Heath, a seasoned crypto investor, was targeted by two men pretending to be painters in his apartment building’s stairwell in July of the previous year. The Sydney Morning Herald, citing Estonian media, reported that one of the attackers, ex-boxer and wrestler Allahverdi Allahverdiyev from Azerbaijan, tried to muffle Heath by covering his mouth with his hand.

The criminals intended to coerce Heath into a van, but Heath bit the assailant’s index finger, broke free, and found refuge in his apartment. The quick but intense struggle cost Heath a tooth, while the kidnappers quickly fled the scene, leaving their van and a piece of the severed finger 100 meters away from the crime scene.

Heath, originally from Victoria, Australia, is the founder of Estonia’s Yolo Group and its venture capital subsidiary, Yolo Investments, which heavily invests in fintech, crypto, and igaming. His estimated net worth is 2.46 billion Australian dollars ($1.61 billion), according to the Australian Financial Review Rich List.

The seven-member kidnapper group had been shadowing Heath and also used a GPS tracker on his vehicle. They reportedly entered Estonia using counterfeit Georgian passports and impersonated workmen using items purchased from hardware stores. Their alleged plan was to force Heath to transfer his crypto wealth while holding him captive in a rented sauna house nearby. They had even supposedly recruited a hacker for the job.

Other than Allahverdiyev, Georgian national Ilgar Mamedov has also been arrested and is being tried in Estonia. Two others are on the run, including the alleged mastermind, Najaf Najafli, while three remain unidentified.

Post the failed abduction attempt, Heath allegedly received a ransom demand for 30 Bitcoin (BTC) worth around $3.3 million at that time via Telegram. Although there were no further contact attempts when Heath didn’t respond, prosecutors believe the threat could still be imminent. Heath has since spent over $3.1 million on private security and relocated. His lawyers are seeking reimbursement for these security expenses from the accused kidnappers.

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As per the latest report by the state-owned media house France 24 on Wednesday, several individuals suspected of participating in this heinous act have been apprehended, as shared by an insider close to the case. The number of arrests in crypto-related kidnappings has seen a significant rise in 2025, with a considerable proportion of these incidents happening in France.

This alarming trend has prompted cryptocurrency business owners to elevate their security protocols. Furthermore, it led to a crucial meeting spearheaded by the French Interior Minister Bruno Retailleau to discuss potential countermeasures.

The specifics regarding the number of arrests made on Tuesday remain uncertain as of France24’s source. Suspected individuals can be detained for up to 96 hours without any formal charges.

The victim, a father of an undisclosed cryptocurrency entrepreneur, was held hostage for several days at an undisclosed location. The kidnappers demanded a ransom of up to 7 million euros ($8 million). A police intervention on May 3 facilitated the man’s release, resulting in the arrest of five individuals.

In a related development, a man believed to be instrumental in the recent series of crypto-related kidnappings in France was detained in Morocco on June 4. Moreover, on May 26, French authorities apprehended over 12 individuals associated with high-profile crypto kidnapping cases in Paris.

There have been at least 29 physical crypto attacks this year alone, as per a list compiled by Jameson Lopp, co-founder of self-custodial firm Casa. The numbers are on track to outdo the 35 attacks in 2024 and 24 in 2023. However, the real count could be much higher due to underreporting arising from the fear of revictimization and a wide spectrum of assailants, from organized crime rings to friends and family, as per a study by the University of Cambridge.

At the 2025 Consensus crypto conference, Chainalysis CEO Jonathan Levin shared his thoughts on the rising crypto crimes, attributing it to the mistaken belief among criminals that cryptocurrency transactions are untraceable. Kraken’s Chief Security Officer Nick Percoco pointed out the glaring lack of security consciousness among crypto users as another contributing factor.

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John Woeltz, 37, and William Duplessie, 33, pleaded not guilty on Wednesday to charges related to a three-week kidnapping in Manhattan’s wealthy SoHo district. Prosecutors claim the men tortured their victim with electric shocks and physically threatened him to extract his bitcoin password. Both men have been held since their arrest last month and face potential life sentences if found guilty.

According to the Manhattan District Attorney’s office, the accused duo seized the man’s electronic devices and password on May 6, then demanded his cryptocurrency password. The victim’s refusal led to a series of brutal assaults spanning three weeks in an upscale townhouse until he found an opportunity to escape.

Court documents reveal that Woeltz and Duplessie bound the victim’s wrists, struck his head with a firearm, and threatened his family’s lives. Justice Gregory Carro has ordered the defendants to remain behind bars without bail until their next hearing, slated for July 15.

Local media outlets have labeled Woeltz as a cryptocurrency investor. The alleged victim, an Italian man, also reportedly had connections to a New York-based crypto hedge fund, according to the New York Times, which cited an internal police report described by a law enforcement official.

The case adds to a growing list of crypto-related kidnappings, with three such incidents reported in France this year alone. The booming prices of bitcoin and other digital currencies in recent years have spawned a class of wealthy investors who may become attractive targets for criminals, security experts warn.

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In a report by Bloomberg, it’s noted that Infinite Risks International, an Amsterdam-based private security firm, is witnessing a rise in inquiries for bodyguard services, with a growing number of long-term clients enlisting private security details.

Following three distinct kidnapping occurrences in 2025, French law enforcement has announced intensified security protocols for cryptocurrency entrepreneurs and investors. These protocols include security briefings and immediate access to police assistance in emergencies for the entrepreneurs and their families.

