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Blockchain forensics firm Elliptic told Cointelegraph that specific patterns and techniques in the WasirX attack led them to believe North Korean hackers were behind the incident.
$243M Bitcoin scam that led to kidnapping and chaos
In one of the most bizarre crossovers between digital crime and real-world violence, a group of young cybercriminals stole almost $243 million in Bitcoin (BTC). Within weeks, the fallout spilled from the blockchain into a quiet Connecticut suburb, ending in a harrowing kidnapping plot.
If this seems like the plot of a Netflix thriller, you’re not alone in thinking that. But it happened. And fast.
Let’s unpack how a Minecraft-playing teenager, an underground network of crypto thieves and a Lamborghini-driving suburban couple all became tangled in a wild web of digital deception and real-world chaos.
It all started when a Washington, D.C.-based cryptocurrency investor received a suspicious phone call. The person on the other end posed as a security representative from Google. A second call came from someone claiming to be with Gemini, a well-known crypto exchange.
What followed was a textbook case of social engineering. The scammers convinced the victim to download software that gave them remote access to his computer. Moments later, 4,100 Bitcoin worth $243 million at the time vanished from his wallets.
And that’s when things really got weird.
How crypto detectives unmasked the thieves behind the $243M heist
The crypto world may seem like the Wild West, but it has its sheriffs. One of them is ZachXBT, a pseudonymous investigator revered for his blockchain detective work.
ZachXBT was walking through an airport when he got an alert about suspicious transactions. By the time he was in the air, he’d already traced the stolen funds to a mysterious wallet.
Within hours, he and a team of independent investigators started tracking the money across dozens of exchanges, even notifying the platforms to freeze the assets.
But the real breakthrough? A video.
A source anonymously sent ZachXBT screen recordings of the thieves celebrating the heist, cheering over Discord and flashing millions on-screen. One of them accidentally revealed his real name: Veer Chetal, an 18-year-old honor student from Danbury, Connecticut.
Yes, the same Danbury where the kidnapping took place.
Did you know? In January 2025, Ledger co-founder David Balland was kidnapped in France and later safely released following a police intervention. The abduction was linked to a cryptocurrency ransom demand, highlighting the growing intersection of digital assets and real-world crime.
Real-world consequences: The kidnapping of Veer’s parents
Just one week after the digital heist, Sushil and Radhika Chetal (Veer’s parents) were house-hunting in their $240,000 Lamborghini Urus when two vehicles ambushed them. Authorities have described Veer’s parents solely as victims of the kidnapping, with no indication they were involved in the crypto theft.
Reportedly, armed attackers dragged the couple into a van, bound them with duct tape and fled the scene. Thankfully, quick-thinking bystanders (including an off-duty FBI agent) helped police track the van. The Chetals were rescued, and four of the six suspects were caught within hours.
But why target the parents?
It turned out the motive was chilling: Veer’s co-conspirators wanted to extort him. They knew he was involved in the crypto theft. Now, they viewed his parents as leverage to force him to share the loot — or more of it.
From Minecraft to multimillion-dollar crimeVeer Chetal wasn’t just some teenager with a knack for crypto. He was allegedly part of “the Com,” an underground online collective that evolved from Minecraft servers and video game scams into a sophisticated criminal network involved in everything from SIM swapping to crypto fraud.
His path from honor student to alleged cybercriminal seems to have accelerated fast. Classmates noticed him suddenly showing up to school in a Corvette, then a BMW, then a Lamborghini. He threw parties on yachts and wore luxury brands that most teens have only seen in rap videos.
His digital partner in crime? Malone Lam, a Singaporean hacker known in online circles as “Greavys” and “Anne Hathaway.” After the heist, Lam blew through millions on nightclubs, cars and champagne in Los Angeles and Miami, even trolling ZachXBT online by holding up signs mocking him in clubs.
The collapse: Arrests, raids and guilty pleas
The lavish lifestyle didn’t last long. The FBI, aided by crypto investigators, tracked Lam, Veer and others across states and continents.
Here’s what happened:
By March 2025, five out of six of the Florida-based kidnappers had pleaded guilty. They face up to 15 years in prison. Others involved in the digital theft are still under investigation, and a federal wallet now holds the recovered Bitcoin.
Did you know? Despite using sophisticated laundering methods, one co-conspirator failed to use a VPN, exposing his location through an IP address tied to a high-end rental. Authorities traced him to Jeandiel Serrano, aka VersaceGod, who was enjoying a vacation in the Maldives by the time they caught up with him.
The growing link between digital crime and real-world consequences
What’s frightening is how seamlessly this crime flowed from the digital world into the physical.
As cybersecurity expert Allison Nixon put it: “We are seeing an evolution from disorganized crime to organized crime, and we are somewhere in the middle point of that.”
Groups like the Com are no longer just pranksters or hackers; they're hardened, organized, and increasingly violent. They share success stories and flaunt wealth, recruiting the next generation through Discord, Telegram and Minecraft.
The $243 million crypto heist that led to a real-world kidnapping is more than just a headline. It’s a warning. It shows how cybercrime no longer stays online, and how youthful arrogance, digital anonymity and unchecked greed can have very real-world consequences.
