Australian billionaire Tim Heath escaped a planned abduction in Estonia after a group of attackers attempted to extort his digital assets in a coordinated operation.
According to local media, Heath had to physically fight off his attackers during the ambush, biting through one assailant’s finger to break free and retreat to safety.
Heath, a long-time crypto investor originally from Victoria, founded the Estonia-based Yolo Group, which operates globally across the fintech, blockchain, and online gambling sectors. He has lived in Tallinn for nearly two decades and is estimated to have a net worth exceeding 2.2 billion Australian dollars.
The attempted abduction took place on the night of 29 July 2023, in the stairwell of Heath’s apartment building in Tallinn’s Old Town. Two men posing as painters ambushed him as he entered the premises, attempting to force him into a waiting van.
During the assault, one of the attackers, a former Greco-Roman wrestler, reportedly placed his hand over Heath’s mouth in an effort to silence him. Heath responded by biting through the man’s index finger, managing to break free and retreat into his apartment.
The court heard that part of the severed finger was later recovered on the street, roughly 100 metres from the scene. The attackers fled the scene shortly afterward, abandoning a white van containing forged documents and tools that would be used in the scheme.
Investigators allege the abduction was part of a larger plot by a seven-member group, and assailants had tracked Heath’s movements for weeks by placing a GPS device on his vehicle and via in-person surveillance.
They reportedly entered Estonia using forged Georgian passports after travelling through Paris and Finland, arriving in Tallinn days before the attempted kidnapping. According to court documents, the group acquired painter uniforms, cable ties, tape, and other materials from local hardware stores in preparation for the ambush.
Attackers had planned to transport Heath to a rented sauna house and force him to transfer cryptocurrency holdings under duress. A hacker was also recruited to assist in extracting the funds.
Two of the suspects, Azerbaijani national Allahverdi Allahverdiyev and Georgian citizen Ilgar Mamedov, are currently on trial in Estonia. Meanwhile, three other suspects remain unidentified, and two, including the alleged organiser, Najaf Najafli, are wanted by police.
Weeks after the failed abduction, Heath reportedly received a message via Telegram demanding 30 Bitcoin. The message included photographs taken outside his residence.
Though no further contact followed after he ignored the demand, prosecutors say the threat may persist. Heath has since changed residences, increased personal security, and spent over €2.7 million on protection, with his legal team now seeking restitution from the accused.
Over the past months, several high-profile kidnapping cases have spooked crypto investors worldwide. In one case from May, two crypto investors in Manhattan were arrested for holding an Italian man captive in a luxury townhouse for 17 days in an attempt to gain access to his Bitcoin wallet.
Another incident was reported in Florida, where three teenagers were charged with kidnapping and robbing a crypto event host of $4 million in digital assets and NFTs.
Particularly, France has witnessed a surge in crypto kidnapping activity. Earlier this year, police intervened in a separate case involving the mutilation of a crypto investor’s father and the attempted abduction of the daughter of a Paris-based exchange CEO. Both incidents were traced to the same network.
Authorities in France have since arrested multiple suspects, including a man believed to be the ringleader, who was captured in Morocco.
