Crypto wrench attacks drew renewed attention after US prosecutors charged three Tennessee men in an alleged California robbery and kidnapping scheme targeting cryptocurrency holders. Prosecutors said physical threats were used to force access to digital assets during the alleged crimes.
The defendants are Elijah Armstrong, 21, Nino Chindavanh, 21, and Jayden Rucker, 25. The Justice Department said the indictment was filed on March 31 and unsealed after arrests.
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Crypto Owners Targeted in Alleged Home Invasions
The alleged victims were mostly from San Francisco, San Jose, Sunnyvale, and Los Angeles, prosecutors said. It is alleged that the men pretended to be delivery workers to enter or attempt to enter crypto owners’ houses.
Inside the home, the defendants also reportedly restrained victims with firearms, duct tape, and zip ties. Then all they wanted was to get into the crypto accounts.
One apparent scenario involved a hostage being taken at gunpoint and forced to sign into crypto accounts. The same co-conspirator later transferred approximately $6.5 million to a group-controlled wallet.
US Attorney Craig Missakian said the men terrorized victims to steal large amounts of cryptocurrency. He described the alleged behavior as “brazen, violent, and dangerous.”
FBI Acting Special Agent Matt Cobo stated that the case was a robbery, a kidnapping, and millions’ worth of stolen crypto. Agents will go after suspects with local partners who are targeting those who hold digital assets, he said.
The case highlights broader concerns surrounding crypto wrench attacks. These crimes include physical force, threats, or kidnapping to make victims transfer funds or provide access to wallets.
France Cases Show Rise in Crypto Wrench Attacks
In France, there have been similar incidents, leading to investigations into home invasions and forced access to wallets. The French prosecutor recently filed 88 indictments in cases related to alleged crypto wrench attacks.
In 2024, there were 18 incidents that authorities recorded, followed by 67 incidents in 2023 and another 47 so far this year. But it’s those figures that highlight law enforcement’s concerns about crypto wrench attacks.
Armstrong, along with Chindavanh and Rucker, also remains in federal custody. Armstrong and Rucker were set to return May 12 for appointment of counsel, while Chindavanh has a status hearing June 26.
An indictment contains charges but not proof, the Justice Department said. People are innocent until proven guilty in a court of law.
If they are convicted, the defendants could be sentenced to prison and fined on robbery and kidnapping counts. The case also demonstrates why crypto wrench attacks are still a prevalent ongoing security threat.
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