Connecticut Teen Confesses to Staggering $245M Bitcoin Heist—Crypto’s Wild West Strikes Again

Another day, another crypto crime—but this one's got Hollywood-worthy digits. A Connecticut teenager just copped to swiping $245 million in Bitcoin, proving once again that digital gold attracts outlaws faster than a bull market.

How'd they pull it off? No fancy cyber-mercenaries or state-sponsored hackers here. Just a kid exploiting the same vulnerabilities that keep crypto security experts chugging melatonin. The heist reads like a crypto enthusiast's nightmare: weak points, big scores, and zero FDIC insurance.

While Wall Street's still gatekeeping IPOs, Gen Z's out here executing nine-figure digital heists before their first legal drink. Maybe banks should start offering 'Intro to Blockchain' alongside those predatory student loans?

Connecticut native docked for Bitcoin theft after parents’ kidnap

According to authorities, a week after Chetal and his co-conspirators carried out the crime, his parents were kidnapped and assaulted. Although the attack failed, authorities believed that the attacker had aimed to use the kidnap to coerce Chetal, who they believed had a large amount of digital assets, into using part of the funds to secure his parents’ release.

Chetal’s parents were said to be in their new Lamborghini SUV when the attackers forced them out and assaulted them. Police, at the time, mentioned that after they were taken, the attackers bound them and forced them into their waiting van. Witnesses immediately called the police. The police were able to react quickly, arresting four men after they abandoned their vehicles and the van to flee on foot. Two other suspects were later arrested at a nearby home the group rented through an Airbnb, authorities said.

During the hearing, one of the defendants, Michael Rivas, apologized for his actions. He said it was a dumb idea and he only did it to help one of the co-defendants who had a vendetta, although he did not elaborate. Meanwhile, his lawyer said that he only accepted to be a part of the gang in hopes of getting a share of the loot. At the time, there were reports of a Bitcoin theft where the assailants had been reportedly involved in a massive spending spree.

Chetal agrees to testify against his co-defendants

The criminal case involving the Connecticut native was unsealed on Monday in a Washington federal court, revealing his guilty plea in November and an agreement to cooperate with federal authorities investigating the bitcoin theft. It also revealed the prosecutors are looking into new allegations that he was involved in about 50 other thefts where he stole more than $3 million from November 2023 to September 2024. Authorities also claimed that Chetal was also involved in a $2 million crypto theft that took place in October, but refused to tell them about it.

Last September, federal agents with a search warrant raided the Connecticut native’s Brunswick, New Jersey apartment and his parent’s home in Danbury in connection to the Bitcoin theft. Investigators mentioned that they found more than $500,000 in cash, expensive jewelry and watches, and luxury clothes. Federal agents also added that Chetal had about $39 million worth of digital assets that he turned over to investigators. Authorities claimed that Chetal could face deportation as part of the criminal case.

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