In a scenario reminiscent of a Hollywood heist film, a group of men disguised in painters’ overalls and high-visibility vests infiltrated the stairwell of an apartment building in Tallinn, the charming capital of Estonia. Their target? Tim Heath, an Australian tech billionaire renowned for his influence in the world of online gambling, specifically through his cryptocurrency-based ventures and as the founder of the Yolo Group. However, this was not an ordinary robbery; the men had sinister intentions—to abduct Heath.

According to Estonian prosecutors, the gang had meticulously stalked Heath for several months, even going so far as to plant a GPS tracker on his vehicle. On July 29 last year, mere days before the grand opening of his luxury casino complex, they made their move. Fortunately, Heath, a man of considerable strength and resilience, fought back against his assailants. Though shaken by the encounter, he managed to escape. The attackers fled the scene, abandoning their getaway vehicle, which was later tracked down using a Bolt rental account.

This alarming incident is not an isolated case but rather part of an unsettling trend of violent crimes targeting the elite of the cryptocurrency world. Across Europe and beyond, there has been a marked increase in kidnappings associated with cryptocurrency, characterized by brutal tactics aimed at extracting digital wealth that is both easy to transfer and challenging to trace.

In a striking parallel, just this month in Paris, three masked individuals ambushed the daughter of Pierre Noizat, the chief executive of the French cryptocurrency exchange Paymium. The assailants attempted to force her into a van but retreated after a struggle, highlighting the escalating threat faced by prominent figures within the crypto community. The underlying message of this attack is chilling: individuals connected to cryptocurrency are becoming visible targets.

Just weeks prior to this incident, a 60-year-old owner of a crypto marketing firm in Paris was kidnapped by armed men who inflicted severe physical harm, cutting off one of his fingers as they demanded a ransom of up to €6 million. He was ultimately rescued in a police operation south of the city. In January, a similarly horrific event occurred when David Balland, co-founder of Ledger, along with his wife, was abducted from their Paris residence. Criminals severely injured Balland’s hand in a bid to force him to access his digital wallets. The kidnappers demanded an astonishing ransom of €10 million, but the couple was eventually rescued after a comprehensive operation involving about 200 law enforcement officers.

Jameson Lopp, co-founder and chief security officer of the digital asset custody firm Casa, has been vocal about the alarming trend of these criminal activities. He notes that “these digital bearer assets are very, very easy to steal and transport—and very difficult to get back.” The risk-reward dynamic is heavily skewed; instead of targeting a well-guarded bank vault, criminals are hitting soft targets with the potential for massive payoffs. Lopp emphasizes that most cryptocurrency holders lack adequate protection, stating, “It’s like these people are being their own banks, but they don’t have bank-level security.” He maintains a public database documenting violent crimes against crypto holders, estimating that only a small fraction—perhaps a quarter or a third—of such incidents ever get reported.

The issue extends beyond France, with multiple incidents reported in Australian cities such as Sydney and Melbourne. Among the more shocking cases was the 2023 kidnapping and torture of a man in a southwest Sydney home, where officials reported that his teeth were forcibly removed. Additionally, there was a bizarre case in Melbourne involving a former childcare worker and TikTok star who lured a Saudi Arabian prince into a Bitcoin ransom scheme.

In one of the most brazen incidents last year, three teenagers in Las Vegas abducted a man after a cryptocurrency event, taking him to a remote desert location where they drained over $6.2 million from his digital wallets. Similarly, in a complex case involving teenage hackers, a staggering $356.5 million in Bitcoin was stolen from a victim in Washington state, only for those involved to turn against one of their own by kidnapping the young hacker’s parents in Connecticut. This case was notably resolved when an off-duty FBI agent witnessed the abduction.

The reach of these violent crimes is not limited to geographical boundaries. Lopp reports that organized crime rings from various nations are increasingly targeting individuals based on their nationality; for instance, Chinese organized crime groups have been known to hit Chinese expatriates, while Russians have targeted their fellow nationals in Southeast Asia. The disturbing logic behind these crimes is that by committing offenses outside their home countries, criminals can evade local law enforcement.

Despite the increasing severity of the situation, the response from law enforcement agencies has been tepid at best. Lopp points out that “no law enforcement agency actually has the resources to protect people in real time.” The current framework is reactive rather than proactive, unable to prevent crimes before they occur. In France, the Interior Minister Bruno Retailleau has pledged to enhance protections for crypto professionals, including expedited access to emergency services, home safety assessments, and specialized training for officers. However, skeptics like Noizat view these government initiatives as mere “communications operations” lacking substantive effectiveness.

The stakes are much higher than just digital currencies. Lopp warns that “millions of dollars are secured by just one piece of information— that’s extremely risky.” Once stolen, cryptocurrency can vanish instantly, making recovery nearly impossible. He likens Bitcoin to Teflon, noting its slippery nature; “once it’s gone, you can’t grab it again.”

To help clients protect their digital assets, Lopp’s firm utilizes geographically distributed keys and multi-signature storage. He explains that some clients must travel to different countries just to authorize a transaction, underscoring the lengths to which individuals must go to safeguard their wealth. However, even as security technologies advance, attackers are becoming increasingly sophisticated. Lopp notes that while many of these criminals are still learning how to launder stolen funds, “that will change.”

On the other hand, Carol Alexander, a cryptocurrency expert and professor at the University of Sussex, believes that the kidnappers are not particularly savvy. She reflects on the evolution of cryptocurrency from its dark web origins, stating, “Bitcoin was used for money laundering, but today the forensic software employed by the FBI and the Department of Justice is incredibly adept at tracing these criminals.” Despite the advanced digital tools at law enforcement’s disposal, Alexander argues that the crypto space remains an attractive target for criminals due to the lack of physical security many crypto owners possess compared to traditional billionaires. She adds, “These individuals are showcasing their wealth online and making themselves visible while remaining blissfully unaware of the substantial risks they face.”

At present, most victims of these crimes survive, but the reality of violence in the crypto world is escalating. Lopp himself became a target in 2017 after a swatting incident and extortion attempt led to armed police officers raiding his home. “That’s when I started paying attention,” he recalls. As the crypto landscape evolves, the ethos of self-custody, decentralization, and anonymity that defines it also exposes its greatest vulnerabilities. With an increasing amount of wealth shifting off the grid, criminals are adapting more swiftly than law enforcement can respond. Lopp concludes, “The social pressure is just beginning to surface, but we are years behind. And these attackers? They’re already here.”