A U.S. court has ordered Veer Chatel, a 19-year-old defendant, to remain in custody pending sentencing for his role in a $245 million Bitcoin theft. The government successfully argued Chatel poses a significant flight risk and is connected to a broader criminal conspiracy.
Chatel pleaded guilty to conspiracy to commit wire fraud. He faces a potential prison sentence ranging from 19.5 to 24.5 years, alongside possible fines up to $500,000 and forfeiture of stolen assets.
The massive heist involved sophisticated social engineering attacks and cryptocurrency laundering techniques. Blockchain investigator ZachXBT played a key role in tracing the stolen funds.
Law enforcement recovered $37 million worth of stolen cryptocurrency from Chatel’s residence. The scheme impacted at least 50 victims.
The case involves a complex criminal network. Twelve other individuals, including Malone Lam and Jeandiel Serrano, have also been charged in connection with the Bitcoin theft.