The cryptocurrency industry is facing a growing problem: violent robberies targeting digital asset holders. Tan Poh Hwee, president of the Asia Academy of Digital Economics, argues that the sector must take responsibility for this issue. While cryptocurrencies offer financial freedom, their increasing value makes owners prime targets for criminals.
Known as "wrench attacks," these incidents involve physical violence or threats to coerce victims into surrendering their cryptocurrency holdings. Even the most secure digital wallets cannot protect against coercion. When an individual has sole authority over substantial wealth, they and their families become vulnerable to criminal intimidation.
The industry's current approach, treating physical safety as a personal matter, is insufficient. Poh Hwee emphasizes the need for products and services designed with this threat in mind. Protecting digital assets alone is not enough; the safety of their holders must also be a priority.