TheBlock
Binance introduced a withdrawal-lockdown feature on Monday that lets users freeze on-chain withdrawals from their accounts for between one and seven days, explicitly framed as a defense against physical-coercion attacks rather than digital exploits. The exchange said existing controls — phishing protection, SIM-swap detection, seed-phrase safeguards — do not cover scenarios in which a user is "pressured, in person, to move their own funds." During an active lockdown window, no one, including the account holder, can move crypto off the platform.
Why it matters
The feature lands against a documented surge in so-called "wrench attacks." Blockchain analytics firm CertiK reported in February that physical-coercion incidents rose 75% in 2025. French authorities said last month they were investigating 88 individuals tied to a wave of kidnappings and extortions targeting crypto holders. One high-profile case involved Ledger co-founder David Balland and his wife, abducted in January 2025 by suspects seeking a multi-million dollar ransom; a separate incident last month saw hooded assailants reportedly extort more than $800,000 in digital assets from a French family.
Market impact
Binance is the first major exchange to ship a feature aimed specifically at the physical layer rather than the network layer, setting a template smaller venues will be measured against. The opt-in design matters: users can break the freeze early using a hardware security key plus authenticator app, or via confirmation to a separate phone number or email — a friction trade-off that prioritizes immobility over convenience during a coercion window. If the 75% CertiK figure holds into 2026, expect custody competitors and self-custody wallet vendors to ship parallel features rather than wait for the threat curve to flatten.
Frequently asked questions
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What is the new Binance withdrawal-lockdown feature?
Binance introduced an opt-in feature that lets users freeze on-chain withdrawals from their Binance account for between one and seven days. During an active lockdown, no one — including the account holder — can move crypto off the platform.
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What is a "wrench attack" in crypto?
A wrench attack is a physical-coercion incident in which a victim is pressured in person — often under threat of violence — to transfer their own crypto to an attacker. It bypasses every digital security control because the victim is the one initiating the transfer.
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How often are wrench attacks happening?
Blockchain analytics firm CertiK reported in February 2026 that physical-coercion attacks rose 75% in 2025. French authorities said last month they were investigating 88 individuals tied to a wave of kidnappings and extortions targeting crypto holders.
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Can a user break the Binance lockdown early?
Yes. Binance's early-unlock path requires a hardware security key plus authenticator app, or a confirmation sent to a separate phone number or email address — adding friction on purpose so the freeze cannot be lifted under pressure in the moment.
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Have high-profile crypto holders been targeted?
Yes. Ledger co-founder David Balland and his wife were abducted in January 2025 by suspects seeking a multi-million dollar ransom, and a separate incident last month saw hooded assailants reportedly extort more than $800,000 in digital assets from a French family.
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