tl;dr
Veer Chatel, a 19-year-old, pleaded guilty to conspiracy to commit wire fraud and money laundering related to a $245 million Bitcoin heist carried out in 2024. The heist involved social engineering victims to leak private keys and transfer funds from the Gemini exchange to a compromised wallet. Chat...
The U.S. government is opposing the release of 19-year-old Veer Chatel, who pled guilty to conspiring in a $245 million Bitcoin heist in 2024. Authorities fear he may flee to avoid testifying against his co-conspirators. Chatel admitted to conspiracy to commit wire fraud and money laundering related to the theft, which involved social engineering victims into leaking private keys and transferring their cryptocurrency from the Gemini exchange to compromised wallets.
Chatel's specific role included impersonating technical support representatives to convince victims to grant account access, facilitating the theft. He and his co-conspirators used the stolen funds to live lavish lifestyles, purchasing luxury watches, designer clothes, and multiple cars. The FBI recovered $37 million in stolen crypto during a search of Chatel's residence.
In addition to the massive Bitcoin heist, Chatel defrauded approximately 50 other victims, personally obtaining around $3 million. The government argues that Chatel faces a strong incentive to flee due to the severity of his impending prison sentence, which could range from 19.5 to 24.5 years, and the risk posed by uncharged co-conspirators who might assist in his escape to prevent him from testifying.
Twelve individuals, including co-conspirators Malone Lam and Jeandiel Serrano, have been charged in connection with the case, though authorities believe more suspects remain at large. The government acknowledges Chatel’s admission of guilt and apology but maintains that public safety and justice require him to remain in custody until sentencing.