Spanish police have arrested five people and charged four with the kidnapping and murder of a Danish man for his cryptocurrency possessions, authorities announced Thursday.
Important points:
- Police have arrested suspects in violent cryptocurrency-related kidnappings and killings in Spain and Denmark.
- The incident involved physical coercion to gain access to the victim’s cryptocurrency wallet.
- This highlights the increasing security risks to individual cryptocurrency holders.
The arrests follow a joint investigation into what police say is a transnational criminal group focused on the theft of digital assets through violent means.
The operation was coordinated by Spanish and Danish authorities and included multiple raids and the seizure of weapons and electronic equipment.
Masked gunmen abduct couple in Malaga code attack
The incident came to light in April when a woman reported to Malaga police that she and her partner had been kidnapped in the nearby town of Mijas.
According to investigators, the couple was ambushed by three or four masked men wearing black clothes and carrying handguns.
Police said the man was shot in the leg as he tried to flee. Both victims were then forced into a car and taken to a home where they were held for several hours.
While in captivity, the attackers attempted to access the couple’s cryptocurrency wallets.
The woman was released around midnight. Her partner did not survive. His body was later found in a wooded area with gunshot wounds and signs of violence, authorities said.
As part of the investigation, police raided six properties in Madrid and Malaga. Officers seized two handguns, one real and one imitation, as well as a baton, bloodstained clothing, a cell phone and documents believed to be related to the crime. Biological evidence related to the scene was also recovered.
In Denmark, police have charged four suspects in connection with the incident. Two of the men were already serving prison sentences for similar crimes, authorities said.
The incident highlights a growing concern within the cryptocurrency industry of physical attacks aimed at forcing victims to give up access to their digital wallets.
These crimes, often referred to as “wrench attacks,” have gained attention in recent months and renewed calls for improved personal security among crypto holders.
Violent “wrench attacks” against virtual currency holders are on the rise
Violent attacks targeting crypto holders are expected to reach record levels by 2025, according to a report by blockchain analysis firm Chainalysis.
As of July, 35 so-called “wrench attacks” had already been recorded around the world, and this year is on pace to surpass the previous peak seen during the 2021 bull market.
Chainalysis said that crypto-related crimes are increasingly moving from online abuse to real-world violence. More than $2.17 billion has been stolen from cryptocurrency services so far this year, already more than the total for all of 2024, with nearly a quarter of the losses coming from personal wallet attacks.
Bitcoin holders face increasing average losses as criminals focus on high-value wallets, especially in areas with high retail penetration.
Asia-Pacific has emerged as one of the worst-hit regions, ranking second in the world for Bitcoin theft and third for Ether theft.
Countries such as Japan, Indonesia, South Korea and the Philippines have reported an increase in incidents, some with serious consequences.
The article Spanish Police Arrest 5 People in Cross-Border Cryptocurrency Kidnapping Case appeared first on Crypto News.
