Two men in Scotland are accused of plotting nearly $23 million in crypto robberies between March and June 2024; prosecutors say planning took place partly from prison and included targeted visits to addresses known to hold significant cryptocurrency assets.
-
Alleged plot aimed at residences holding significant crypto assets
-
Charges cover planning of transfers and a separate Midlothian robbery that resulted in a stolen wallet and valuables.
-
Experts warn “wrench attacks” and targeted physical robberies rise with Bitcoin price and self-custody adoption.
Crypto robberies rise in Scotland; two men accused of plotting nearly $23M in thefts—read prevention steps and trial details. Stay informed with COINOTAG.
What is the alleged Scotland crypto robbery plot?
The alleged Scotland crypto robbery plot involves Robert Barr and Barry Letham, accused of conspiring with others from March to June 2024 to target homes where occupants held significant cryptocurrency assets. They deny the charges; a trial is scheduled for September 2026.
How were the accused allegedly planning the thefts?
Prosecutors say planning included identifying targets, discussing methods to transfer crypto, and coordinating visits to addresses in Scotland and England. Some planning is alleged to have occurred while at least one defendant was in Edinburgh prison. The pair also face charges tied to a separate Midlothian residence robbery where a cryptocurrency wallet, jewellery, electrical items and a key were taken.
Why are crypto robberies and wrench attacks increasing?
Wrench attacks and targeted crypto robberies are rising in regions with strong self-custody cultures and higher crypto adoption. Research from UCL and industry analysis by TRM Labs indicate frequency increases alongside Bitcoin price surges and widespread self-custody that leaves assets accessible outside traditional banking safeguards.
What evidence and expert commentary support the trend?
Marilyne Ordekian (UCL Information Security Research Group) notes wrench attacks spike when Bitcoin nears new highs, citing higher reported incidents in 2017 and 2021. Ari Redbord of TRM Labs attributes greater risk to areas with high self-custody adoption. UCL research reviewed 105 incidents and found roughly one-third did not result in crypto theft, highlighting both risk and partial effectiveness of safeguards.
How can cryptocurrency holders reduce the risk of physical robbery?
Protective measures reduce exposure to crypto robberies—limit public mentions of holdings, avoid disclosing transfers or storage locations, and implement technical protections such as multi-signature and time-locked wallets.
- Limit public exposure: Avoid discussing holdings or transaction details in public or on social platforms.
- Use multi-signature wallets: Require multiple approvals to move funds, reducing single-point duress risk.
- Adopt cold storage practices: Use geographically distributed, institutional-grade cold storage when possible.
- Time-lock and emergency protocols: Implement time locks or guardianship features that block immediate transfers under coercion.
- Operational security: Train family and colleagues to avoid discussing others’ holdings; minimize knowledge spread.
Frequently Asked Questions
Who are Robert Barr and Barry Letham and what are they accused of?
They are accused of conspiring with others from March to June 2024 to plan a series of robberies targeting individuals known to possess significant cryptocurrency assets. They have pled not guilty; trial is set for September 2026.
Are wrench attacks common and where do they occur?
Wrench attacks are increasing in regions with high self-custody adoption. Academic research (UCL) and industry reports (TRM Labs) indicate such incidents rise alongside crypto market highs and locations where individuals control private keys personally.
What happened in the Midlothian robbery linked to the case?
Prosecutors say the group stole a cryptocurrency wallet, jewellery, electrical items and a key from a Midlothian residence; the two defendants are also charged with planning an additional theft at that property.
Key Takeaways
- Alleged Organized Plot: Two men accused of planning nearly $23M in crypto robberies, with planning allegedly spanning prisons and residential surveillance.
- Rising Physical Threats: Wrench attacks and targeted robberies increase in areas with high self-custody and during crypto market highs.
- Practical Protections: Limit public exposure, use multi-signature/time-locked wallets, and prefer cold or institutional storage for significant holdings.
Conclusion
Allegations that Robert Barr and Barry Letham planned nearly $23 million in crypto robberies underscore a growing physical threat to cryptocurrency holders. Crypto robberies and wrench attacks remain a material risk, especially where self-custody is common. Follow operational security best practices and consider technical safeguards to reduce exposure. COINOTAG will monitor court proceedings and publish updates as they become available.