And as fast as this group got rich, they got caught even faster.
Ultimately, not even Lamborghinis and champagne could protect them from the blockchain breadcrumbs they left behind.
The dark side of crypto and the need for vigilance
While cryptocurrency offers many advantages, it also has a darker side that cannot be ignored. The very features that make crypto attractive — decentralization, anonymity and ease of transfer — are also what make it a breeding ground for illegal activities.
From money laundering and fraud to scams and cybercrime, crypto has become a tool for a wide range of criminals. The lure of quick profits and easy money, combined with the anonymity of digital currencies, makes crypto especially appealing to young, impressionable individuals.
Many are introduced to it through seemingly harmless channels, such as online gaming or social media, where they may encounter cybercriminals looking to recruit the next generation of offenders. This makes it all the more important for parents and guardians to stay aware of their child’s digital activities and online behavior.
Cryptocurrency is not inherently dangerous, but it can open the door to hazardous paths if misused. For those new to the space, it’s crucial to understand the risks involved. Scammers can use sophisticated techniques to deceive and steal, and the lack of regulation can leave victims without recourse.
As crypto continues to grow in popularity, the potential for cybercrime will likely expand, and the consequences of digital theft could become more severe and tangible.
Keeping an eye on your child's digital activityWith the rise of cryptocurrencies, it’s essential for parents to educate their children about the risks associated with digital assets.
As the boundaries between the digital world and real-world consequences continue to blur, it’s important to stay vigilant. Whether it’s ensuring your child’s safety in the digital space or understanding the broader risks posed by crypto, being proactive can help navigate the ever-evolving landscape of digital finance. By taking precautions and staying informed, you can harness the benefits of cryptocurrency while minimizing its dangers.
Solana-based platform Pump.fun suffered an exploit that left the crypto community with many questions. The attack stole millions of dollars in users funds, but the reasons behind it and the exact amount of the loot were unclear. Amid the uncertainty, some claimed that a crypto Robinhood had emerged. Related Reading $80 Million Taken In Crypto [...]
The post Crypto Post-Mortem: Heres How Pump.Fun Was Exploited For $2 Million appeared first on Crypto Breaking News.
DeFi protocols and other crypto traders are massively acquiring hardware wallets to deal with the wave of hacks.
Continue reading Hardware Wallets Sell Off As Crypto Heists Increase at DailyCoin.com.
Popular online game Axie infinity’s bridge called Ronin Network suffered an exploit losing more than half a billion funds in one of the biggest crypto attacks to date. The breach took place on March 23 but was discovered only on 30 March, Tuesday, according to the blog, published by Ronin detailing the incident. So what exactly […]
The Solana price has been on an upswing ever since the bloodbath that followed DeFi’s largest hack of 2022. The Wormhole network stated that stolen money had been restored, giving Solana price some much-needed relief. Related Reading | Solana price recovers from downtrend after $325 million restored on Wormhole network After hours of being lost to what some call the largest DeFi hack, the crypto was restored. Jump Crypto’s currency-focused arm worked in tandem with other Quant trading firms, and together, they were able to restore all funds that hackers had stolen from investors last week. Jump Crypto stated; “we believes in a multichain future and that Wormhole is essential infrastructure. That’s why we replaced 120k ETH to make community members whole and support Wormhole now as it continues to develop.” The firm’s decision to replace 120,000 Ether in support of community members on the Wormhole network revealed that hackers failed to refabricate stolen cryptocurrencies. Yesterday’s exploit compromised $325 million worth of Ether, and the Wormhole network offered a 10-million dollar bounty for information on who did it. Unfortunately, the hacker still has access to these funds, meaning they have rejected the offer. Related Reading | Wormhole Token Bridge Lost $321M In Crypto Heist Solana Price Recovery From Bloodbath The price of Solana dropped nearly 10% after news broke about the Wormhole exploit. The largest DeFi hack on Solana acted as a negative factor for this altcoin, heavily influenced by lousy publicity. A cryptocurrency analyst and trader widely followed for his accurate price predictions by investors of all sizes across the board, Johny noticed that Solana might be ready to make its next move up. Further, he noted an upward pattern developing within range lows before Ethereum killer could start its leg straight back down again. “$SOL beautiful retest of range lows. Flip range highs and next leg upstarts. Haven’t seen this much strength from Solana in what feels like forever.” Bitcoin’s fall to the $36,250 level triggered a dip for major altcoins. While most coins were red on Thursday, Solana also dipped nearly 10%. The larger market experienced a dip as well due to bitcoin’s movements. What a difference a day makes! Solana dipped more than most of its counterparts in the top ten cryptocurrencies by market cap, but it charted an equally good recovery at press time. After an attack on Wormhole, SOL dipped to as low as $94 on February 3. However, the price saw some recovery and even managed a decent pump before long. The price of Solana is rising once again. As I’m writing these words, the currency had traded at $108 and presented 11.7% daily and 18.75% weekly gains. With trade volumes still maintaining low, some say that the spot markets are still too uncertain about investing in, but a decent price push could change investors’ mood for good. Featured image from Pixabay, chart from TradingView.com
