Tragic Deaths of Russian Fraudster and Wife in UAE Linked to Cryptocurrency Scam
A Russian fraudster, previously convicted, and his spouse have been discovered deceased in the United Arab Emirates, following what appears to be a cryptocurrency-related attack. This incident is believed to be an act of vengeance for the fraudster’s extensive scams, with estimates indicating that he may have swindled global investors out of approximately $500 million. Experts have noted a worrying increase in so-called wrench attacks, although they suggest that ordinary retail investors are generally at a lower risk compared to influencers who openly display their wealth.
Background of the Convicted Scammer
Roman Novak, hailing from Leningrad, was sentenced to six years in a Moscow prison in 2020 due to his involvement in a fraudulent investment scheme that defrauded numerous victims of considerable sums in cryptocurrencies. After his release in 2023, Novak re-entered the crypto realm by endorsing a payment platform called Fintopia, which he allegedly used to deceive investors from regions such as China and the Middle East, amassing up to $500 million in fraudulent gains. Following this, he relocated to Dubai, where he and his wife, Anna, met an individual posing as an investor and traveled to a villa outside the city.
Details of the Attack
Upon arriving at the villa, Novak was confronted by a group of men who demanded access to his cryptocurrency wallets, as reported by the Russian news outlet Fontanka. The attackers managed to access Novak’s wallets but found them drained of funds. Subsequently, they murdered both Novak and his wife. Their remains were reportedly dismembered and discarded in bags in the desert near Fujairah. In an effort to evade capture, the assailants switched vehicles while departing the UAE for Russia and, in one instance, Georgia. Authorities in the UAE successfully tracked the group’s movements and identified eight suspects, all of whom are Russian nationals. Among them, five individuals known as ‘mules’—who had rented the villa and facilitated the attack—are reportedly not facing charges, while three others include a former homicide detective with a drug conviction and two discharged veterans from the ongoing Russia-Ukraine conflict.
Rise of Crypto ‘Wrench Attacks’
This incident is part of a disturbing trend of increasing physical attacks targeting cryptocurrency holders, often referred to as ‘wrench attacks.’ David Richards, the CEO of BlockchainUnmasked, an analytics and forensics firm, noted a significant rise in these attacks. “We’re observing a notable increase in ‘wrench attacks,’ where perpetrators resort to torture or threats to empty wallets,” he stated, emphasizing that 48 such incidents have been documented in 2025 alone, compared to 32 for the entire previous year. Richards attributes this surge to rising cryptocurrency prices and the advanced tactics criminals are employing via social media and technology. For instance, France reported ten cases in the first half of 2025, while the United States saw a staggering 169% increase.
Understanding the Risks for Investors
Some of these wrench attacks have involved gruesome acts, including amputations and even murders. Richards suggested that many instances of crypto-related crime might go underreported, a common issue in this sphere. However, he clarified that this situation is not solely a cryptocurrency problem but reflects a broader “violent crime wave” that targets digital currencies. He anticipates that without advancements in privacy tools and improved global law enforcement cooperation, the situation could deteriorate through 2026. While these developments are concerning, Richards reassured that average retail investors using regulated exchanges for their transactions face significantly lower risks than individuals like Novak, who he described as “a walking red flag.”
Richards emphasized that the attack was likely motivated by revenge, as reported in local media, given that individuals like Novak typically have enemies with both the means and motive to retaliate and often leave digital footprints that facilitate targeting. He advised retail investors to maintain a low profile, avoiding discussions about their cryptocurrency earnings and employing robust multi-factor authentication measures for their accounts.
