Cryptocurrency thefts are rising: How to safeguard Bitcoin, Crypto assets?
Cryptocurrency thefts
have hogged the headline as some of the crypto's key characteristics reveal reasons why wealthy individuals who hold a lot of digital assets can be ripe targets for such attacks. Experts have advised ways to tackle the threats and safeguard the assets, as per a report.
The headline-grabbing tale of an Italian man who said he was kidnapped and tortured for weeks inside an upscale Manhattan townhouse by captors seeking his
bitcoin
highlights a dark corner of the cryptocurrency world: the threat of violence by thieves seeking digital assets. The alleged attempted robbery is known as a "wrench attack". It's a name popularized by an online comic that mocked how easily high-tech security can be undone by hitting someone with a wrench until they give up passwords, AP reported.
Wrench attacks are on the rise thanks in part to cryptocurrency's move into mainstream finance, Phil Ariss of the crypto tracing firm TRM Labs said in a recent blog post.
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by Taboola
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Stealing cryptocurrency is almost as old as cryptocurrency itself, but it's usually done by hacking. North Korean state hackers alone are believed to have stolen billions of dollars' worth of crypto in recent years.
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In response to the threat of hacking, holders of a large amount of crypto often try and keep their private keys off the internet and stored in what are called 'cold wallets.' Used properly, such wallets can defeat even the most sophisticated and determined hackers.
But they can't defeat thieves who force a victim to give up their password to access their wallets and move money.
The case in New York is the latest in a string of high-profile wrench attacks. Several have taken place in France, where thieves cut off a crypto executive's finger.
Ways to Tackle Cryptocurrency Thefts
Experts suggest several ways to mitigate the threats of wrench attacks, including using wallets that require multiple approvals before any transactions.
Perhaps the most common way crypto-wealthy individuals try to prevent wrench attacks is by trying to stay anonymous. Using nicknames and cartoon avatars in social media accounts is common in the crypto community, even among top executives at popular companies.
FAQs
Q1. What is world's most popular cryptocurrency?
A1. World's most popular cryptocurrency is Bitcoin.
Q2. What is 'wrench attack'?
A2. The headline-grabbing tale of an Italian man who said he was kidnapped and tortured for weeks inside an upscale Manhattan townhouse by captors seeking his bitcoin highlights a dark corner of the cryptocurrency world: the threat of violence by thieves seeking digital assets. The alleged attempted robbery is known as a "wrench attack".
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News18
17 minutes ago
- News18
The Rise And Fall Of Two Crypto Traders Who Tortured A Bitcoin Millionaire For His Password
Last Updated: From luxury rentals, private security and wild parties to a brutal $30 million Bitcoin ransom attempt, the twisted saga of John Woeltz and William Duplessie has stunned New York The Case That Shocked NYC A shocking crypto kidnapping case involving two self-styled traders has rocked New York. On May 23, Italian crypto millionaire Michael Valentino Teofrasto Carturan escaped from a luxury townhouse in New York's upscale SoHo neighbourhood, running barefoot onto a city street and flagging down a traffic officer, according to The New York Post. Carturan told police he had been kidnapped and held captive for nearly three weeks by John Woeltz and William Duplessie. Prosecutors alleged that during his captivity, Carturan was tortured with a chainsaw and tased while standing in water, and at one point was hung off a roof ledge in a bid to force him to reveal the password to his Bitcoin wallet, reportedly worth $30 million. According to ABC News, prosecutors said Woeltz and Duplessie lured Carturan to New York by threatening to have his family killed. Once he arrived, they allegedly stripped him of his passport and electronics, bound his wrists, beat him, shocked his feet, struck him in the head with a gun, cut his leg with a saw, urinated on him, and forcibly made him smoke crack cocaine. Prosecutors said Carturan eventually escaped after convincing his captors to retrieve his laptop so he could access his Bitcoin wallet. When Woeltz left to get the laptop, Carturan ran out and sought help. The Two Alleged Masterminds William Duplessie, 33, and John Woeltz, 37 — both self-styled crypto traders — had entered New York's luxury club scene months earlier. Woeltz, described as a seemingly mild-mannered Kentucky native, is estimated to have a net worth of $100 million. Duplessie, originally from Miami, Florida, left behind a trail of debts and legal troubles. According to The New York Post According to prosecutors, Duplessie also faced legal trouble in Switzerland, where he was accused of assaulting his fiancée. Buying Into NYC's Elite Nightlife According to The New York Post, Duplessie and Woeltz rented the Prince Street townhouse for between $30,000 and $40,000 a month and quickly entered New York's exclusive nightlife circuit. They gained access to some of the city's most high-end and selective clubs, including Nebula (a large Midtown mega-club), Hearsay and Gospël (both upscale lounges), The