The suspects first took his limited-edition Richard Mille watch, then used Face ID to unlock his phone, obtaining access to his Binance account and transferring over $1.5 million in cryptocurrency. They also accessed his Gate account and stole approximately $600,000 worth of ETH. The assailants attempted to compromise his bank accounts and confiscated all group members’ mobile phones before fleeing.
In his account, Luthra described, “I was kidnapped last year and had over a million dollars stolen from my Binance account. Part of that money got frozen after it was taken.”
The entire incident lasted about 30 minutes, after which Luthra and his companions sought help at a local police station, unable to immediately notify the exchanges or halt transactions due to the loss of their devices.
Aftermath, Recovery Efforts, and Legal Action
Following the attack, Luthra and those with him provided formal statements to law enforcement. He later reflected that immediate contact with crypto exchanges might have preserved a greater portion of his funds, given the rapid transferability of crypto assets.
Luthra, who maintains a public presence and regularly shares details of his work in blockchain and entrepreneurship, believed the attackers were familiar with his profile. He speculated that the driver or an organizer in communication with him beforehand might have collaborated in planning the crime, though no conclusive evidence was presented to support this theory.
Once the assailants stopped preventing Luthra’s access to his devices, he reached out to Binance and MEXC for assistance. Both exchanges helped freeze certain funds linked to the theft and provided him with transaction details to aid recovery efforts. Luthra credited a court order under the UK Proceeds of Crime Act (POCA) for the return of approximately $370,000 from Binance, facilitated by the London law firm Cooke, Young & Keidan.
Mini dictionary: Proceeds of Crime Act (POCA), a UK law that enables victims and authorities to recover assets acquired through criminal activity, including cryptocurrencies.
MEXC also contributed by freezing and tracking certain transaction flows within Luthra’s accounts. Despite these efforts, he estimated that less than $1 million was ultimately recovered, with a substantial amount of cryptocurrency still unaccounted for.
Investigation and Rise in Crypto-Related Assaults
Thames Valley Police launched an extensive investigation, utilizing CCTV footage, vehicle registration data, and financial tracking. In November 2025, authorities arrested four men from London, Birmingham, and Kent. Abdul Malik Cali, aged 24, was charged with five counts of conspiracy to commit robbery one month later. Luthra noted multiple suspects in the case, though not all have been publicly named, and stated that the trial, initially scheduled for November 2026, was rescheduled to November 2027, with proceedings expected to last five weeks.
The case reflects a growing trend of targeted physical attacks against cryptocurrency holders. Chainalysis, a global blockchain analytics firm, estimated that $58 million in losses resulted from violent crypto incidents in 2025. Its August 2026 report noted $30 million in such thefts during the first half of 2026 alone.
Chainalysis also highlighted the increasing frequency of so-called ‘wrench attacks,’ where threats or violence force victims to surrender access to digital wallets. Home invasions accounted for 37% of incidents in 2026, up from 26% reported in 2023.
Chainalysis reported, “Wrench attacks, involving violence or threats to obtain crypto, pose serious risks as criminals shift to direct assaults to bypass digital security.”
As crypto’s adoption expands, experts emphasize that protecting assets requires more than digital security—individuals with a visible public profile and significant holdings face elevated risks.
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