The case of a teenager admitting to a massive bitcoin theft and subsequent criminal activities has sparked significant public interest.
Admission of Theft and Cooperation with Authorities
Teen Chetal pleaded guilty to stealing $245 million in bitcoin and entered into an agreement to cooperate with authorities ahead of sentencing. As part of the plea, he forfeited significant luxury assets, including nearly 30 designer watches and over $36 million in Ethereum. He also agreed to cooperate against co-defendants, potentially exposing him to a sentence ranging from 19 to 24 years.
Re-Arrest and New Crimes
Despite being released on bond, Chetal was re-arrested in January 2025 for further criminal activity, including a $2 million theft from a New Jersey resident, tricking her into revealing her crypto wallet seed phrase. Investigators traced the funds to an online gambling account and a non-KYC exchange.
Kidnapping Attempt and Related Crimes
Following the initial theft, Chetal's parents were targeted in a kidnapping attempt by six masked men, which was thwarted by local police. The alleged mastermind behind the kidnapping is 22-year-old James Schwab, who previously had a conflict with Chetal. Five of the six kidnappers have pleaded guilty, with Schwab pleading not guilty.
Chetal's case raises concerns about security in the cryptocurrency world and the ease with which criminals can evade justice.
