Three Arrested in Spain Over Plot to Kidnap and Extort Crypto Broker

A British crypto broker jumped 30 feet from a balcony in Estepona, Spain to escape kidnappers who demanded $31,000 (€30,000) in digital assets.

Thankfully the broker survived what appears to be another attempt at crypto extortion involving what’s become known as a “wrench attack.”

The 34-year-old victim broke both ankles in the escape, but later managed to avoid surrendering client funds after using Hindi during a coerced phone call to alert a friend in London of his predicament, according to reports from Spanish authorities cited by Metro UK.

Spanish National Police in Malaga arrested three British suspects following the incident. Officers discovered €10,000, two firearms, three knives, and 25 grams of pink cocaine during a search of the apartment where the victim was held.

Chance meeting

The kidnapping began after a chance meeting in Marbella on the Costa del Sol, investigators said. The broker accepted an invitation for drinks at an apartment in nearby Estepona, where the suspects had been temporarily residing.

Once there, the kidnappers threatened to torture and kill the victim unless he transferred €30,000 in crypto from his customers’ accounts. The captors bound the broker, then demanded access to crypto wallets from the broker’s clientele.

The victim managed to alert authorities by pretending to provide wallet access codes during a phone call. Speaking in Hindi to prevent his captors from understanding, he informed a friend in London of his situation. The friend then contacted the victim’s mother, who alerted police.

Spanish authorities launched a search operation after receiving the kidnapping report on February 1. Officers reportedly observed suspicious activity at a residential complex before witnessing the victim’s escape attempt from the terrace.

The three suspects attempted to flee, but were quickly apprehended and now face charges including kidnapping, assault, criminal organization membership, weapons possession, and drug trafficking.

The victim remains hospitalized while recovering from injuries sustained during the escape.

This follows a similar incident earlier in January, in which Ledger co-founder David Balland was kidnapped and later suffered mutilation. Ten suspects aged between 20 and 40 were arrested in connection with Balland’s case.

What is a wrench attack?

In crypto-related crime incidents, a “wrench attack” refers to physical threats and other forms of coercion targeted toward individuals or groups who hold a significant amount of crypto.

Unlike cyberattacks which can at least have some form of prevention and mitigation, wrench attacks exploit the technical inability of most blockchains to reverse transactions.

The term originates from a 2012 XKCD comic, according to a study done by computer science researchers at the University of Cambridge and the University College of London.

While media outlets primarily report “cryptomillionaires or dramatic incidents,” the researchers argued that “many attacks go unreported.”

Over the years, crypto-related crime has become “increasingly diverse and professionalized,” according to on-chain forensics firm Chainalysis.

“[…] of the total $40.9 billion received by illicit crypto addresses in 2024, $10.8 billion was received by “illicit-actor org,” our catch-all term for wallets of services and individuals both directly committing cybercrime like hacking, extortion, trafficking, or scams,” Chainalysis noted in its 2025 Crypto Crime Report.

Edited by Stacy Elliott.