Boston Police Alert Highlights Surge in Violent Crypto Asset Thefts

Key Insights:

• The Boston Police Department has alerted residents and visitors about a rise in phone thefts by criminals looking to steal crypto assets.
• The department said most incidents are happening around midnight and target individuals leaving clubs and bars.
• Physical violence to steal crypto assets is growing globally, with 2025 set to see twice as many similar incidents as in 2021.

The Boston Police Department (BPD) has alerted residents about recent phone theft cases. A post on the department’s website stated that multiple incidents have been reported by individuals enjoying nightlife in the city.

According to the BPD, cell phone thefts usually happen when individuals leave clubs and bars around 11:30 pm and 2:00 am. It identified hotspot areas as Downtown, Back Bay, Fenway, and Seaport.

The police explained that cell phone thefts appear connected to a broader criminal attempt to gain access to sensitive information on users’ phones and steal money through their financial apps. It noted that these criminals target fintech platforms, such as Apple Pay, Venmo, and PayPal, as well as crypto wallets.

It said:

“Once in possession of the phone, suspects have accessed sensitive information and made unauthorized transactions using financial apps.”

Meanwhile, the alert also highlighted tactics being deployed by the criminals, noting that they included stealing phones on ride shares, using physical violence, and offering unsolicited rides.

This represents an escalation compared to the earlier tactics of pickpocketing or using shoulder surfing to observe and steal passcodes.

As a preventive measure, the law enforcement authority has now advised that residents and visitors in Boston must be more vigilant and avoid giving their phones to strangers.

Physical crypto crimes on the rise

Meanwhile, the alert highlights the rise of physical crypto-related crimes. Although loss of digital assets due to various forms of cyber attacks and scams continues to grow, crypto holders now have to deal with a new attack vector in the form of violent crimes.

Chainalysis’s 2025 crypto crime report acknowledged this. It noted that this form of attack, called “wrench attack,” has grown substantially this year. The firm said that 2025 is already on track to have twice as many physical attacks as 2021, the highest year on record.

These attacks have come in the form of violence or coercion, with kidnapping, murder, home invasion, and armed robbery all being deployed. Data from Jameson Loop’s physical Bitcoin attacks on GitHub shows that the most recent incidents happened on September 5.

The incident happened in Ontario, Canada, where an undisclosed person was forced to get into a van, where he was physically assaulted by five men and threatened with a gun to transfer crypto assets before being released.

Before that, there had been seven reported and documented incidents in August, with three happening in France. In one of the French cases, a crypto industry in Paris was kidnapped. With the attackers stealing €2 million in Bitcoin before they were arrested. France has particularly featured in recent reports of such incidents.

Crypto Market Bull Run is Responsible – Chainalysis Experts

Interestingly, experts at Chainalysis noted that the rise in these. Wrench attacks is mostly due to the crypto market bull run. The analysts saw a correlation between rising attacks and the forward-looking.  Bitcoin moving average, which suggests the price of BTC will increase.

However, the number of attacks and amounts stolen remain relatively low compared to broader cyber attacks affecting crypto. Still, the violent nature of the incidents and low reporting rate suggest there is cause for alarm.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss. That may occur from investing in or trading. Please do your research before making any financial decisions.