A British Columbia family suffered a harrowing 13-hour ordeal in April 2024 when masked intruders, posing as mail carriers, forced entry into their Port Moody home in a meticulously planned attack.
The assailants beat, waterboarded, and threatened the family—husband, wife, and teenage daughter—to obtain access to their bitcoin accounts.
The attackers, communicating in English, Mandarin, and Cantonese, bound the family with zip ties, demanded passwords, and subjected both parents to waterboarding.
The daughter was also victimized, with threats and psychological abuse used to coerce the parents into cooperating.
Orchestrated crime and aftermath
The attackers initially demanded 200 bitcoin, but after learning the father did not possess that much, they settled for 30 BTC, worth approximately $1.6 million at the time.
The family was reportedly targeted due to the father’s reputation for boasting about his bitcoin success within the community.
Judge Robin McQuillan, who sentenced Hong Kong national Tsz Wing Boaz Chan to seven years in prison, described the event as “elaborately planned” and noted its severe emotional and financial impact.
The daughter eventually escaped and contacted police, who recovered weapons, surveillance devices, and linked Chan to the crime through DNA and CCTV evidence.
The other attackers remain at large.
Rise in wrench attacks on bitcoin holders
Experts warn that so-called “wrench attacks,” where criminals use physical violence to steal digital assets, are becoming increasingly common.
According to a recent TRMLabs report, such attacks on bitcoin holders have more than doubled in the past year, making security a growing concern for those with significant holdings.
Lessons for bitcoin security
This incident underscores the risks faced by individuals known for their bitcoin ownership.
Security experts recommend keeping digital asset holdings private and using robust security practices.