbery as part of an expanding category of physical crimes linked to cryptocurrency ownership. These so-called wrench attacks involve criminals using intimidation, assault, or kidnapping to force victims to hand over wallet access or authorize transactions.

Jameson Lopp, co-founder of security firm Casa and one of the few researchers tracking such incidents, reports more than 60 physical crypto attacks this yearover 30% more than last year. He notes a 169% increase since February, with France leading worldwide reports at 14 confirmed cases.

Global incidents have grown increasingly violent. In British Columbia, a 2024 home invasion involved a family being restrained, tortured, and waterboarded as assailants demanded cryptocurrency access. The attackers sought 200 BTC before stealing $1.6 million in digital assets. One suspect later pleaded guilty and received a seven-year prison sentence.

Authorities in the United States are investigating a similar violent robbery in San Francisco on November 24, while other cases have emerged across major cities. In New York, an Italian tourist was kidnapped for over two weeks as captors tried to extract his Bitcoin credentials. In Chicago, six suspects were charged earlier this year with forcing victims to transfer $15 million in crypto. Comparable attacks have surfaced worldwide.

French prosecutors say organized groups have adopted sophisticated tactics, including using counterfeit delivery uniforms, surveillance, and stolen service vehicles to scout targets. In one high-profile case, Ledger co-founder David Balland and his wife were held for 48 hours; Balland later told investigators that one of his fingers was severed during the ordeal.

Analysts believe the spike in physical attacks reflects strong crypto market performance, which has increased the value of individual holdings and encouraged criminals to rely on coercion rather than online hacking.

Author: Noah Whitman