Australian Crypto Billionaire Tim Heath Fends Off Kidnapping Attempt Amid Rising Bitcoin Holder Attacks

Australian crypto billionaire Tim Heath narrowly escaped a violent kidnapping attempt on July 3rd, as reported by Decrypt. The assailants, posing as painters, employed sophisticated tactics including GPS tracking and disposable phones to surveil Heath’s movements, according to testimony in an Estonian court. In response to the incident, Heath has allocated approximately 2.7 million euros towards bolstering his personal security infrastructure.

This event underscores a growing trend of targeted physical threats, known as “wrench attacks,” against high-net-worth cryptocurrency holders. A notable example earlier this year involved Ledger co-founder David Balland, who suffered a similar attack resulting in the loss of a finger. Industry experts caution that regulatory frameworks such as the FATF travel rule, which mandates linking crypto wallets to verified identities, may inadvertently elevate the risk profile for crypto investors by exposing them to potential physical harm.