Box (an exclusive erotic nightclub), and Paul's Baby Grand (a fashionable downtown lounge popular with celebrities). The duo often used former club promoter Charlie Zakkour to secure entry into these venues. One woman told The New York Post that Zakkour reached out to her, saying he 'knew some wealthy crypto people staying at the Mercer Hotel who wanted to spend $30,000 at a popular lounge called Paul's Baby Grand." At one party, she recalled, 'William poured the entire bag full of cocaine onto a metal tray and casually walked away," adding, 'It was crazy because the amount of cocaine was worth the cost of my college tuition fee or even more." Another woman described arriving at one of their townhouse parties, where 'there was security everywhere, and a girl was checking coats at the entrance." She continued, 'I've never seen anything like that. Workers were serving the food and drinks — Don Julio 1942 and Grey Goose." She left soon after, saying, 'There was no politeness, there was no small talk. I felt like a piece of meat." Duplessie's spending inside these clubs was equally extravagant. One passerby told The New York Post, 'I've seen him drop $160,000." Another source said he would spend $100,000 on tables at The Box and Hearsay. A SoHo street vendor, identified as 'Dutch," said he regularly saw Woeltz dispose of 'maybe 50, 60 bottles — wine, vodka. Big bottles in plastic bags on the sidewalk." According to city 311 data cited by The New York Post, neighbours called in multiple noise complaints regarding the townhouse in early April. The Backstory Of Debt And Illusion While they flaunted immense wealth inside New York's club scene, Duplessie faced mounting lawsuits over unpaid rent, car leases and a crash lawsuit in Miami, according to The New York Post. Despite these legal troubles, he continued his lavish nightlife routine, with witnesses telling the outlet that he would sometimes claim he worked for the CIA while partying. How It All Came Crashing Down The alleged scheme ended abruptly with Carturan's escape. Both Duplessie and Woeltz were arrested and charged with kidnapping with intent to collect ransom, assault, and unlawful imprisonment. As of now, both men are being held without bail, according to The New York Post. According to ABC News, both suspects have pleaded not guilty. Prosecutors argued that Woeltz should be held without bail, citing his access to a private jet and helicopter. Duplessie's request for home detention in Florida with $1 million bail was denied by the judge. Woeltz has since been indicted by a grand jury, with his arraignment scheduled for June 11. If convicted of the top charge of kidnapping, both men face a maximum sentence of 25 years to life in prison. top videos View all Their assistant, Beatrice Folchi, 24, who was previously employed as a bottle girl at The Box, was also arrested after Carturan's escape. However, Manhattan District Attorney officials have declined to prosecute pending further investigation. NYPD Commissioner Jessica Tisch told a New York media outlet that while Duplessie and Woeltz remain the only suspects for now, 'there may be others." Watch India Pakistan Breaking News on CNN-News18. Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! tags : bitcoin crypto trading Kidnapping case New York Location : New Delhi, India, India First Published: May 30, 2025, 18:35 IST News world The Rise And Fall Of Two Crypto Traders Who Tortured A Bitcoin Millionaire For His Password
Time of India
an hour ago
- Time of India
Bastar: Three villagers injured in IED blast triggered by Maoists in Bijapur
RAIPUR: Three villagers were injured in a pressure IED blast, activated by Maoists in Bandepara village of insurgency-hit Bijapur district in Bastar on Friday morning. Upon receiving information, emergency services quickly dispatched an ambulance to the site to ensure timely medical treatment for the injured. Police and local authorities are coordinating efforts to evacuate the victims and provide necessary care. Police said, in yet another act of cowardice, Maoists targeted innocent civilians with a pressure-activated IED at Bandepara village in Maddeḍ region, leaving three villagers seriously injured. The blast occurred around 8:30–9:00 AM when the victims were walking to Bandepara for personal errands. The pressure IED, allegedly planted by Maoists, detonated as the villagers unknowingly stepped on the device. The injured villagers were identified as Gote Joga (45), Vivek Dhodi (17), and Badde Sunil (20), all residents of Erragufa Para, Dampaaya. All three sustained serious injuries to their legs and faces due to the blast. This latest attack indicates the ongoing threat posed by Maoist insurgents in the Bastar region, where pressure IEDs have been used extensively to disrupt daily life and intimidate local communities. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trending in in 2025: Local network access control [Click Here] Esseps Learn More Undo Innocent villagers, often caught in the crossfire, remain the most vulnerable victims of this violence. Security forces have launched an investigation into the incident and increased patrolling in the region to prevent further attacks and ensure safety of civilians. Bastar region is on an alert mode after suspected Maoists had looted 5000 kg of explosive in neighbouring Odisha on Tuesday. Maoists often use explosives to plant IEDs targeting security personnel and if triggered to blasts, they claim lives or amputee people for life.
