Michaela
Tsz Wing Boaz Chan, a key participant in a violent wrench attack on a Bitcoin millionaire family that resulted in the theft of roughly $2 million in cryptocurrency, has been sentenced to seven years in prison amid a growing wave of severe crimes targeting crypto holders.
Key Points
- The wrench attack involving Chan took place in April 2024 in Port Moody, British Columbia
- Four masked men, disguised as Canada Post delivery workers, forced their way into the family’s home as soon as the door was opened, trapping the residents inside
- The father, mother, and adult daughter were bound with zip ties and subjected to threats by the intruders
Court documents show that on May 2, Chan entered guilty pleas to three charges: breaking and entering a residence with intent to commit an indictable offence, robbery, unlawful confinement, and the sexual assault of one of the victims.
The wrench attack involving Chan took place in April 2024 in Port Moody, British Columbia. Four masked men, disguised as Canada Post delivery workers, forced their way into the family’s home as soon as the door was opened, trapping the residents inside.
The father, mother, and adult daughter were bound with zip ties and subjected to threats by the intruders. The attackers, who communicated in Mandarin, Cantonese, and English, referred to each other by numbers and appeared to have detailed knowledge of the family’s routines and assets.
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Additionally, the intruders confiscated the family’s phones and laptops, demanding cryptocurrency passwords and banking information. Over the course of 13 hours, they subjected the family to both physical and psychological abuse in an effort to force compliance. Despite threats of mutilation, waterboarding, intimidation with knives and firearms, and degrading sexual demands, the attackers were unable to extract the full amount they sought.
Chan and his accomplices believed the father held 200 Bitcoin, though his online claims were later found to be exaggerated. Ultimately, they stole approximately $1.6 to $2 million in cryptocurrency from the family’s accounts, destroyed electronic devices by dousing them with bleach and water, and fled the property in the early hours of the morning.
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In July, blockchain analytics company Chainalysis reported that wrench attacks are set to double compared with any prior year, spotlighting a significant increase in violent methods targeting digital assets. According to Chainalysis’ 2025 Crypto Crime Mid-Year Update, theft of funds remains the top concern for the crypto community. This surge in attacks not only threatens individual users and platforms but also underscores broader questions about the long-term security and resilience of the cryptocurrency ecosystem.
Although reported cases are already substantial, Chainalysis cautions that the true number of incidents is likely higher, as many attacks go unreported. The firm also noted a clear link between the increase in wrench attacks and the upward trend in Bitcoin’s price, suggesting that rising market values may be driving more violent targeting of crypto holders.
MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
