Veer Chetal pleaded guilty to a $245M Bitcoin theft and agreed to testify against co-defendants.
While on release, Chetal committed a $2M theft using social engineering and lost $200K gambling minutes later after Bitcoin deal.
Chetal’s parents were abducted in a failed ransom plot linked to the original crypto theft case.
A 19-year-old man from Danbury, Connecticut, has lost his bond after committing an additional $2 million cryptocurrency theft while awaiting sentencing for a $245 million Bitcoin fraud. Federal court documents, recently unsealed, reveal that Veer “Wiz” Chetal pleaded guilty to conspiracy charges tied to the August 2024 heist but was later re-arrested after new offenses surfaced during his pre-sentencing release.
Guilty Plea in Record $245M Bitcoin Theft
According to a report by Degen News, Chetal pleaded guilty to fraud and money laundering conspiracy related to a $245 million Bitcoin theft from a Genesis creditor. The original indictment, sealed until recently, named Chetal and co-defendants Malone Lam, 20, and Jeandiel Serrano, 21. The trio reportedly met on a Minecraft server.
https://twitter.com/DegenerateNews/status/1936476440708468768
As part of his plea deal, Chetal agreed to cooperate with prosecutors. He forfeited luxury assets including nearly 30 high-end watches, designer clothing, and over $36 million in ETH. Sentencing guidelines place his expected prison term between 19 and 24 years.
Bond Revoked After New Theft and Travel Plans
Although Chetal was initially granted bond, he was re-detained in January 2025. Investigators discovered his involvement in a $2 million social engineering theft during his release. According to court filings, the scheme targeted a New Jersey resident who was tricked into revealing her wallet seed phrase by someone posing as Gemini support.
Blockchain analysis traced the stolen funds to an account at the eXch platform. Chetal accessed the platform using a VPN, but investigators linked the IP to his mother after a connection leak. T-Mobile records confirmed Chetal's physical presence during the transaction.
Judge Colleen Kollar-Kotelly stated Chetal gambled and lost $200,000 of the stolen funds nine minutes after acquiring them. She described the sum as “trivial” to the defendant and ruled him a flight risk after learning of his attempts to travel to India and Dubai. Defense filings also mentioned that Chetal had booked a university entrance exam in India.
Kidnapping of Chetal’s Parents Linked to Crime Fallout
One week after the original theft, six masked men kidnapped Chetal’s parents in Danbury in an attempted ransom. Police later rescued the victims, who were found bound and injured. Chetal’s father suffered severe facial injuries and lost his job at Morgan Stanley following the incident.
The alleged mastermind, James Schwab of Georgia, was not present at the scene but funded and organized the operation. Prosecutors stated Schwab initially considered hiring one of the attackers to shoot Chetal before pivoting to robbery. Five of the six kidnappers have pleaded guilty. One suspect, Anthony Pena, received an 11-year federal prison sentence in May. The remaining defendant is scheduled for trial in September.
