Veer Chatel, 19 years old, pleaded guilty in the $245 million Bitcoin robbery case in 2024, causing concern that he may flee before sentencing. With Bitcoin priced at $104,250 (CoinMarketCap, 06/24/2025), this scam involved 14 individuals indicted.
The Bitcoin heist and Chatel's role
Chatel pleaded guilty to conspiracy to commit fraud and money laundering, impersonating technical support to trick victims into sharing private keys via screen-sharing services, transferring Bitcoin from the Gemini exchange to a compromised wallet. One victim lost $245 million (2,350 $BTC ). Chatel collaborated with Malone Lam, Jeandiel Serrano, and professional money launderers, using the stolen funds to buy luxury items. The FBI found $37 million in crypto at Chatel's home. He faces a prison sentence of 19.5 to 24.5 years and a fine of $50,000 to $500,000.
Context and government response
The robbery occurred amid a growing crypto market, with a capitalization of $2.2 trillion. The U.S. government opposes releasing Chatel before sentencing, fearing accomplices will fund his escape to avoid testifying. Besides Chatel, 12 other individuals have been charged, but there are still accomplices at large, raising concerns about crypto security.
Impact on the crypto market
Increase security awareness: The incident promotes the use of cold wallets and security solutions like Project 11 (raising $6 million against quantum computing).
Trust impact: Scams can reduce trust among new investors, even though Bitcoin has not been hacked at the network level.
Regulatory push: The GENIUS Act and SEC's actions may tighten regulations on exchanges and wallets.
Suggestions for investors
Asset security: Use hardware wallets and two-factor authentication to protect.
Blockchain security investment: Projects like Project 11 have growth potential.
Risk warning: Crypto investment poses high risks due to price volatility. #anhbacong