$243M bitcoin scam that led to kidnapping and chaos

[_act_]

You will really enjoy reading this: https://cointelegraph.com/explained/how-a-243-million-crypto-heist-led-to-a-real-world-kidnapping

In summary:
A group of young cybercriminals stole almost $243 million bitcoin. An anonymous source 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.

Just a week later after the loss of the coin, Veer Chetal parent were kidnapped. Bystanders including an off-duty FBI agent makes police located the kidnappers. Out of six, four were arrested within hours. Investigation found out that they were Veer Chetal co-conspirators. They wanted to extort him because they knew he was involved in the $243M bitcoin scam. Veer Chetal was too loud and living a luxurious life. You can read more about him on the link provided.

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.

They were all arrested.

Lam was arrested in Miami after a SWAT-style raid on a mansion he’d rented.

Another suspect was caught at LAX wearing a $500,000 watch.

Veer was quietly arrested, too, the son of the kidnapped couple, and is now facing federal charges.

Another co-conspirator did not use VPN despite using sophisticated laundering methods. He was also arrested.

Five out is the six Florida-based kidnappers has pleaded guilty and can go to 15 years in prison.


I copied some parts and wrote some parts for you to easily understand.

The coin is with United States government now. I think that means no one even come for the $243M bitcoin. Or is it not?

[Trêvoid]

Most of the $243 million in stolen bitcoin from the high-profile heist is now held by the U.S. government, but not all of it has been recovered. Authorities have managed to freeze or seize millions-over $9 million was frozen early on, and $500,000 was returned to the victim, with additional funds likely seized during arrests (https://www.justice.gov/usao-dc/pr/indictment-charges-two-230-million-cryptocurrency-scam).

However, investigators believe that over $100 million in stolen bitcoin remains unaccounted for and may still be hidden by the perpetrators. So, while law enforcement controls a significant portion of the stolen funds, not every dollar has been recovered, and the case remains open as authorities continue tracking missing assets

Ref:
https://www.straitstimes.com/singapore/in-7-years-student-from-choa-chu-kang-went-from-gamer-to-alleged-role-in-320m-crypto-heist
https://www.nytimes.com/2025/04/24/magazine/crybercrime-crypto-minecraft.html

[Findingnemo]

This story tells us that cheaters make mistakes too, and that when they do that will be fatal for them.

I didn't read the article but based on the summary, they were amateurs, which is why they slipped up and unfolded everything.For sure they are gonna be end up behind bars for a pretty long and this should serve as a lesson for whoever think that they can steal money and hide away from everything.

Not everyone can maintain the professionalism of the Lazarus Group.

[348Judah]

You will really enjoy reading this: https://cointelegraph.com/explained/how-a-243-million-crypto-heist-led-to-a-real-world-kidnapping

In summary:
A group of young cybercriminals stole almost $243 million bitcoin. An anonymous source 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.

Excitement is one of the easiest way to make people fall, they thought they have made and instead of them to go low key, they went ahead celebrating the wrong and unlawful act dome by them, but all these are only a temporary stuffs, they dont last for anything, because as they come so they go, all the money will be spent lavishly on women and drinks, i only pity the victims of this kind of heist, because some would have lost thier lives on it.

[Mrbluntzy]

One of them accidentally revealed his real name: Veer Chetal, an 18-year-old honor student from Danbury, Connecticut.

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.

I can only imagine why teenagers with such great talent would just choose to apply their talent on illegal ways. With such a huge theft, they still could not cover their ass and I don't blame them that they got caught, they are kids and what they can only think of is how to show off with the money which is why they got caught and what they faced is just consequences of practicing illegal act. Do they know the pains they must have inflicted on the owner of the Bitcoin they stole? Even with their talent, they could get hired and earn a decent amount but they choose the bad way. Too bad.

[Zlantann]

Lavish spending and showcasing of wealth on social media are major characteristics of criminals. In my area is it common to see criminals spraying money in clubs, parties and other public occasions just to show that they have enough money to spend. The age of these cybercriminals is also disturbing because they are young and should be focused on their studies rather than pursuing quick and illegal funds.

We now see how this careless showcase of wealth can put even our loved ones into trouble. Veer Chetal's parents are now victims of what they are not involved in. So we have to behave well not just because of ourselves but to protect our loved ones. 

