A Russian crypto fraudster and his wife were found dead in the United Arab Emirates after reportedly being lured into a trap by men posing as investors.
Roman Novak, a convicted scammer from Leningrad, had been sentenced to six years in prison in 2020 for defrauding victims of millions in cryptocurrency investments. After his release in 2023, Novak re-entered the crypto scene, promoting a payment platform called Fintopia. Reports suggest that through this platform, he defrauded investors from China, the Middle East, and other regions of up to $500 million.
Earlier this year, Novak fled to Dubai, where he continued his operations. In October, he and his wife Anna met with a supposed investor and traveled to a villa on the outskirts of the city. Upon arrival, Novak was ambushed by a group of men demanding access to his cryptocurrency wallets.
According to Russian media reports, the attackers gained access to Novak’s wallets but found them empty. Enraged, they killed Novak and his wife, dismembered their bodies, and disposed of them in bags in the desert area near Fujairah. The suspects then attempted to conceal their crime by changing vehicles and fleeing the UAE, some reportedly traveling to Russia and Georgia.
UAE authorities managed to track the group’s movements and identified eight Russian nationals involved. Five individuals who helped prepare the attack—such as renting the villa—are reportedly not being charged with murder. The remaining three suspects include a former homicide officer with a prior drug conviction and two veterans from the Russia-Ukraine conflict.
Rising Wave of ‘Wrench Attacks’
This case highlights a disturbing rise in physical crypto-related crimes, often called “wrench attacks,” where criminals use threats or violence to gain access to digital wallets.
According to David Richards, CEO of BlockchainUnmasked, such incidents have sharply increased worldwide. “We’re seeing a clear surge in these attacks,” he explained, noting that 48 such cases have already been recorded in 2025, compared to 32 in all of 2024.
Richards attributes this increase to the rising value of cryptocurrencies and the growing sophistication of criminals using social media and technology to identify wealthy targets. “France alone saw 10 incidents in the first half of 2025,” he said, adding that the U.S. experienced a 169% rise.
Many of these attacks have included brutal details such as torture, amputations, and killings. Richards also emphasized that crypto crimes are often underreported, especially when victims are involved in illegal or unregulated activities.
He further explained that while these crimes target crypto holders, the issue is part of a broader surge in violent crime, not limited to digital assets. “We expect it to worsen through 2026 unless law enforcement and privacy protections advance quickly,” he warned.
Richards noted that the average crypto investor using regulated exchanges faces minimal risk compared to figures like Novak, who had a criminal past and flaunted his wealth publicly. “This wasn’t a random attack,” he said. “Novak scammed $500 million, had a fraud conviction, and was showing off in Dubai—he was a walking target.”
The attack is widely believed to have been an act of revenge by those Novak had previously deceived. Richards advised investors to remain discreet about their holdings, avoid sharing financial success online, and use advanced security measures such as multi-factor authentication.
