TLDR
- Coinbase spent about $8.7 million on Brian Armstrong’s security in 2025.
- Gemini pays $400,000 monthly for executive protection services.
- CertiK recorded 72 physical crypto attacks and $41 million in losses.
- Known attacks on crypto holders rose 75% in 2025, CertiK data showed.
- France became a major hotspot for crypto-linked kidnappings and attacks.
Crypto wrench attacks are forcing exchanges and top executives to spend more on personal security. Coinbase and Gemini disclosed millions in protection costs after kidnappings, home invasions, and armed threats rose across the sector. Security firms say wealthy crypto holders now face direct physical risks because public blockchain data and leaked exchange records can expose targets.
Exchanges Increase Protection Budgets
Crypto exchanges are raising security spending as violent attacks target digital asset holders. The threat is known as a wrench attack. It means criminals use force, threats, or kidnapping to access crypto wallets. Coinbase’s latest proxy filing showed about $8.7 million in 2025 spending on CEO Brian Armstrong’s security and related protection measures.
That was up from about $6.2 million in 2024. The increase shows how personal safety has become a larger cost for crypto firms. Gemini also reported major security spending. Its latest filing showed payments of $400,000 per month to Winklevoss Capital Management.
Crypto “Wrench Attacks” Push Exchanges and Executives to Spend Big on Security
Bloomberg reported that rising kidnappings, home invasions and “wrench attacks” in crypto are driving exchanges and high-profile figures to tighten personal security.
Coinbase’s latest proxy filing… pic.twitter.com/1gSXiDLXYa
— Wu Blockchain (@WuBlockchain) May 19, 2026
The services cover executive protection, secure transport, and risk advice for its CEO, president, and their families. The higher spending follows a sharp rise in attacks on crypto owners. CertiK said physical attacks on digital asset holders rose 75% in 2025. It recorded 72 confirmed cases and $41 million in known losses.
Conferences Add Security After Threats Rise
Security concerns were clear at the Bitcoin 2026 conference in Las Vegas. Many high-profile speakers moved through the venue with personal bodyguards. Organizers also held a packed workshop on protecting crypto during a home invasion.
The event used several layers of protection. The Las Vegas Metropolitan Police Department, The Venetian Resort security team, outside contractors, and private security worked together. Justin Doochin, head of events at BTC Inc., described the security setup.
A similar pattern appeared at Paris Blockchain Week. Guests were escorted by a police motorcade to a VIP dinner. Organizers also doubled security around the two-day event after rising concern in France. France has become a key center for such attacks. Recent cases targeted crypto entrepreneurs and their families. One failed daylight kidnapping attempt involved the daughter of Paymium’s chief executive in Paris.
Public Data Makes Targets Easier To Find
Crypto’s open records help users verify transactions, but they can also expose wealth. Criminals can study public blockchain data and leaked exchange records. They can also use chain-analysis tools to identify possible targets. Jameson Lopp, co-founder of Bitcoin custody firm Casa, tracks known wrench attacks in a public database. His records show a roughly threefold rise in known cases between 2023 and 2025.
“Unfortunately, there’s no way to keep yourself off a list,” said Ben Perrin, who runs a Bitcoin security YouTube channel. He told conference attendees that leaked exchange data can help criminals find targets. Some crypto holders are changing custody methods. One protocol founder said he moved assets from self-custody wallets into physical vaults at four institutions. Each withdrawal needs a physical signature and a seven-day waiting period.
Security firms say demand from crypto clients is rising. Executive Risk Services once received inquiries about once a quarter. It now gets requests about once a week. “People are thinking harder about getting critical assets physically and operationally further away,” said Phil Ariss of TRM Labs. He said exchanges are adopting bank-style protection for key personnel, secure travel, and stronger privacy rules.
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