They’re specialized lug nuts for your wheels and rims. You put one on each wheel, the remaining nuts are the normal ones.

They must be unlocked with a key before they can be removed.

They deter theft, not prevent it.

They can still be removed without the key, just takes longer.

A skilled team of thieves will approach a car, and 1 minute later be gone with all four tires and rims, leaving your car on blocks.  And if you have nice rims and tires, see you later 1000s of dollars.