Crypto Heist: $11M Stolen in San Francisco Kidnapping

In a shocking incident that underscores the growing physical dangers linked to cryptocurrency, a San Francisco resident was targeted in a brazen heist on November 22. A man, posing as a delivery worker, gained entry into the homeowner’s residence and, through assault and coercion, made off with an estimated $11 million in digital assets.

The ‘Wrench Attack’ Method

The suspect approached the home on Dorland Street early in the morning, carrying a white package and identifying himself only as ‘Joshua.’ Surveillance footage confirmed the homeowner buzzed him in. According to a police report obtained by the San Francisco Chronicle, the victim was later found bound with duct tape. The intruder made off with the homeowner’s laptop, phone, and crucial access devices linked to their cryptocurrency accounts.

Investigators have described the suspect’s actions as consistent with a ‘wrench attack.’ This term refers to encounters where criminals physically force victims to unlock their cryptocurrency wallets. Security experts note that these violent robberies targeting self-custody holders have become increasingly common as criminals realize private keys can be seized through force.

A Rising Trend in Crypto Crime

This incident is not isolated. Blockchain security analysts at Chainalysis highlighted in their 2025 Crypto Crime Trends report that violent crypto-related robberies are on the rise in major cities. The report specifically noted the increasing frequency of attacks on self-custody holders, driven by the realization that private keys can be taken through physical coercion.

Similar patterns have been observed elsewhere in California. In Los Angeles, the District Attorney’s Office reported cases in 2024 where victims were held at gunpoint and forced to initiate digital wallet transfers. In those instances, suspects also posed as delivery workers or contractors to gain access to homes.

Protecting Your Digital Assets

As cryptocurrency adoption continues to grow, San Francisco residents are increasingly concerned about targeted crimes linked to digital assets. Security professionals emphasize that this case serves as a stark reminder that digital wealth can indeed create physical risks. Experts advise crypto holders to take stringent security measures, such as keeping private keys offline, restricting device access, and avoiding wallet transfers on devices in shared living spaces.

Police are actively investigating the case and have not yet announced any arrests. They are collaborating with digital forensics teams to trace the movement of the stolen funds on the blockchain, a critical step in recovering assets in major crypto-theft incidents. Anyone with information is urged to contact the department’s tip line.