Crypto Billionaire Escapes Kidnapping Attempt in Estonia

Australian crypto billionaire Tim Heath narrowly escaped a kidnapping attempt in Estonia last year by biting off part of the attacker’s index finger. Heath, a long-time crypto investor, was attacked by two men posing as painters in the stairwell of his apartment building in July last year. There has been a growing number of crypto kidnappings in 2025, forcing executives to beef up security.

One of the attackers, Azerbaijani national Allahverdi Allahverdiyev — a former boxer and wrestler — tried to silence Heath by placing a hand over his mouth. The assailants plotted to force Heath into a van, but Heath bit through the assailant’s index finger and managed to break free, seeking sanctuary in his apartment. Heath reportedly lost a tooth in the 30-second struggle. The attackers fled shortly after, abandoning the van nearby. Part of the finger was later found in the street 100 meters away from the scene of the attack.

Originally from Victoria, Australia, Heath founded the Estonian-based Yolo Group and its venture capital arm Yolo Investments, which invests heavily in fintech, crypto and igaming. The Australian Financial Review Rich List estimates Heath’s net worth at 2.46 billion Australian dollars.

The group of seven kidnappers allegedly had been stalking Heath in the lead-up to the assault, both in person and using a GPS tracker on his vehicle. The group allegedly entered Estonia using forged Georgian passports and spent the days before the attack purchasing painters’ uniforms and other items from hardware stores so they could pose as workmen. It’s alleged that the plan was to transport Heath to a rented sauna house nearby and force him to transfer over his crypto holdings. A hacker was also allegedly recruited to assist.

Other than Allahverdiyev, Georgian citizen Ilgar Mamedov has also been arrested. Both men are on trial in Estonia. Two others are wanted by police, including the alleged organizer, Najaf Najafli, while three have yet to be identified.

Allahverdiyev told the court he was promised 100,000 euros for the kidnapping but “only pretended to do something” and later told everyone involved to abort the plan. Prosecutors allege Mamedov was the getaway driver. However, he denies involvement and claims he came to Estonia by accident while traveling in the region and that any allegations he was involved are a “lie” and “a fabrication.”

Prosecutors also claim that a few weeks after the failed kidnapping plot, Heath received a message via Telegram with photos of his apartment and a demand for 30 Bitcoin worth around $3.3 million at the time. When Heath didn’t respond, the kidnappers made no further attempts to contact him, but prosecutors argue the threat might be ongoing. Heath has reportedly spent more than $3.1 million on private security since the attack and moved homes. His legal team is seeking to have the costs of his new security reimbursed by the accused kidnappers.

This incident highlights the increasing risks faced by high-net-worth individuals in the crypto industry. The sophisticated planning and execution of the kidnapping attempt underscore the need for enhanced security measures. The use of forged passports, GPS tracking, and the recruitment of a hacker indicate a well-organized criminal operation. The fact that Heath was able to fend off the attackers and escape highlights his quick thinking and resilience in a high-stress situation.

The aftermath of the attack has had a significant impact on Heath’s life, with increased security costs and a change of residence. The ongoing threat, as suggested by prosecutors, adds an additional layer of concern. The legal proceedings against the accused kidnappers will be closely watched, as they could set a precedent for how such crimes are handled in the future.