Crypto Billionaire Tim Heath Fights Off Kidnappers In Estonia

Australian crypto billionaire Tim Heath narrowly escaped a violent kidnapping attempt in Estonia last year. Heath, the founder of the Estonia-based Yolo Group and its venture capital arm Yolo Investments, was ambushed in July 2024 by two men posing as painters in the stairwell of his apartment building. The attackers were part of a seven-person team that used forged documents and disguises to carry out the plot. Heath fought off one of the attackers, former boxer and wrestler Allahverdi Allahverdiyev, by biting off part of his index finger during a 30-second struggle. Heath managed to break free and retreat to his apartment, though he lost a tooth in the process. The attackers fled the scene and abandoned their getaway van nearby. Part of the severed finger was later found about 100 meters from the site of the attack.

The kidnapping plot was planned for months by a group of seven individuals. Heath was reportedly stalked in person and via GPS tracking before the attack. The suspects entered Estonia using forged Georgian passports and purchased disguises from local hardware stores to pose as workers. Their plan was to abduct Heath, transport him to a rented sauna house, and force him to transfer his crypto holdings. A hacker was also allegedly enlisted to help in accessing the funds. Two suspects—Allahverdiyev and Georgian citizen Ilgar Mamedov—are currently on trial in Estonia. Allahverdiyev told the court he was promised €100,000 for the job but claimed he never intended to go through with it and tried to call off the plan. Mamedov is accused of being the getaway driver, and denies involvement. He says he ended up in Estonia by accident while traveling.

Authorities are still looking for two additional suspects, including alleged mastermind Najaf Najafli, while three other people involved have yet to be identified. A few weeks after the attempted abduction, Heath reportedly received a threatening message via Telegram that included photos of his apartment and a demand for 30 Bitcoin—which was then worth about $3.3 million. Though the kidnappers made no further contact after Heath ignored the message, prosecutors warn the threat may still be active. Since the incident, Heath spent more than $3.1 million on private security and relocated to a new residence. His legal team is now seeking reimbursement for these costs from the defendants.

In response to the attempted kidnapping, Heath has taken significant measures to enhance his security. He has spent over $3 million on private security and is seeking legal restitution. The incident highlights the growing risks faced by high-net-worth individuals in the crypto sector, who are increasingly targeted by sophisticated criminal networks. The use of forged documents, disguises, and advanced tracking methods underscores the meticulous planning and execution involved in such attempts. The ongoing legal proceedings and the search for additional suspects indicate the seriousness with which authorities are treating this case.