The horrific kidnapping of Australian crypto billionaire Tim Heath in Tallinn, Estonia followed a never-to-be-forgotten physical fight where the entrepreneur managed to fight off the kidnappers. The case, which occurred towards the end of 2023, received widespread attention only recently when it was reported that Heath had to bite off a section of the finger of one of the men who ambushed him in the stairwell where he lived with two men after they jumped him.
Heath was accosted and beaten up in his own building by the assailants who posed to be painters. One seized him and took him by the back of the neck, as it were, intending to silence him, by covering up his mouth. Since it was only a struggle that took place within 30 seconds, Heath bit his assailant on the finger tip and cut off part of it. He was able to escape by breaking free and running back to his apartment where he made a call seeking assistance despite the fact that he had minor injuries such as loss of a tooth. Attackers have fled the incident leaving their van behind and the cut finger which was later picked by the police officers approximately 100 meters away where the attack took place.
An Azerbaijani national, former wrestler and boxer Allahverdi Allahverdiyev was later identified by Estonian police as one of the attackers. Investigators unveiled that the kidnapping was not arbitrary but an action related to a strongly developed design where at least seven persons were involved. It had followed the movements of Heath over countless weeks with the help of GPS and burner phones to ensure that it kidnaps him and get millions of cryptocurrencies as ransom.
According to sources, the suspects had rented a remote sauna house in the Estonian countryside which they were supposed to use as a holding location of Heath until the initial ransom was negotiated out. Court papers indicate that there was also a hacker in the scheme to coerce Heath to transfer his crypto assets at the risk of violence.
Allahverdiyev stated in the court that he has accepted to take part in the operation in exchange of being paid a sum of money worth 100,000 euros. But he alleged that he most certainly recommended to the group to drop the plan. Another suspect, Ilgerecourt Mamedov, who is said to have acted as the getaway driver does not deny involvement, terming the whole allegation as a scapegoat. In the meantime, the so-called organizer of the operation Najaf Najafli as well as three more accomplices are still sought by Estonian authorities.
The threat did not finish with the failed abduction shockingly. Several weeks after the attack, Heath was threatened by a message on Telegram linking him with pictures of his apartment, then demanding 30 Bitcoin- about 3.3 million dollars at the moment. When Heath still refused to comment, the contact ended. Prosecutors are however of the opinion that the threat was an extension of the initial kidnapping scheme.
Due to the attack, Heath has put up stringent measures in regard to security. He has invested over 2.7 million euros (approximately, 3.1 million dollars) in self-security, changed his place of residence, and employs a complete squad of personal security. It is under the court proceeding that his legal representatives are demanding compensation of these expenses on the arrested suspects.
The event has sparked interest in an increasing trend in the crypto space called wrench attacks, what some would call physical extortion of those who hold crypto, as opposed to a computer hack. Due to the growing popularity of cryptocurrency and the concern of regulators, as well as the spread of crypto investors to the mainstream, these investors are more easy to identify, and thus, they are more exposed to their attacks. Crypto and financial experts warn that rules like the FATF Travel Rule that are intended to increase the transparency of the financial system can expose rich members of the crypto community to physical violence once the anonymity of their identities is lost.
Heath is an experienced figure in the blockchain and fintech industry as he is the founder of the Yolo Group and the Yolo Investments. He has his portfolio involving giant brands such as Bitcasino.io and Sportsbet.io. Heath is 66th on the list of Australia richest people compiled by the Australian Financial Review Rich List, with an estimated AUD $2.46 billion of net worth.Although the criminal enquiry is not yet settled, Heath is a warning wake-up call about the dangers that digital fortunes can carry. What the incident has shown, is the value of personal security to high-profile people in the cryptocurrency community and a worrying development in the methods of hackers cybercriminals, the latter having shifted towards tangible altercation.
