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CTV News
28-05-2025
- Business
- CTV News
Why ‘wrench attacks' on wealthy crypto holders are on the rise
New York police officers arrest John Woeltz, May 23, 2025, in New York, who was charged with kidnapping, assaulting and holding a man against his will for several weeks in an upscale Manhattan town house.(AP Photo/Kava Gorna via AP) 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 the crypto's key characteristics help explain why wealthy individuals who hold a lot of digital assets can be ripe targets for such attacks. 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. 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.' 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. 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. 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. Alan Suderman, The Associated Press
Yahoo
24-05-2025
- Business
- Yahoo
Ecuador's Noboa vows to reduce murders, boost economy at inauguration
By Alexandra Valencia QUITO (Reuters) -Business heir Daniel Noboa was sworn in for a full term as Ecuador's president on Saturday, promising to press the South American country's fight against drug gangs and boost sluggish economic growth. Noboa, elected in 2023 to finish out his predecessor's term, won an April vote by an unexpectedly wide margin, despite claims of fraud by his leftist rival. In a ceremony at the National Assembly on Saturday, he was sworn in by the body's president, Niels Olsen Peet. Olsen placed a presidential sash over Noboa's shoulders and they raised their joined hands in a moment of celebration. "The progressive reduction of homicides will be a non-negotiable goal. We will maintain our fight against drug trafficking, seize illegal weapons, ammunition, and explosives, and exercise greater control at the country's ports," Noboa told the assembly about his new term. During his 18 months in office, Noboa declared war on criminal groups, using decrees to deploy the military on the streets, beefing up security at ports and lengthening sentences for drug crimes and terrorism. He also inked a $4 billion deal with the International Monetary Fund, sought to reduce a $4.6 billion fiscal deficit and met with Chinese banks to discuss possible loans. "We are creating a safe, stable, and competitive environment that fosters growth, protects investments, and guarantees real opportunities," Noboa said. The 37-year-old has said cooperation with the United States, Israel and El Salvador will help the country fight drug trafficking and attract foreign investment. His administration has hired Blackwater founder and private security executive Erik Prince to advise security forces, drawing criticism from the opposition and some rights advocates. Though Noboa has touted a 15% reduction in violent deaths during 2024, the first four months of 2025 saw a 58% spike in the figure, to 3,094, compared to the same period last year, according to government figures. He has said the economy is set to grow 4% this year, though the central bank predicts 2.8% growth. Noboa will need to seek financing, analysts say, amid a public debt burden of 51.8% of GDP, high country risk that makes bond issues difficult and a fall in oil production, one of the country's top exports. Noboa's party has control of the legislature and most of its committees.
Yahoo
22-05-2025
- Yahoo
Ottawa police are warning homeowners about door-to-door construction scams
Police say these types of scams are more common in the spring and that the groups behind them are often from the United Kingdom.
