A Connecticut man involved with a massive theft of Bitcoin (BTC) from a Washington, D.C. victim reportedly pleaded guilty to fraud and money laundering conspiracy charges.
ABC News reports that Veer Chetal, who is among the three men charged with siphoning 4,100 BTC worth $243 million in an elaborate scam last August, also agreed to testify against his co-defendants, Malone Lam and Jeandiel Serrano.
Authorities say that the trio engaged in online social engineering attacks targeting cryptocurrency holders. Lam would send fake alerts to victims about unauthorized attempts to access their crypto accounts. Chetal and Serrano would then call and pose as representatives from companies like Google and Yahoo in an effort to access victims’ accounts.
Prosecutors say that Chetal, Lam and Serrano lived large after the heist, spending millions on cars, jewelry, rental mansions and nightclub parties.
But a week after the theft, Chetal’s parents were abducted in a botched ransom scheme. The suspects planned to demand payment from Chetal, believing he held large amounts of cryptocurrency.
But the abductors were arrested quickly after the police responded to eyewitness calls. An off-duty FBI agent also happened to be passing by just as the kidnapping unfolded.
Unsealed court documents also show that Chetal is being accused of playing a role in 50 similar heists that siphoned $3 million from victims between November 2023 and September 2024.
Chetal now faces up to 24 years in prison, a fine ranging from $50,000 to $500,000 and restitution to the victim.
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