Coinbase (NASDAQ:COIN) shares that it worked with UK law enforcement to apprehend and convict kidnappers who used its platform to transact a ransom payment.
Reportedly, Coinbase detected suspicious activity in July 2025 and alerted police to the illicit activity. In a “wrench attack,” criminals forced a victim to transfer funds from a Coinbase account and a bank account using facial recognition. Approximately £10,000 in value was pilfered by the criminals. By leveraging blockchain analytics, Coinbase traced the funds and apparently had the perpetrators arrested, resulting in jail sentences.
Coinbase points to this event as a feature of blockchain-based transactions, which incorporate an immutable ledger. If you know the name associated with an account, you can easily follow the money and, when necessary, pursue digitally nefarious activities. This contrasts with cash, which is more difficult to track (but more difficult to transfer).
In 2025, approximately 72 “wrench attacks” occurred, rising by 75% versus 2024. France appears to be a favored jurisdiction as 41 cryptocurrency-related kidnappings took place in the country.
