A $5 wrench attack is the most primitive form of cryptocurrency theft, involving the threat or use of force to procure coins.
As its name suggests, this attack can be carried out with a simple tool or $5 wrench from a hardware store.
This type of attack can be defined as any physical attack or threat against you with the goal of handing over your wallet’s private key.
This can become an issue if an individual or entity finds out that you own a significant amount of crypto coins.
$5 wrench attacks seem somewhat odd in a world of advanced cybersecurity and hackers, though victims are no less harmed.
Unfortunately, no matter how secure your funds are in your hardware wallet or on your computer, no computer security can save you from this type of attack.
How to Protect Yourself From $5 Wrench Attacks
The easiest way to prevent this type of attack or abuse is to keep all of your data private. This is hardly novel, as informing others of large cash reserves is also a recipe for disaster and theft.
If you own large amounts of crypto, its best to avoid bragging about large gains, trades, or holdings.
This type of information is highly sensitive. This information reaching the wrong person can also create problematic situations that places you and your crypto holdings at risk.
In addition, holders of large amounts of cryptocurrency can also create dummy wallets. This acts as a separate wallet using a different set of private keys.
This can help convolute your own financial situation without jeopardizing your actual wallet.
Finally, owning any expensive asset is a welcome opportunity to improve your home security. $5 wrench attacks are predicated on physical threats or abuse.
It is important to stay safe and shielded from hard, with home security systems providing a helpful defense.