Wrench attacks drive crypto investors to centralized custodians
Wrench attacks on prominent crypto executives are shaping the narrative on centralized crypto custody.
Crypto custodians are reporting increased interest in their services amid the rising frequency of so-called “$5 wrench attacks” on cryptocurrency traders, investors and project leaders.
In the last year, several high-profile wrench attacks — physical attempts to steal someone’s crypto — have targeted prominent investors and business executives in the blockchain industry.
The crypto mantra of “not your keys, not your coins” has lost its power among some investors who fear for their personal safety. Cold wallets may offer full control over digital assets, but they also present a single point of attack.