Time of India
an hour ago
- Time of India
Chhattisgarh: Husband plots wife's murder after watching over 150 crime shows, paid Rs 60,000 contract to killer
RAIPUR: A govt employee was arrested in Balod district for murder of his wife- a school teacher- after meticulously planning the crime by watching 150 episodes of crime shows on internet how to kill and erase evidence. The murder initially appeared to be a road accident when the victim was returning home from school on Mar 22 and got hit down by a Bolero vehicle. But the digital footprints of the husband got police to a breakthrough. The man had hired people as contract killers. Police revealed the chilling incident in Balod district, after arrest of an assistant engineer in the electricity department. The incident dates back to March 22, when Barkha Vasnik, a lecturer at a private school, died following what appeared to be a scooter accident near a temple on Manpur Road in the Dallirajhara region. Her friend Mathura Mandavi, who was riding pillion, was seriously injured. At first glance, it seemed like a tragic hit-and-run. But suspicions raised by Barkha's family, especially her sister Priyanka Dahar, led police to reinvestigate the case — this time treating it as potential murder. The truth that emerged was more disturbing than anyone had imagined. Digital Trail Led to the Killer Balod SP Yogesh Patel and CSP Chitra Verma, began combing through digital evidence. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo They uncovered a stunning digital footprint: Barkha's husband, Shishpal Vasnik, had been extensively watching crime content on YouTube and searching 'how to commit murder,' 'ways to destroy evidence,' and 'fool police investigations.' 'His phone and Google search history were damning, but it was his attempt to manipulate his location data that truly exposed his involvement. On the day of the murder, Shishpal handed his phone to a colleague and a driver with instructions to make random calls from different locations — hoping this would trick investigators into thinking he was in Bhilai, the officers said during a press brief in Balod. Contract Killing for Rs 60,000 Investigations revealed that Shishpal had hired a 24-year-old man named Kayamuddin from Supela, Bhilai, and paid him Rs 60,000 to carry out the murder. The two spent days surveiling Barkha's route from school to home and discovered that she often took a quiet, isolated stretch. On the day of the crime, the duo used a white Bolero SUV with no license plate. As Barkha's scooter approached a bend near the Bajrangbali Temple, they rammed into it. As she and her friend fell, Shishpal stepped out of the vehicle and struck Barkha multiple times on the head and back with an iron rod. They fled immediately. The motive, according to police, stemmed from a long history of domestic discord. Barkha and Shishpal were married in April 2016. Within a day of their wedding, Shishpal allegedly began pressuring her for Rs 4 lakh in dowry. The relationship deteriorated over the years, leading to a pending divorce case. Family members allege that Barkha endured repeated physical abuse during the marriage. Records and complaints shared by her sister with local media support these claims. Barkha leaves behind two young children — a son studying in Class 1 and a daughter in Class 2 — now living with their maternal grandmother in Durg. Her brother Shubham Kutare told reporters, 'These children never received their father's love, and now they've lost their mother too.' Police have recovered the murder weapon (an iron rod), the white Bolero used in the attack, two mobile phones, and a list of contacts used to fake call activity. Based on this evidence, both Shishpal Vasnik and Kayamuddin have been arrested and are in police custody. SP Yogesh Patel called the case 'an exceptional example of forensic and field investigation,' highlighting how digital traces and family persistence cracked open a crime designed to be the perfect murder. This harrowing case not only exposes the terrifying depths of domestic violence but also underscores how technology, when misused, can turn into a dangerous weapon — and how it can also help uncover the truth.
