British Duo On Trial for Planning to Steal $23m in Crypto—From Behind Bars

Two men in Scotland are set to stand trial for allegedly plotting to steal almost $23 million (£17 million) in a series of crypto robberies.

Appearing at the High Court in Glasgow this week, Robert Barr and Barry Letham are accused of conspiring with unidentified collaborators between March and June 2024, with some of the planning allegedly conducted while at least one of the pair was in prison in Edinburgh.

Prosecutors allege that the pair and their associates intended to visit several addresses in Scotland and England, where the occupants were known to own “significant amounts of cryptocurrency assets.”

Barr and Letham are accused of having identified targets, while also having discussed methods for transferring crypto.

The pair are also included in charges related to a separate robbery at a residence in the Midlothian area of Scotland, where they and several other men allegedly stole a cryptocurrency wallet, jewellery, electrical items and a key.

Both Barr and Letham also face charges that they had planned an additional theft at the same property, aiming to steal “a significant sum” of cryptocurrency.

The two men have pled not guilty to the charges against them, with their trial set to begin in September 2026.

Crypto robberies on the rise

The duo’s trial comes amid growing awareness of the threat posed by crypto robberies.

While Barr and Letham are accused of planning to steal crypto from residences, so-called “wrench attacks” in which crypto holders are physically threatened are on the rise. This year has seen numerous high-profile examples of such robberies, including the murder of a Chinese man in South Korea in February.

“Wrench attacks are increasing in frequency,” said Marilyne Ordekian, a lawyer and PhD Candidate at UCL’s Information Security Research Group. “While they are less prevalent than other forms of cryptocurrency crime, their outcomes are often more severe, as they pose a direct threat to the physical safety of users.”

Ordekian has co-authored research papers on wrench attacks, and told Decrypt that such attacks rise in frequency in parallel with rises in the price 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,” she said.

An increase in frequency is also testified by TRM Labs, whose Global Head of Policy and Government Affairs, Ari Redbord, told Decrypt that wrench attacks are more common in areas with higher rates of self-custody.

“TRM Labs’ research shows that these incidents are increasing in frequency across regions with high adoption and a strong culture of self-custody, where criminals believe victims hold significant assets outside traditional banking systems,” he said.

Ordekian also notes that such attacks “are often underreported” for various reasons, including a fear among victims that they may be targeted again.

However, one somewhat positive statistic is that not all wrench attacks are successful, in the sense of resulting in the theft of cryptocurrencies, with UCL research finding that of 105 such incidents, about a third did not result in crypto being stolen.

Ordekian’s 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.

That said, cryptocurrency holders with a public profile—such as influencers, experts and founders—tend to be a bigger target for potential attackers, while even being overheard talking about your crypto holdings can increase your exposure to potential robberies.

“Some individuals were also targeted by family or acquaintances, such as workplace colleagues or friends who knew about the victim’s portfolio,” explained Ordekian, who added that peer-to-peer transfers often carry greater risk.

In view of such threats, cryptocurrency holders can take a number of steps to protect themselves against the possibility of falling victim to a wrench attack.

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