Crypto Industry Sees Spike in Security Spending Amid “Wrench Attack” Threats: Bloomberg

As home invasions, kidnappings, and crypto-linked “wrench attacks” continue to rise, major cryptocurrency companies are increasing spending on executive protection, Bloomberg reported.

Reflecting the growing security concerns, Coinbase disclosed in a recent filing that it spent about $8.7 million in 2025 on security and protection for CEO Brian Armstrong, up from roughly $6.2 million in 2024.

Meanwhile, Gemini reported paying $400,000 per month to Winklevoss Capital Management for executive protection, secure transportation, and risk advisory services covering its top executives and their families.

Source: Bloomberg