French authorities have also counseled cryptocurrency investors to avoid showcasing their wealth or wearing cryptocurrency-themed apparel to reduce their chances of becoming targets. The unsettling series of events underscores the importance of proactive safety measures and vigilance for cryptocurrency investors and industry professionals.

In January 2025, David Balland, the co-founder of hardware wallet company Ledger, was kidnapped and held for ransom for several days before being rescued by French police. A year prior, in May 2024, the father of an anonymous crypto entrepreneur was released from a ransom attempt after French law enforcement stormed the Paris suburb location where the individual was held captive by organized criminals.

According to Le Parisien, the suspects had mutilated one of the victim’s fingers, a chilling similarity to other crypto-related kidnapping cases in France. On May 13, Pierre Noizat’s family, the co-founder and CEO of French crypto exchange Paymium, was targeted in an attempted kidnapping. Masked attackers assaulted the family on the street and tried to force Noizat’s daughter and grandson into a van in broad daylight. Thanks to the efforts of the daughter and a passerby, the assailants were repelled, and the kidnapping attempt was thwarted.

The brazen and public nature of the crime sent shockwaves through the cryptocurrency community. Bruno Retailleau, the French interior minister, consequently arranged a meeting with industry executives to address the incidents and propose improved security measures for high-risk cryptocurrency professionals and affluent investors.

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The unfortunate victim was driven for an hour across the Arizona border to a remote desert location. The teens then allegedly forced him to relinquish access to his digital financial accounts, which led to the theft of NFTs and cryptocurrency valued at a staggering $4 million.

A third accomplice, also a teenager, is currently facing charges but is reportedly no longer residing in the United States, as per the prosecutor’s statement. The first report of the case emerged from a Las Vegas local news outlet, 8newsnow.

Reports suggest that the teens may have received assistance from a person communicating with them over speakerphone. After the ordeal, the victim had to traverse five miles across the desert alone to reach a gas station and call a friend for help.

One of the 16-year-olds has engaged the services of renowned defense attorney Ross C. Goodman, as shown by Las Vegas court records. The other teen has sought the assistance of a public defender. No comments have been received from Goodman’s office yet.

This incident marks the latest in a worrying trend of violent crimes targeted at individuals with substantial cryptocurrency holdings. Earlier this year, the co-founder of Ledger was kidnapped and tortured in France, with the criminals demanding a hefty cryptocurrency ransom. Furthermore, a Canadian man was reportedly forced into hiding after being targeted for a kidnapping attempt due to his perceived bitcoin wealth.

Disclaimer: The Block is an independent media outlet offering news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block. The Block continues to operate independently, delivering objective, impactful, and timely information about the crypto industry.

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As per a recently disclosed FBI affidavit, the kidnappers posed as individuals who had accidentally damaged the family’s garage door, knocked on the door of the townhouse, and gained forced entry using firearms. The family was then reportedly compelled into a van and taken to an Airbnb an hour away, and subsequently to another residence the following day.

The abductors allegedly extorted ransom payments in Bitcoin (BTCUSD), Ether (ETHUSD), and other cryptocurrencies, threatening the victims with death. The victims were purportedly held captive for a period of five days. During this period, one of the victims managed to communicate with his father via the Chinese messaging app WeChat, informing him of their abduction.

According to the victims, they were set free on November 1st and managed to reach a nearby dry cleaner from where they called an Uber to a local hospital. Though the victims claim that cryptocurrencies worth $15 million were transferred, US officials have only traced $6 million worth to date.

On December 13th, charges were pressed against six individuals. Only Zehuan Wei, 34, was arrested while attempting to re-enter the US from Mexico on January 17th. The other suspects – Fan Zhang, Huajing Yan, Shengnan Jiang, Shiqiang Lian, and Ye Cao – are believed to have fled to China following Wei’s arrest.

Before filing charges, US officials gathered evidence which included surveillance footage from the Airbnb, examination of cryptocurrency wallets, and contents from the white Ford van used in the crime. DNA samples were also collected from a white Chrysler Pacifica vehicle rented by Wei on October 29th. US officials matched the footage with Cao’s picture from US Customs and Border Protection, while others had their state-issued driver’s licenses compared. At least two victims were able to identify some of the alleged kidnappers from a photo array.

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The broker reportedly accepted a social invitation for drinks at the kidnapper’s apartment in the nearby town of Estepona. Upon arrival, he was ambushed and threatened with torture and death unless he transferred $30,917 (30,000 euros) from his clients’ accounts.

With quick thinking, the broker feigned a call to a customer, instead reaching out to a friend in London. This led to a series of calls, eventually alerting the local police. The authorities were successful in tracing the location of the apartment.

As reported by Metro UK, the broker seized the opportunity to escape when the kidnappers were distracted by the police. He jumped from the balcony, breaking his ankles in the process.

Spanish authorities stated on Feb 8, that upon their arrival, they observed the victim attempting to climb down the balcony, eventually falling. He was immediately rushed for medical treatment. A subsequent search of the apartment led to the discovery of two firearms, 10,000 euros ($10,305), a money counter, three knives, and 25 grams of pink cocaine.

The three British kidnappers were arrested and charged with a plethora of crimes, including kidnapping, grievous bodily harm, being part of a criminal organization, illegal possession of weapons, and drug trafficking. They were remanded to prison post their court appearance.

There has been a surge in in-person cryptocurrency robberies in recent years. Casa co-founder and cypherpunk, Jameson Lopp, maintains a list on GitHub tracking dozens of offline crypto robberies worldwide, dating back to 2014. So far this year, there have been nine incidents of in-person crypto-related robbery, according to Lopp’s list.

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