Florida Banking October/November 2025

TRUST & WEALTH MANAGEMENT

THE SURGE OF CRYPTO ‘WRENCH’ CRIMES

BY MARK PARTHEMER, AEP, ACTEC FELLOW, GLENMEDE TRUST COMPANY

I magine you’re a crypto investor and one evening, while sitting peacefully in your house in the suburbs, three masked men burst into your home, zip-tie your family, and brandish a cordless power drill — demanding your Bitcoin password. There’s just one problem for them. You’ve done everything right: cold wallets, two-factor authentication, no keys stored online. In fact, because you’ve set up multi-signature wallets across three continents, you literally can’t give them access. You try to explain this. They try to understand seed phrases and time-locked wallets while waving around a drill like it’s a universal decryption device. Frustrated and confused, they flee the scene empty handed – and crash their car, leading police right to them. Thankfully, no one was seriously hurt. But this isn’t fiction – this happened. And it’s part of a disturbing trend: when cybercrime fails, criminals are turning to Cybersecurity is the practice of protecting computer systems, networks, devices and data from theft, damage, unauthorized access or other forms of cyberattacks. It encompasses a wide range of technologies, processes and practices designed to safeguard digital information and ensure the confidentiality, integrity, and availability of data. Basically, it protects against digital attacks. Experts often refer to the following as the three biggest cybersecurity threats. They are prevalent because they work. 1.Ransomware – malware that encrypts a victim’s files or systems, making them inaccessible, and demands a ransom payment for their release. 2.Phishing, Smishing and Social Engineering – target individuals with deceptive emails or messages. old-fashioned crime tactics. Cybersecurity Threats

3.Data Breaches and Identity Theft – even more concerning due to AI voice copycat capabilities. When speaking on this topic, I often infuse numerous “Dad” jokes. I didn’t include any in this column as they really are not funny (you’re welcome). However, humor is often used to talk about serious subjects - it can emphasize irony, serve as a coping mechanism, or even serve to bond us to others. While my Dad jokes are meant to be harmless, it’s important to remember that cybersecurity is a serious and important topic – indeed, it is no laughing matter. Enhanced Interrogation Finds Bitcoin The newest form of cybersecurity threat is kidnapping and torture. The following six examples demonstrate an escalation of violence in attempts to steal cryptocurrencies and digital assets. The enhanced violence has led to them being labeled “wrench” attacks. In fact, it’s a term popularized by an online comic who jokingly illustrates how easily high-tech security can be defeated by physical force, violence or intimidation. These attacks exploit human vulnerability rather than technical weaknesses, bypassing even the most sophisticated security measures used for cryptocurrency storage. 1. Are You Smarter Than These Would-Be Kidnappers? In Manchester, UK (2022), two masked men broke into a crypto trader’s home demanding he transfer Bitcoin. Unfortunately for them: • The trader had no access to the private keys on site. • He offered them tea to “talk things out” while stalling. • Meanwhile, his smart home security notified the police, who arrived and arrested them before any crypto was transferred. 2. The Airport Abduction That Never Got Off the Ground in Ukraine (2021). An alleged crypto

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