A 19-year-old from Danbury, Connecticut, Veer Chetal, known online as “Wiz,” has pleaded guilty to fraud and money laundering conspiracy in connection with a high-profile $245 million Bitcoin theft from a Genesis creditor in August 2024.
However, his cooperation with authorities was short-lived, as he was re-detained after allegedly committing an additional $2 million theft while out on bond.
Chetal was secretly charged in November 2024 alongside co-defendants Malone Lam, 20, and Jeandiel Serrano, 21, whom he reportedly met on a Minecraft server. Details of Chetal’s legal proceedings were unsealed last week by a federal district judge.
As part of his plea, Chetal forfeited significant luxury items, including nearly 30 designer watches, high-end clothing, and over $36 million in Ethereum. He also agreed to cooperate against Lam and Serrano, a move that exposed him to a potential 19 to 24-year prison sentence.
Despite being released on bond, Chetal was re-arrested in late January 2025. Authorities discovered he had engaged in further illicit activities and discussed fleeing to India or Dubai, violating court orders. Notably, on October 21, 2024, Chetal allegedly orchestrated a $2 million social engineering theft from a New Jersey resident, tricking her into revealing her crypto wallet seed phrase. Investigators traced funds to an online gambling account and a non-KYC exchange, with Chetal’s IP address briefly leaking to his mother’s address during a VPN failure.
U.S. District Judge Colleen Kollar-Kotelly, in denying Chetal’s request for re-release, highlighted his casual attitude towards crime, noting he “secured $200,000 in illicit funds with a simple text message” and “gambled and lost all $200,000 on a single bet nine minutes later.” Prosecutors also deemed Chetal a significant flight risk due to his lack of U.S. citizenship and documented attempts to plan travel abroad.
Adding a dramatic layer to the case, a week after the original $245 million theft, Chetal’s parents were targeted in a kidnapping attempt by six masked men, a plot foiled by local police. The alleged mastermind of this kidnapping was James Schwab, 22, who is accused of orchestrating the attack from afar, having previously had an altercation with Chetal. Five of the six kidnappers have pleaded guilty, while Schwab pleaded not guilty.
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Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/teen-pleads-guilty-to-245-million-bitcoin-theft-re-arrested-after-new-crimes/