Teen behind US$245m Bitcoin theft to testify against Singaporean ringleader Malone Lam
According to Channel News Asia, Veer Chetal admitted in a plea deal to conspiracy charges involving fraud and money laundering linked to the theft of 4,100 bitcoins from a Washington, DC, crypto holder in August 2024. The stolen coins were valued at around US$245 million (RM1 billion) at the time.
Unsealed court documents revealed that Chetal agreed in November last year to cooperate with federal authorities and testify against his co-defendants, including 20-year-old Lam. Chetal, who was a Rutgers University student at the time, now faces up to 24 years in prison.
According to prosecutors, Lam was not only involved in the US$245 million theft but allegedly spearheaded a 13-member criminal ring that operated globally, targeting crypto wallets using 'social engineering' attacks. Members posed as tech support staff from companies like Google and Yahoo to trick victims into handing over access credentials.
The group is believed to have met on online gaming platforms, where they bonded before launching their sophisticated scheme. In May, Lam was charged under the Racketeer Influenced and Corrupt Organisations (RICO) Act in connection with the wider conspiracy. He pleaded not guilty.
Federal prosecutors describe Lam as one of the ring's two leaders. Despite being arrested last September, he allegedly continued directing operations from jail — including instructing members to purchase and deliver luxury goods to his girlfriend in Miami.
Authorities say Lam personally benefited from the crimes, reportedly spending up to US$500,000 in a single night at clubs and amassing at least 28 luxury cars, some valued at US$3.8 million. He also rented high-end properties in Los Angeles, Miami, and the Hamptons, and spent tens of thousands of dollars on designer clothing.
Lam's lawyer, Scott Armstrong, has said the Singaporean 'looks forward to exercising his right to trial by jury,' with proceedings set to begin in October.
Chetal's guilty plea has brought further revelations. Prosecutors now allege he was linked to about 50 other crypto thefts totalling US$3 million between November 2023 and September 2024.
After the Bitcoin theft, Chetal's parents were kidnapped in a botched ransom plot in Connecticut by six men who believed he still controlled large amounts of cryptocurrency. The attack failed thanks to witnesses and an off-duty FBI agent nearby.
The teen's assets, including over US$39 million in cryptocurrency, luxury watches, clothing, and US$500,000 in cash, have since been seized by federal agents. He is also facing possible deportation.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Undrafted WR Isaiah Bond no longer faces sexual assault charge, announces future plans with Cleveland Browns
Former Texas and Alabama wide receiver Isaiah Bond has been no-billed and is no longer facing the sexual assault charge he was arrested on two weeks before he went undrafted, according to Collin County District Attorney Greg Willis in Texas. "After reviewing all the evidence presented, a Collin County grand jury returned a 'no bill' in the sexual assault charge involving Isaiah Bond, meaning no indictment will be issued," Willis said in a statement Thursday, via ESPN. "This concludes the criminal proceedings in this matter." Bond then announced his future plans with the Cleveland Browns, although ESPN's Adam Schefter reported that no deal has been finalized. "First and foremost, I want to express my deepest gratitude to the Cleveland Browns for believing in me and allowing me the opportunity to continue my career in the NFL," Bond wrote in a statement he posted to X. He later added: "I know there have been questions and reports about the recent allegations. I am grateful for the decision of the prosecutor and the courts not to pursue charges. I will learn from this experience as I grow in wisdom, character and faith. On the advice of my attorney, I will not discuss the details of this case, but I want to be clear: From the very beginning, I have refuted these allegations and maintained my innocence. I stand firm by that today." This story is being updated.
