Kidnapping for crypto: Spanish, Danish police smash cross-border gang

Spanish and Danish police dismantle a cross-border gang that kidnapped and killed a crypto holder, underscoring the rise of violent ‘wrench attacks.’

Spanish authorities have arrested five individuals and coordinated with Danish police to charge four others in connection with the kidnapping and killing of a man targeted for his cryptocurrency holdings, officials announced.

The joint investigation identified a cross-border criminal organization focused on stealing digital assets through violent methods, according to police statements. Spanish and Danish authorities conducted coordinated operations involving multiple raids and the seizure of weapons and electronic devices.

The case originated in April when a woman reported to police in Málaga that she and her partner had been abducted in the nearby town of Mijas, investigators said. The couple was ambushed by three or four masked individuals dressed in black and armed with handguns, according to police reports.

Spanish police arrest members of violent ring

The male victim was shot in the leg while attempting to escape, authorities stated. Both victims were forced into a vehicle and transported to a residence where they were detained for several hours. The attackers attempted to access the couple’s cryptocurrency wallets during the captivity, police said.

The female victim was released around midnight. The male victim’s body was subsequently discovered in a wooded area with signs of violence in addition to the gunshot wound, authorities reported.

Police conducted six raids at properties in Madrid and Málaga as part of the investigation. Officers confiscated two handguns—one authentic and one imitation—along with a baton, blood-stained clothing, mobile phones, and documents believed connected to the crime, according to officials. Biological evidence linked to the scene was also recovered.

Danish police charged four suspects in connection with the case. Two of the charged individuals were already serving prison sentences for similar offenses, authorities said.

The incident represents part of a broader pattern of physical attacks targeting cryptocurrency holders to force access to digital wallets. These crimes, commonly termed “wrench attacks” within the industry, have drawn increased attention in recent months.

Violent attacks targeting cryptocurrency holders are projected to reach record levels in 2025, according to a report from blockchain analytics firm Chainalysis. As of July, 35 such attacks have been recorded worldwide, placing the year on track to exceed the previous peak during the 2021 market surge, the report stated.

Chainalysis reported that cryptocurrency-related crime is shifting from online exploits to physical violence. More than $2.17 billion has been stolen from cryptocurrency services in the current year, already surpassing the total for 2024, with nearly one-quarter of losses attributed to personal wallet attacks, according to the firm’s data.

Criminals are focusing on large-value wallets, particularly in regions with expanding retail adoption, resulting in higher average losses for Bitcoin (BTC) holders, the report indicated. The Asia-Pacific region has been significantly affected, ranking second globally for Bitcoin theft and third for Ether theft, according to Chainalysis. Japan, Indonesia, South Korea, and the Philippines have reported increased incidents, some resulting in severe outcomes, authorities in those countries have stated.