A 19-year-old Connecticut man at the center of one of the most significant cryptocurrency thefts in U.S. history faces up to 24 years in prison after pleading guilty to charges tied to a $245 million Bitcoin heist and a subsequent bond violation involving another $2 million crypto theft.
Veer Chetal, a former Rutgers University student from Danbury, emerged as the unlikely linchpin in a sweeping digital fraud scheme that has rocked the crypto world. Operating under the alias “Wiz,” Chetal admitted in November 2024 to conspiracy to commit wire fraud and money laundering after stealing 4,100 Bitcoins in August 2024 — coins now worth nearly $440 million due to surging market value.
Federal prosecutors revealed that Chetal met his co-conspirators — Malone Lam and Jeandiel Serrano — on a Minecraft server. The trio used advanced social engineering tactics, impersonating tech support agents from companies like Google and Yahoo to gain unauthorized access to crypto wallets. Their digital heist spree allegedly spanned at least 50 other incidents between November 2023 and September 2024, netting an additional $3 million.
Chetal was released on bond following his initial arrest, but authorities say he re-offended just weeks later. On October 21, 2024, he reportedly stole another $2 million using a similar digital ruse, hiding his identity with a VPN. In a brazen display, he gambled away $200,000 of the stolen funds within nine minutes.
This flagrant violation led to his re-arrest in January 2025. His bond was revoked, and he has since remained in custody pending sentencing.
Federal sentencing guidelines recommend 19 to 24 years in prison for Chetal’s offenses. He also faces fines between $50,000 and $500,000, mandatory restitution, and possible deportation to India, where he was born before immigrating to the U.S. in 2010.
Chetal has agreed to testify against Lam and Serrano, a move that could influence his sentencing. His cooperation underscores the government’s interest in dismantling larger crypto fraud networks.
Chetal’s parents were abducted in a failed ransom plot in Danbury following the Bitcoin theft. Authorities say six men from Florida, led by 22-year-old James Schwab of Georgia, ambushed the couple by ramming their Lamborghini and then tied them up. The plot, allegedly stemming from Schwab’s prior conflict with Chetal, was foiled thanks to eyewitnesses and an off-duty FBI agent.
Some conspirators have already been sentenced, while others, including Schwab and Anthony Pena, await trial.
The fallout has been severe for Chetal’s family. His father lost his job at Morgan Stanley in the wake of the kidnapping, and Chetal withdrew from Rutgers University amid the scandal.
Authorities have seized a trove of assets tied to the crimes, including $39 million in cryptocurrency, $500,000 in cash, and luxury items ranging from watches to high-end clothing.
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The saga has sparked a firestorm on social media platform X. Users chronicled the case’s twists, from courtroom developments to speculation about further arrests.
