Crypto Wrench Attacks Are Costing Coinbase and Gemini Millions in Executive Security.

A surge in physical attacks targeting crypto executives — kidnappings, home invasions, and so-called "wrench attacks" — is forcing exchanges to dramatically scale up personal protection spending, Bloomberg reports.

Coinbase's 2025 proxy filing reveals the company spent approximately $8.7 million on CEO Brian Armstrong's security and related protection measures, up from $6.2 million in 2024 — a 40% year-over-year increase. Gemini's filing shows the exchange is paying Winklevoss Capital Management $400,000 per month for executive protection, secure transportation, and risk-advisory services covering CEO and president Tyler and Cameron Winklevoss and their families.

The disclosures signal that physical security has become a material operating cost for major crypto firms, not a discretionary line item. As on-chain wealth becomes more visible and traceable, the threat surface for…