A 52-year-old man was robbed of $85,000 at gunpoint while attempting to purchase cryptocurrency from another individual in a car park. The incident took place around 8:30 p.m. on November 29 along Trincity Central Road, Trincity.
The victim reported the robbery to the Arouca Police Station on Saturday. He explained that he had arranged to meet a 33-year-old man from Belmont, with whom he had conducted cryptocurrency transactions for nearly two years.
Details of the Robbery
The victim informed officers that he was seated in his car when the other man entered and joined him. He stated that he handed over $85,000 in cash, contained within a black bag, which was intended for the purchase of digital assets.
Shortly after the exchange of money, two armed men dressed in hoodies reportedly attacked the victim. According to a report by local media, the robbers approached the car, knocked on both the passenger and driver windows, and then snatched the cash and cell phones. The assailants escaped in a getaway vehicle, leaving both men unharmed.
A 52-year old man in Trinidad was robbed of $86,000 when he went to buy cryptocurrency from a man in a pharmacy parking lot.
Pro tip: don't bring bags of cash to randos in a parking lot.https://t.co/aLePjXX1dB
— Jameson Lopp (@lopp) December 2, 2025
Rising Trend of Crypto Wrench Attacks
This incident highlights a growing concern regarding physical cryptocurrency attacks. Last month, Cryptopolitan reported on a thief disguised as a delivery driver who robbed a San Francisco homeowner of $11 million in crypto. In that case, the robber was armed, bound the victim with duct tape, and forced them to hand over their wallet, credentials, a laptop, and a phone.
Earlier in the month, a different crypto wrench attack occurred in the United Arab Emirates involving a convicted Russian scammer and his wife. The couple was found dead after meeting with individuals posing as crypto investors.
Local media reported that Roman Novak was confronted by these individuals, who demanded access to his crypto wallets. Although the robbers gained access, they found nothing of value. The assailants subsequently murdered the couple and fled. UAE-based police discovered the victims' bodies dismembered and dumped in bags in the desert near Fujairah. Authorities tracked the group's movements as they attempted to conceal their tracks by wrapping vehicles before departing for Russia, with one assailant reportedly heading to Georgia.
“We’re seeing a clear surge in ‘wrench attacks,’ where criminals torture or threaten victims to drain their wallets.”
-David Richards, CEO of BlockchainUnmasked.
An analysis by Jameson Lopp, co-founder and chief security officer at self-custody platform firm Casa, recorded over 60 physical crypto attacks in 2025 alone. This represents a significant increase from the 32 attacks recorded for the entirety of 2024.
David Richards, CEO of BlockchainUnmasked, argued that the rise in cryptocurrency prices has fueled this surge in crypto attacks. He also believes that criminals are leveraging sophisticated social media and other technologies. He noted that there were only 10 such cases reported in France in the first half of 2025, while attacks in the U.S. increased by 169%.
Advice for Crypto Traders
Richards suggested that some cases and attacks may go unreported. He cautioned that crypto wrench attacks could escalate further through 2026 unless privacy tools and global law enforcement can coordinate effectively and rapidly.
The CEO of BlockchainUnmasked added that the attack on Roman Novak was not random, as Novak had previously scammed $500 million and had a prior conviction for fraud. He indicated that the attack was likely a retaliatory act, as reported by local media. Richards pointed out that Novak was known for flaunting his wealth in Dubai and tended to leave digital trails, making him an easier target.
The firm's official urged retail investors to maintain a low profile and avoid flaunting their profits and successes. He also emphasized that crypto users should implement multi-factor authentication, going beyond just two-factor authentication, for enhanced security.