British Duo Orchestrating $23M Crypto Heist Behind Bars

In a plot that sounds more like a Hollywood thriller than a courtroom case, two men in Scotland are accused of planning a multimillion-dollar crypto heist from behind bars.

Prosecutors allege that Robert Barr and Barry Letham masterminded a scheme to steal nearly $23 million (£17 million) worth of cryptocurrency assets — all while at least one of them was serving time in an Edinburgh prison.

The duo worked with an unidentified associate and were carefully researched on their victims, targeting people who had large amounts of crypto assets in their wallets. Most of the victims were from Scotland and England.

According to the prosecutors, the duo has been planning ways of forcibly extracting and siphoning away their victims digital assets, with many of the plans involving residential break-ins.

Barr and Letham also face charges connected to a separate Midlothian robbery, during which they and several others allegedly stole a cryptocurrency wallet, jewelry, electronic devices, and a key.

The men are further accused of planning another heist at the same location to steal an even larger stash of crypto. Both have pleaded not guilty, and their trial is set for September 2026.

Rising wave of “wrench attacks” in crypto

The case highlights a chilling trend in the digital asset world — the growing frequency of physical crypto robberies, often referred to as “wrench attacks,” where criminals use violence or intimidation to gain access to victims’ wallets.

Marilyne Ordekian, a lawyer and PhD candidate at UCL's information Security Research Group noted that this is an increase in frequency of wrench attacks. She also noted that while this form of attacks doesn't happen as often as online hacks or scams, but they are much more vile as it poses a direct threat to the safety of the victim.

Recent high-profile cases — including the violent attempted crypto theft against OnlyFans streamer Amouranth — underscore how dangerous such incidents can become. TRM Labs’ research indicates these physical attacks are more common in areas with higher rates of self-custody.

Data also suggests these attacks occur at the same time with the rise in the prices of Bitcoin.

"For instance, reported attacks were respectively higher at the end of 2017 and again in 2021 when Bitcoin was reaching a new all time high at the time."

Many of these cases also go unreported, as victims fear being targeted again or exposing their holdings further. However, the UCL study also revealed a shock revelation that roughly a third of all wrench attacks end up unsuccessful.

The UCL research finding noted that among 105 such incidents, about a third did not result in crypto being stolen. The research also discovered that virtually every user is a potential victim of physical crypto robberies, as attackers do not seem to discriminate according to experience or security level.

However, public figures, influencers, and even casual investors who discuss their portfolios in public or online would put themselves at heightened risk.

"Some individuals were also targeted by family or acquaintances, such as workplace colleagues or friends who knew about the victim's portfolio."

Experts say that as digital assets become more mainstream, security awareness must extend beyond passwords and private keys. TRM Labs’ Ari Redbord advises crypto holders to minimize public exposure, adopt multi-signature or time-locked wallets that cannot be accessed under pressure, and store assets in institutional-grade or geographically distributed cold storage.

The dark side of crypto freedom

While self-custody remains a cornerstone of crypto’s ethos, it also places the burden of physical and digital security squarely on the individual. The alleged $23 million heist plotted from a prison cell serves as a stark reminder that decentralization doesn’t eliminate risk — it redistributes it.

As crypto adoption grows, platforms and policymakers must find ways to strengthen protection for users without undermining autonomy. Until then, vigilance and discretion remain the best defense — because in the world of digital assets, sometimes the most dangerous threat isn’t online, but at your door.