Key Takeaways
- Ilgar Mamedov and Allahverdi Allahverdiyev are accused of attempting to kidnap Tim Heath.
- The Yolo Group founder was targeted at his apartment building in Tallinn, Estonia.
- Other members of the alleged ransom gang remain at large.
Two men accused of attempting to kidnap Australian iGaming billionaire Tim Heath could face up to 12 years in prison.
Meanwhile, authorities in Estonia have vowed to continue investigating the case as they look for more members of the ransom gang.
Heath, who founded the international crypto gambling conglomerate Yolo Group, told an Estonian court the incident was the “worst half minute” of his life.
Tim Heath Recounts Kidnap Attempt
In July 2024, Tim Heath was targeted by kidnappers at his apartment in Tallinn, Estonia.
The billionaire was stationed there to be close to the global headquarters of Yolo Group, which operates online casinos and sports betting platforms.
According to local media, the attackers gained entry to Heath’s apartment building by pretending to be decorators.
However, after they pounced on Heath in a corridor, he was able to break free before they could bundle him into a van by biting one of the assailant’s fingers, the court heard in July.
In that case, two men, Ilgar Mamedov and Allahverdi Allahverdiyev, are being tried for attempted extortion under aggravated circumstances and attempted unlawful detention.
While the case is taking place behind closed doors, prosecutor Lauri Jogi recently made statements to the Australian press.
“As Mr. Heath put it very bluntly, it was the worst half-minute of his life. And definitely this event still has an influence on him,” Jogi said.
Masterminds Still at Large
With Mamedov and Allahverdiyev’s trial still ongoing, authorities believe they were acting as part of a larger criminal gang that remains at large.
“It’s still an ongoing investigation which means that we’re actively pursuing leads. This means that this is far from over,” Jogi told The Australian.
While police managed to track down the two men who tried to physically kidnap Heath, “the most dangerous persons are those behind the organising of this crime,” he added.
Crypto Kidnapping on the Rise
The attack on Heath underscores a disturbing trend: the targeting of wealthy crypto entrepreneurs and investors by organized crime groups.
Unlike traditional ransom cases, these kidnappings often aim to force victims to transfer digital assets directly, making recovery difficult once funds are moved across blockchain networks.
Recent years have seen a surge in such incidents, with victims including Ledger co-founder David Balland targeted for access to their crypto wallets.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
