Physical assaults on cryptocurrency users have surged, with a particular rise in incidents deemed “wrench attacks.” These events are becoming increasingly violent. According to Haseeb Qureshi, a partner at Dragonfly, the incidents have seen a resurgence but still remain below the violence levels of previous years.

Crypto Wealth and Violence

In a comprehensive tweet, Qureshi highlighted that while the violence per user currently resembles that of 2021, it still remains significantly less than what was seen before 2019. He noted that Western Europe and the Asia-Pacific are experiencing the steepest upticks in these violent events, while North America appears to still be safer compared to other regions.

Qureshi explored the correlation between the surge in crypto market valuation and violent crimes, showing that about 45% of the variations in reported violence can be attributed to price movements.

Highlighting incidents from the past year, he mentioned that in January, Ledger’s co-founder David Balland was kidnapped at home and severely assaulted for ransom, while Jacob Irwin-Cline was tricked and robbed in London.

These trends raise alarms about the rising risks associated with cryptocurrency ownership as more individuals enter the space.