An Australian crypto billionaire reportedly bit off part of an attacker's finger during an attempted kidnapping in Estonia.
This is another shocking story amid the increasing global security threats to crypto holders.
Crypto Wealth Becomes a Real-World Target…Wrench Attack Increases
The incident reportedly occurred outside Tim Hys's apartment in Tallinn, Estonia. The victim is the founder of Yolo Group, a gaming and blockchain investment company, who testified in an Estonian court last week.
According to local media, a man disguised as a painter ambushed Hys on the building's stairs and tried to put a bag over his head. Hys instinctively bit the attacker's hand, severing part of his finger and escaping.
The DNA from the severed finger was submitted as evidence and reportedly matches one of the suspects. The perpetrator was a man with a forged passport from Azerbaijan who used GPS trackers and burner phones to monitor Hys.
Investigators believe the group intended to confine Hys in a rented sauna and extort cryptocurrency. The ongoing court case emphasizes that real-world attacks are becoming increasingly common for crypto investors.
"My daily life has completely changed," local media quoted Hys as reporting.
After the attack, Hys invested 2.7 million euros (3.18 million dollars) in personal security and claimed over 3.2 million euros in damages.
This is another shocking incident in Europe, occurring amid increasing global security threats to crypto holders. BeInCrypto reported on the dangerous trend targeting crypto holders.
Meanwhile, Raido Saar, chairman of the Estonian Web3 Chamber and CEO of Matter-ID, directly criticizes regulations like the FATF travel rule.
"When a real identity is linked to a public wallet address, it can expose more than just transactions… This can become a real-world target," Saar said in a statement to news sites.
He added that the current AML framework creates conflicts between compliance and human rights, especially when there is not yet large-scale infrastructure to protect user privacy.
Crypto Kidnappings Surge…Threats Expand
The Hys case is similar to other attacks targeting crypto investors. This includes the kidnapping of Ledger co-founder David Valende in France. Valende's finger was also severed earlier this year as part of a ransom threat.
In a separate incident, the mastermind of a French kidnapping organization was arrested in Morocco.
The surge in threats has raised global concerns. In Paris, security experts warned that the increasing visibility of cryptocurrency is driving organized crime.
Nevertheless, while France is notable for high-profile crypto kidnapping cases, the United States remains globally at the forefront of such attacks.
The common thread in these attacks is that financial transparency takes precedence over privacy protection. This is a fatal flaw in the emerging regulatory infrastructure of cryptocurrency. As crypto becomes mainstream, the risk of becoming a physical target also increases.
