Teen Pleads Guilty to $245 Million Bitcoin Theft

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Teen Pleads Guilty to $245 Million Bitcoin Theft, Feds Fear Escape Plan

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 23, 2025

Key Takeaways

Veer Chatel admitted to a $245 million Bitcoin scam involving fake tech support calls and account access tricks;
Prosecutors wanted Chatel held before sentencing, fearing he might flee with help from his partners;
The FBI found $37 million in crypto at his home, while Chatel also defrauded 50 others.

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Teen Pleads Guilty to $245 Million Bitcoin Theft, Feds Fear Escape Plan

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On June 22, US federal prosecutors are urging the court to keep Veer Chatel, a 19-year-old, in custody after he admitted to stealing $245 million worth of Bitcoin BTC $89,925.65 .

They said the teenager might try to escape the country before sentencing, and that people he worked with could help him do it.

Recent unsealed documents revealed that Chatel pleaded guilty in Washington, DC, to participating in a 2024 scheme involving wire fraud and money laundering. The case centers on a large-scale Bitcoin theft carried out through fake tech support calls.

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According to ZachXBT's post on X, Chatel would call victims pretending to be from a company’s help desk. He would guide them through a process that gave his team access to their accounts.

Once inside, the attackers would trick victims into revealing their crypto wallet details. They then transferred the funds from Gemini $103.16M exchange accounts into wallets they controlled.

Authorities stated that Chatel used professional money launderers to hide the stolen funds. Along with his co-conspirators, Malone Lam and Jeandiel Serrano, he spent the money on watches, designer clothing, and several cars.

When the FBI searched his home, they found about $37 million in crypto connected to the heist. Officials also believe he defrauded around 50 more people, which generated another $3 million for himself.

As part of his plea deal, Chatel agreed to give up luxury goods purchased with the stolen money. He is expected to face between 19.5 and 24.5 years in prison, along with a fine that could range from $50,000 to $500,000.

Meanwhile, Global Ledger and Recoveris, in collaboration with Reuters, recently found that Russia’s Federal Security Service (FSB) has been using Bitcoin to pay a Canadian teenager. What was the FSB’s motive? Read the full story.