Binance, the world's largest cryptocurrency exchange, activated a new security feature called 'Withdraw Protection' on May 4, giving users the ability to block all outgoing crypto transfers from their accounts for a period of one to seven days. The move comes as physical coercion attacks—often referred to as 'wrench attacks'—against crypto holders surged 75% in 2025, according to blockchain security firm Certik.
How It Works: Frozen Outflows, Normal Trading
The feature is a user-activated lock that halts all onchain withdrawals from a Binance account. The default lock period is 48 hours, with options ranging from one to seven days. During the lock, account access and trading remain fully operational; only outgoing crypto transfers are blocked. Users can pre-enable a bypass setting to cancel the lock early, but without it, no one—including the account holder—can move funds off the platform for the duration. One key caveat: the lock does not shield accounts from law enforcement orders, and since it is enforced by Binance's centralized systems rather than cryptography, users rely on the platform's infrastructure rather than a self-sovereign security mechanism.
Attack Data: 316 Kidnappings Since 2014, France as Epicenter
Security researcher Jameson Lopp's public tracker records 316 kidnap and ransom-style incidents against crypto holders since 2014, with 79 ransom-focused attacks in 2025 alone and at least 27 more already reported in 2026. Certik verified 72 physical coercion cases in 2025, a 75% year-over-year increase; assault-related incidents rose 250% over the same period. France has emerged as the global epicenter, with local authorities logging 135 incidents since 2023—67 in 2025 and 47 so far in 2026, averaging one attack every 2.5 days this year. Paris prosecutors have charged 88 people, including minors, in a coordinated crackdown on organized crypto theft rings.
CEO Kidnapping Attempt: A High-Profile Case
Earlier in 2026, armed attackers attempted to kidnap Binance France CEO David Prinçey at his home in Val-de-Marne. He was not present at the time. The incident underlined the severity of the threat. Binance's 'Withdraw Protection' aims to address the fear that drives users to avoid keeping large sums in hot wallets due to the risk of being physically forced to sign transactions. While not a self-custody solution, the feature offers a temporary safety buffer for those who still want liquidity in extreme security scenarios.