Yahoo
9 minutes ago
- Yahoo
Sheriff's Deputy Killed Mother of His Kids — Then Dropped Baby Off at Neighbor's, Said to Call 911 Before Taking Own Life
Sonoma County Sheriff's Deputy Jeremy Lyle died from a self-inflicted gunshot wound following a standoff with police An off-duty sheriff's deputy in California murdered the mother of his children before taking his own life during a standoff with police. The Santa Rosa Police Department responded just after 7 p.m. on Aug. 10, to a 911 call made by a neighbor of Mari Bonnici, a detention specialist with the Sonoma County Sheriff's Department, at an apartment complex in Santa Rosa, the department wrote on Facebook. The neighbor said that Bonnici's ex-partner, Sheriff's Deputy Jeremy Lyle, 44, had handed her an infant and instructed her to call 911 "because the child's mother was hurt," then left the area. When officers arrived at Bonnici's apartment, they forced entry and discovered the 38-year-old's lifeless body with at least one gunshot wound, the SRPD wrote. Two other children, both toddlers, were discovered unharmed in a back bedroom. About a half hour later, police learned Lyle's truck was spotted near the county coroner's office. On arrival, they found Lyle standing in the bed of the truck holding a handgun to his back. Authorities attempted to negotiate Lyle's surrender for hours to no avail. At about 2 a.m., 7 hours after authorities first received the 911 call, Lyle shot himself, police said. The Sonoma County Sheriff's Office said Lyle's death was witnessed by personnel on the scene. Police believe the incident was related to domestic violence, but they had no previous domestic violence reports on record between Lyle and Bonnici. The couple's three children are being cared for by relatives. "We recognize the profound shock and concern that this incident brings to our community," the Sheriff's Office wrote in a statement. "Both the Sheriff's Office and the community place immense trust in those who are dedicated to serving and protecting. No level of training or experience can fully prepare us for such a tragedy." The incident is the ninth homicide and third murder-suicide in Santa Rosa this year, police said. If you are experiencing domestic violence, call the National Domestic Violence Hotline at 1-800-799-7233, or go to All calls are toll-free and confidential. The hotline is available 24/7 in more than 170 languages. If you are experiencing suicidal thoughts, call or text 988 to speak with a trained crisis counselor 24/7, or visit Read the original article on People
Yahoo
9 minutes ago
- Yahoo
Teen missing for 1 week after going on vacation in Florida found dead: Sheriff
An 18-year-old from North Carolina who had been missing for one week after vacationing with relatives in Florida has been found dead, according to officials. Giovanni Pelletier, an 18-year-old who was described as "smart, kind and full of life," disappeared early on Aug. 1 "under deeply troubling and suspicious circumstances," according to the family's GoFundMe page. Pelletier was visiting Englewood, Florida, with his mother and her fiancé and wanted to reconnect with relatives from his biological father's family, Desiree Pelletier, who is Giovanni's aunt and sister of his mother, told ABC News. While he was unable to see his father, who is incarcerated, he made plans to see three of his cousins on that side of the family, his aunt said. With only a few days left in his vacation, Pelletier's cousins picked him up at approximately 1:30 a.m. on Aug. 1 to take him on the three-hour drive to their house in Mims, Florida, his aunt said. His mother was planning on picking him up the next day, according to Desiree Pelletier. But within 25 minutes of leaving, he sent his mom a text: "Help me," his aunt said. That was the last time his mother heard from him, according to his aunt. A family member found Pelletier's body on Aug. 8 in a retention pond across the street from where his backpack and phone were located in Bradenton, Florida, his aunt confirmed to ABC News on Sunday. The teen's body was found exactly one week after he disappeared, his aunt said. After extensive forensic testing, the Manatee County Sheriff's Office confirmed to ABC News on Thursday that the body found in the pond was identified to be Pelletier. Identification of the body was confirmed through dental records, and "additional forensic testing was required due to the condition of his body," the sheriff's office said. The cause of death remains undetermined "pending toxicology results, which are expected to take several weeks," the sheriff's office said. "Detectives are actively pursuing multiple leads to learn more about the circumstances surrounding Pelletier's death. There are still no signs of foul play," the sheriff's office said. Desiree Pelletier said her sister, the teen's mother, "is broken" by the news of her son's death. MORE: Body identified as California teen reported missing days ago During a press conference with the family on Tuesday, they said they are "devastated" and had been "hoping for a better outcome." The family also said they are hiring an attorney to help with the case. The day the teenager disappeared, his mother could not get a hold of him and immediately contacted authorities, Desiree Pelletier said. The teen's mother also reached out to the cousins who were with Pelletier, who said the group had been smoking marijuana, which is when the 18-year-old began to panic and pull out a knife, Pelletier's aunt noted. But his aunt said that alleged behavior "is not Gio" and that it does "not align" with who he is. The cousins also told police that Pelletier "began to act erratically before exiting the vehicle," according to a statement from the Charlotte County Sheriff's Office last week. The cousins claimed they were driving on I-75 when Pelletier got out near SR-70, authorities said. On Friday, the Brevard County Sheriff's Office said the cousins had been interviewed by officials and "continue to be fully cooperative in all aspects of the investigation." Officials also said they "took in the vehicle that the three young men were driving at the time they traveled to the West Coast of Florida."
