In a dramatic incident that underscores the growing risks faced by cryptocurrency tycoons, Australian billionaire Tim Heath narrowly escaped a kidnapping attempt in Tallinn, Estonia, on July 29, 2024. By biting off part of an attacker’s finger during a 30-second struggle, Heath managed to break free and seek safety, shedding light on the escalating dangers tied to crypto wealth. The case, revealed through court proceedings in 2025, has drawn international attention, highlighting the need for heightened security in the cryptocurrency industry.
The Ambush in Tallinn
On the morning of July 29, 2024, Tim Heath, a 46-year-old crypto billionaire and founder of Yolo Group, was ambushed in the stairwell of his luxury apartment in Tallinn’s Old Town. Two men, disguised as painters and wearing high-visibility vests, attempted to subdue him. One of the attackers, Allahverdi Allahverdiyev, a former boxer and wrestler from Azerbaijan, placed a hand over Heath’s mouth to silence him. In a desperate bid for freedom, Heath bit through Allahverdiyev’s index finger, severing part of it, and escaped to his apartment. The struggle left Heath with a lost tooth, while the severed finger was later found 100 meters from the scene, providing critical DNA evidence.
The attackers had planned to force Heath into a rented van and transport him to a sauna house in Voose, a village an hour’s drive from Tallinn, where they intended to coerce him into transferring his cryptocurrency holdings. A hacker had been recruited to assist in accessing Heath’s digital assets, indicating the sophistication of the plot. The group of seven kidnappers, none of whom were Estonian citizens, used forged Georgian passports to enter the country and had been stalking Heath for months, employing both in-person surveillance and a GPS tracker on his vehicle.
| Incident Details | Description |
| Date | July 29, 2024 |
| Location | Stairwell of Heath’s apartment, Tallinn, Estonia |
| Attackers’ Disguise | Posed as painters, wearing high-visibility vests |
| Attack Method | Attempted to silence Heath, planned to force him into a van |
| Heath’s Response | Bit off part of attacker’s finger, escaped to apartment |
| Injuries | Heath lost a tooth; attacker’s finger severed |
| Evidence | Severed finger with DNA, abandoned van with documents |
The Kidnapping Plot
The kidnapping attempt was the culmination of months of meticulous planning. The group visited a DIY store to purchase painting supplies to bolster their disguise and rented a property through Airbnb, which was later found to have security cameras that aided authorities in tracking them. A Bolt rental car used by the group also provided clues. The plot involved forcing Heath to transfer his cryptocurrency, likely targeting his substantial Bitcoin and other digital asset holdings, estimated to be worth $2.27 billion according to the Australian Financial Review’s Rich List.
After the failed attempt, Heath received a threatening Telegram message containing photos of his apartment, demanding 30 Bitcoin—approximately $3.3 million at the time. When Heath did not respond, no further contact was made, suggesting the attackers abandoned their extortion attempt.
Tim Heath: The Crypto Tycoon
Tim Heath, affectionately known as “Beef” to his friends, is a Melbourne native who has lived in Estonia since the early 2000s. As the founder of Yolo Group and its venture capital arm, Yolo Investments, Heath has built a fortune through online betting platforms and casinos that accept cryptocurrency, capitalizing on the crypto boom. His company, valued at €814 million ($1.3 billion), has made him one of Australia’s wealthiest individuals, ranking 62nd on the AFR Rich List.
Only weeks before the attack, Heath celebrated his marriage at a lavish ceremony on the Croatian island of Hvar. However, the kidnapping attempt forced him to miss the opening of his new physical casino, Bombay Club, in Tallinn, underscoring the personal toll of the incident.
Aftermath and Legal Proceedings
Following the attack, Heath spent over $3.1 million on private security and relocated from his Tallinn residence. He is seeking reimbursement from the accused for these costs. The incident has significantly disrupted his life, prompting him to warn other crypto executives about the serious threat posed by such attacks.
As of July 2025, two suspects, Allahverdi Allahverdiyev and Ilgar Mamedov, a Georgian national, are on trial in Estonia. Allahverdiyev claimed he was promised €100,000 ($118,000) for his role but pretended to abort the mission, while Mamedov denies involvement, asserting he was coincidentally present. Two other suspects, including the alleged organizer Najaf Najafli, remain at large, and three others are yet to be identified. Mamedov was arrested in Lithuania and extradited to Estonia, highlighting the international scope of the investigation.
| Legal Proceedings | Details |
| Suspects on Trial | Allahverdi Allahverdiyev (Azerbaijani), Ilgar Mamedov (Georgian) |
| Other Suspects | Najaf Najafli (organizer), two others wanted, three unidentified |
| Court Status | Ongoing as of July 2025, Tallinn Circuit Court |
| Arrest Details | Mamedov arrested in Lithuania, extradited to Estonia |
Rising Threats in the Crypto World
The attack on Heath is part of a disturbing trend of crypto-related kidnappings and extortion attempts. In 2025, several high-profile crypto executives have faced similar threats, prompting many to bolster their security measures. The irreversible nature of blockchain transactions makes cryptocurrency an attractive target for criminals, who often employ sophisticated tactics like GPS tracking and forged documents.
Estonia, known for its tech-friendly environment and vibrant crypto scene, has become a hub for both innovation and, unfortunately, crime targeting wealthy individuals. Heath’s case underscores the need for crypto investors to adopt robust security protocols, such as using secure communication channels, avoiding public displays of wealth, and employing professional security services.
Looking Ahead
Tim Heath’s courageous response to the kidnapping attempt not only saved him from a potentially devastating fate but also brought attention to the vulnerabilities faced by crypto billionaires. As the trial continues, the case serves as a stark reminder of the risks associated with digital wealth. Heath’s story is a call to action for the crypto community to prioritize personal and financial security in an industry where innovation and danger often go hand in hand.