Binance has launched a new security feature called “Withdrawal Protection” on May 4, allowing users to block outgoing transfers from their accounts for up to seven days in direct response to the global surge in violent physical attacks targeting cryptocurrency holders. The default lock period is 48 hours, with options ranging from 1 to 7 days. During the lock, account access and trading remain fully functional, only outgoing crypto transfers are blocked.
How It Works and Its Limitations
The feature is a user-activated lock that prevents all on-chain withdrawals from a Binance account for a specified period. Users can pre-configure a bypass option to allow early cancellation; without it, no one—including the account owner—can withdraw funds during the lock. It is important to note that the lock does not protect against court orders, and because it relies on Binance's centralized infrastructure rather than cryptographic mechanisms, users must trust the platform rather than a self-sovereign security system.
Escalating Physical Threats
So-called “wrench attacks”—kidnappings, home invasions, or physical coercion designed to force victims to sign transactions on the spot—have reached alarming levels globally. Security researcher Jameson Lopp's public tracker shows 316 incidents of kidnapping and ransom against crypto holders since 2014, with 79 attacks in 2025 alone and at least 27 more reported in 2026. Blockchain security firm Certik verified a 75% increase in physical coercion incidents in 2025, reaching 72 confirmed cases. Assault-related incidents rose 250% during the same period.
France at the Epicenter
France has become the global epicenter of the crisis, with local authorities recording 135 incidents since 2023 (67 in 2025 and 47 already in 2026), averaging one attack every 2.5 days this year. The Paris prosecutor's office has charged 88 individuals, including minors, in a coordinated operation against organized crypto theft networks. In early 2026, armed assailants attempted to kidnap Binance France CEO David Prinçey at his home in Val-de-Marne; he was not present at the time.