Roman Novak, the convicted Russian crypto swindler who vanished in early October, has been found dead, alongside his wife Anna, in the desert in the United Arab Emirates.

Investigators say the couple’s dismembered bodies were discovered in the desert near the city of Fujairah, according to Fontanka.

The Novaks’ last known stop was Hatta, a mountain resort on the outskirts of Dubai, for a meeting with potential investors. Investigators, however, suspect the meeting was a trap and evidence from the crime scene paints a gruesome tale of torture and panic.

The killings mark another ugly turn in the spate of wrench attacks, brutal offline attempts to steal cryptocurrencies from victims, that have surged over the past year.

Earlier this year, the crypto security firm Chainalysis warned that physical attacks against cryptocurrency owners are expected to increase in 2025.

The Saint Petersburg police did not immediately respond to a request for comment.

Convicted of fraud

Before his disappearance, Novak presented himself as the founder of the payment platform Fintopio, a crypto wallet service that raised around $500 million from a swell of prominent investors from China, the Middle East and other countries, according to The Mirror.

Yet after securing the funds, he allegedly fled, leaving employees and investors without their money.

In early October, Fintopio announced that it was closing its crypto wallet services to take time to “review our operations and determine the best path forward.

This was not the first time Novak would’ve used his influence in this way. In 2020, he was convicted of fraud and sentenced to six years in prison in a case involving the Transcrypt crypto exchange, Fontanka reported.

He moved to the UAE in 2023 after gaining parole.

Investigators are exploring whether the killing was a revenge plot by aggrieved investors, according to Fontanka.

The attackers allegedly demanded access to the couple’s crypto wallets, which were linked to investor funds, but the wallets were empty.

Investigators say the assailants then murdered and mutilated the couple before burying them in the desert, according to Fontanka.

Seven individuals have been arrested, including a former Russian homicide cop turned smuggler and two combat veterans from the Russia-Ukraine conflict, according to Fontanka.

Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com.