Investigating Wrench Attacks: Physical Attacks Targeting Cryptocurrency Users

• In Event: Economic Crime and Property Crime

Abstract

Cryptocurrency wrench attacks are physical attacks targeting cryptocurrency users in the real world to illicitly acquire their cryptocurrencies by conventional means. This is an unusual offending method in the cryptocurrency ecosystem where the typical offenders are cybercriminals only targeting possession. With no prior work on wrench attacks, the purpose of this in-depth explorative study is to investigate and better understand this shift from the cyberworld to the physical world, the different stages and attack methods, and the actors involved. First, we devise a legal definition and crime elements for wrench attacks. Then, we take an interdisciplinary approach and triangulate three data sources using a crime script analysis. We draw from interviews conducted with victims and/or cryptocurrency experts, incidents reported in the media, and use natural language processing approaches to detect posts relating to these attacks on online forums. We identify diverse groups of attackers, various modi operandi, and nine forms of wrench attacks ranging from violent crimes such as murder to crimes against property like burglary. We find that wrench attacks, though have existed since Bitcoin’s early days, are underreported as victims fear revictimization. Unlike all other cryptocurrency (cyber)crimes where certain groups are more likely to be victimised, the findings of this research indicate that motivated attackers can attack any cryptocurrency user. The study reveals actionable recommendations for cryptocurrency users, and potential interventions for regulators and the computer security community to improve methods for crime prevention and cryptocurrency user safety.

Authors

• Marilyne Ordekian, University College London

• Gilberto Atondo-Siu, University of Cambridge

• Alice Hutchings, University of Cambridge

• Marie Vasek, University College London