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Global News
3 days ago
- Global News
‘Wrench attacks' against crypto holders are on the rise. What to know
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. 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. 'Criminal groups already comfortable with using violence to achieve their goals were always likely to migrate to crypto,' Ariss said. Some of crypto's key characteristics help explain why wealthy individuals who hold a lot of digital assets can be ripe targets for such attacks. Story continues below advertisement The draw Cryptocurrencies like bitcoin offer traders full control of their funds without the need for a bank or permission from a government to buy, sell or hold it. The trade-off is that if funds are lost or stolen, there can be no way to get them back. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Self-reliance is a key ethos of crypto. Securing and controlling one's private keys, which are like passwords used to access one's crypto holdings, is viewed as sacrosanct among many in the crypto community. A popular motto is 'not your keys, not your coins.' 3:00 Consumer Matters: Tips to avoid crypto currency investment fraud Transactions on the blockchain, the technology that powers cryptocurrencies, are permanent. And unlike cash, jewelry, gold or other items of value, thieves don't need to carry around stolen crypto. With a few clicks, huge amounts of wealth can be transferred from one address to another. Story continues below advertisement In the case in New York, where two people have been charged, a lot of details have yet to come out, including the value of the bitcoin the victim possessed. Crypto thefts 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. 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. Story continues below advertisement 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. Mitigation 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.
Global News
02-05-2025
- Business
- Global News
Vancouver Canucks season ticket holder waits months for over $5K payout after selling tickets
Trish Connolly considers herself a Vancouver Canucks superfan. The season ticket holder says she tries to go to every home game, but can't make them all. In the past, Connolly says she's sold her tickets on the official Canucks Ticketmaster resale site without issue. 'Its worked flawlessly,' Connolly told Consumer Matters. However, this past September, the B.C. resident says she ran into issues. When she went to sell some of her tickets on the resale platform, Connolly says she never received her funds. 'The bank said they had no record of anything at all coming in from Ticketmaster or from the Canucks,' said Connolly. Connolly says she was owed $5,757 for the 16 tickets she had sold. For months, Connolly says she went back and forth with her Canucks representative trying to resolve the issue, but didn't get much help. Story continues below advertisement She also tried contacting executives within the Canucks organization , but says she never heard back. 'We were trying to give them an opportunity to fix it, but at the same time we kind of feel like they were ignoring us,' said Connolly. 3:12 Consumer Matters: StubHub sellers frustrated after waiting for payout The last emailed correspondence Connolly said she received from the Vancouver Canucks was back in February 2025, when a Canucks representative apologized for the lengthy delay with Ticketmaster. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy At the time, Connolly was also promised her case would be escalated and sorted once and for all. However, Connolly says she never received a response. 'Not a word. Nothing.' Making matters worse, Connolly says while she waited for her funds, she had to pay the full amount to renew her 2025/26 season tickets. Story continues below advertisement 'I was actually shocked. You guys owe us all this money and you haven't done anything to help us, you haven't even responded, you never call back when you say you will, but now you have your hand out that you want us to pay,' said Connolly. Consumer Matters reached out to the Vancouver Canucks on Connolly's behalf. That same day, Connolly says she received a call from the Vancouver Canucks. Within a couple of hours, she says a cheque for the full amount owing along with some Canucks merchandise was delivered to her front door. 'It was just like magic,' said Connolly. 'This is all because of you guys. We are just so thrilled it's all taken care of.' 2:58 Consumer Matters: Taylor Swift tickets vanish from Ticketmaster account A joint emailed statement from the Vancouver Canucks and Ticketmaster to Consumer Matters read: Story continues below advertisement 'The Vancouver Canucks and Ticketmaster sincerely apologize to Ms. Connolly, a valued Canucks Season Ticket Member, for her delayed payment. Fans are at the heart and soul of everything we do, and we acknowledge that quicker action should have been taken in this instance. The Vancouver Canucks have reimbursed Ms. Connolly.' Connolly says she never received any details about what went wrong with the ticket resale process. Still, she says she hasn't lost her passion for her favorite team. 'Still a fan!', she said.
