British duo on trial over $23 million cryptocurrency theft scheme – behind bars

Two men are set to go on trial in Scotland for allegedly plotting to steal around $23 million (about £17 million) in a series of cryptocurrency heists.

Robert Barr and Barry Latham, who appeared at the High Court in Glasgow this week, are accused of conspiring with unidentified associates between March and June 2024, with part of the plot allegedly carried out while at least one of them was in prison in Edinburgh.

Prosecutors allege the pair and their associates intended to visit multiple addresses in Scotland and England, where residents were known to hold “significant amounts of cryptocurrency assets.”

Barr and Latham are accused of discussing how to transfer virtual currency while also identifying targets.

The pair are also suspected in a separate robbery at a home in the Midlothian area of ​​Scotland, where they and several other men allegedly stole cryptocurrency wallets, jewellery, electronics and keys.

Both Barr and Latham are also accused of planning further thefts at the same premises with the aim of stealing items of a “substantial value”. cryptocurrency.

The two have pleaded not guilty to the charges, and the trial is scheduled to begin in September 2026.

Cryptocurrency heists are on the rise

Their trial comes amid heightened awareness of the threat posed by crypto heists.

Barr and Latham are accused of plotting to steal cryptocurrencies from homes, but so-called “wrench attacks” in which crypto holders are physically threatened are on the rise. This year has seen a number of high-profile cases of this type of robbery, including the murder of a Chinese man in South Korea in February.

“The frequency of wrench attacks is increasing,” says Marilyn Ordekian, a lawyer and PhD candidate in the UCL Information Security Research Group. “Although it is less prevalent than other forms of cryptocurrency crime, the consequences are often more severe as it poses a direct threat to the physical safety of users.”

Ordekian, who co-authored a research paper on wrench attacks, said: decryption It is thought that the frequency of such attacks is increasing in parallel with the rise in social conditions. bitcoin price.

“For example, reported attacks were higher in late 2017 and 2021, respectively, when Bitcoin was at an all-time high,” she said.

The increased frequency is also evidenced by the TRM Institute, whose global head of policy and government, Ari Redboard, said: decryption Wrench attacks are said to be more common in areas with high rates of self-custody.

“The TRM Institute’s research shows that the frequency of these incidents is increasing in areas where the incidence of these incidents is high and there is a strong culture of self-custody, where criminals believe their victims hold significant assets outside of the traditional banking system,” he said.

Ordekian also noted that such attacks are “often underreported” for a variety of reasons, including victims’ fear of being targeted again.

However, one somewhat encouraging statistic is that not all wrench attacks are successful in the sense of resulting in the theft of cryptocurrencies. According to UCL research, out of 105 such incidents, approximately one-third did not result in the theft of cryptocurrencies.

Ordekian’s research also found that “virtually all users” are potential victims of physical cryptocurrency heists, as “attackers do not seem to discriminate” based on experience and security level.

That said, high-profile crypto holders, such as influencers, experts, and founders, tend to be bigger targets for potential attackers, while even eavesdropping on conversations about their crypto holdings can increase their exposure to robbery.

“Some were also targeted by family members and acquaintances, such as work colleagues and friends who were aware of the victim’s portfolio,” Ordekian explained, adding that peer-to-peer money transfers often involve greater risks.

In light of such threats, cryptocurrency holders can take various steps to protect themselves from the possibility of falling victim to a wrench attack.

“Individuals should limit public access to their holdings, use multi-signature wallets or time-locked wallets that cannot be accessed under duress, and store assets in institutional-grade or geographically dispersed cold storage if possible,” Ari Redboard said.