Wormhole token bridge that links the Ethereum and Solana blockchains, seemingly an unimportant piece of tech for its function, lost over $321 million Wednesday afternoon. This is the largest attack to date on Solana. A competitor to Ethereum that’s progressively gaining grip in the non-fungible token (NFT) and DeFi ecosystems. The $600 million Poly Network crypto heist was bigger, but it involved cryptocurrencies rather than blockchain technology, which may explain why critics call this new development “pretty historic.” The heist occurred on Solana’s side. The discovery of a vulnerability on the Solana side has raised concerns that it could be similarly vulnerable to Wormhole’s bridge. The Wormhole team announced that they would replenish the Ethereum (ETH) supply to make sure wETH is backed 1:1, but it’s not clear where those funds come from or when. The assailant managed to hack into a smart contract and steal $321 million worth of wETH. The heist happened at 6:24 pm UTC on February 2nd when 120,000 wETH were minted by an attacker who then redeemed 93,750 wETH for ETH, equivalent to $256 million. These funds allowed them to buy SportX (SX), Meta Capital (MCAP), Finally Usable Crypto Karma (FUCK) & Bored Ape Yacht Club Token (APE). With the remaining WETH swapped for USDS and SOL on Solana, the hacker now holds 432,662 SOL ($44 million) in Solana wallet. CertiK, a smart contract auditing firm, reported potential vulnerabilities within Wormhole’s bridges to other blockchains in today’s press release. However, the report says that it “is possible” patches or upgrades could address these shared concerns. Is Wormhole Lucky Enough As Poly Network? The Wormhole team is serious about getting their money back. They’ve offered a $10M bug bounty, which they will pay out if anyone can find an exploit to return it. “This is the Wormhole Deployer: We noticed you were able to exploit the Solana VAA verification and mint tokens. We’d like to offer you a whitehat agreement and present you a bug bounty of $10 million for exploit details and returning the wETH you’ve minted. You can reach out to us at contact@certus.one.” The Wormhole team is working hard to fix an exploit reported recently. Unfortunately, as of now, wETH tokens sent across the bridge are not yet redeemable while they strive in their effort. Two smart contract exploits in a week. The first one was on Qubit Finance’s token bridge last Friday, and now this new vulnerability. It reminds us very much about Poly Network hack where they stole nearly $610 million from investors. Poly Network was lucky enough to get its funds back through whitehat hacker intervention. Related Reading | Poly Network Confirms Hacker Has Returned Most Of The Stolen Crypto Tech Giants Reviews on Token Bridge Heist Vitalik Buterin’s warning that “fundamental security limits” on token bridges has come true by recent events. The frequency of smart contract hacks emphasizes his point about layer-1 blockchains being vulnerable. Moreover, hackers pillage other platforms for their gunfire fodder and attack routes into new territory without any defense against such tactics. We reached out to Ali Qamar, Cyber Security Expert and PrivacySavvy founder, for comment on the hacker exploiting a security flaw to mint wETH without depositing any ETH themselves. The privacy education hub lead brain commented, The heist is a reminder that the DeFi services’ security is yet to reach a level appropriate for the enormous amounts of funds being stored within them. Blockchain transparency seems to allow attackers to spot and exploit significant bugs. What Is Token Bridge Ether is the most popular blockchain network in use today, and it’s being looked at by many people who want to replace banks or lawyers when working with smart contracts. However, there are other options available such as Solana – which might be cheaper & faster depending on your needs. The introduction of cross-chain bridges has made it easier than ever for Crypto holders to operate outside their ecosystem, with no limitations on where they send or receive cryptocurrencies from. Related Reading | What Are Blockchain Bridges? The Wormhole is a revolutionary new protocol that allows users to move their tokens and NFTs between Solana, Ethereum’s most popular smart contract platform. Market tanks Investor excitement about the potential for Solana’s network to become more widely used led it into the crypto top ten last year. The price of one token has increased by 1,600% since February 2021. The combined value reached an all-time high last year, with $78 billion worth. However, the Solana value has fallen quickly since the recent crypto heist and currently trades at under $100 per token. Furthermore, the decline relates to a broader crypto market crash. The crash hit bitcoin and other major cryptocurrencies such as Ethereum or lite coin. As a result, their values have dropped significantly over time. Featured image from Pixabay, chart from TradingView.com
In the latest crypto swindle hitting the weekend, Germany-based LCX Exchange suffered a security breach in one of its hot wallets that took place in the early hours of 9 January 2022. Announcing the same via Twitter, the trading platform has detailed the exploit in a series of threads and stated that Ethereum blockchain-based assets […]
The United States Department of Justice (DOJ) has filed charges against two high-ranking staff members of the Patterson Joint Unified School District accused of orchestrating a cryptocurrency mining operation within the district’s premises, siphoning resources, and inflating electricity costs. Documents reveal a complex scheme orchestrated by Menge, who served as the Assistant Superintendent and Chief Business Officer, […]
The sanctioned agents were allegedly generating funds for North Koreas nuclear weapons development program.
The FBI has unveiled details of a $305M Bitcoin heist by North Korea-affiliated hackers using social engineering techniques.
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