[Findingnemo]

Lavish spending and showcasing of wealth on social media are major characteristics of criminals. In my area is it common to see criminals spraying money in clubs, parties and other public occasions just to show that they have enough money to spend. The age of these cybercriminals is also disturbing because they are young and should be focused on their studies rather than pursuing quick and illegal funds.

Associating young rich individuals with criminal activities is not fair. We are living in the online era there are tons of people making hundreds of thousands of dollars in legitimate ways and the best example is Ishowspeed who is a criminal? Nah, they are given more opportunities and who are smart enough utilize it and associating them with crime sends the wrong message to the upcoming generation.

In this case, yes, they are criminals and they were caught due to a flashy lifestyle.

[Alphakilo]

The story helps me to understand how stupid and incredibly some criminals are. In a world driven by greed I couldn't expect less from crypto criminals. A poor strategy and delivery.

Crime doesn't pay and all criminals end up getting caught in the end because that's how the script ends, the police will always catch them and they will be made to face the punishment.

[BenCodie]

This story tells us that cheaters make mistakes too, and that when they do that will be fatal for them.

I didn't read the article but based on the summary, they were amateurs, which is why they slipped up and unfolded everything.For sure they are gonna be end up behind bars for a pretty long and this should serve as a lesson for whoever think that they can steal money and hide away from everything.

Not everyone can maintain the professionalism of the Lazarus Group.

Cheaters can have character/intellect flaws in certain areas, usually have an undeveloped moral compass, and some times (due to these or other factors) aren't completely conscious of what they are doing or what the consequences will be after their deeds are done. In the case of the article, they clearly thought that they got away with it and had no conscience of what they did or the potential aftermath (indicated by the $500k watch by one of the perps).

Crime doesn't pay, and what goes around comes around. Lazarus will meet a karmic fate too. When their own government is done with them, I will not be surprised if they themselves put them behind bars.

[coupable]

This story tells us that cheaters make mistakes too, and that when they do that will be fatal for them.

I didn't read the article but based on the summary, they were amateurs, which is why they slipped up and unfolded everything.For sure they are gonna be end up behind bars for a pretty long and this should serve as a lesson for whoever think that they can steal money and hide away from everything.

These are children who have masterfully managed to hidden themselves online to carry out a diabolical scheme, a remarkable achievement in itself, despite the inherent nature of the crime. However, they lack the practical experience that would have made it the perfect crime. Even without the mistake that led to one of their identities being exposed, the excessive spending of money is bound to attract the attention of greedy individuals, scammers, and ultimately the authorities.

Not everyone can maintain the professionalism of the Lazarus Group.

The Lazarus Group operates under government supervision and possibly military authority, as it is known to be affiliated with the North Korean government. The mistakes these kids made were extremely naive and somewhat stupid, and perhaps if there was a senior person among them capable of managing them, they would not have been exposed in such a ridiculous way.

[BitHodlers]

A fool and his money are soon parted, justice seems to be served in this case. It is clear to me that the majority of people are incapable of handling the amount that they have regardless of whether they are poor or rich. What makes this worse, is that easy money tends to make weak people even worse.

The best kind of money, is one that is gained through hard work and appreciated by a smart and thoughtful person.

The mistakes these kids made were extremely naive and somewhat stupid, and perhaps if there was a senior person among them capable of managing them, they would not have been exposed in such a ridiculous way.

It is disappointing that they managed to execute this theft, when their skills are low and their stupidity is very high.

[Rustam Meraj]

That story is crazy almost $243 million and unbelievable things that happened because of it. Usually in these cases government holds money while courts decide what to do. If people who originally owned stolen Bitcoin can be found and prove it in court they might get their money back. However it can be very hard to find original owners of such large amount of cryptocurrency that was stolen in complicated way. There might have been many people who lost money or money might have been moved around to many different online wallets making it very difficult to trace. So even though criminals do not have money anymore it is not certain that original owners will ever see it again. Mostly government ends up keeping that money.

[coupable]

The mistakes these kids made were extremely naive and somewhat stupid, and perhaps if there was a senior person among them capable of managing them, they would not have been exposed in such a ridiculous way.

It is disappointing that they managed to execute this theft, when their skills are low and their stupidity is very high.

I believe the exact opposite. It's not easy to successfully steal $243 million, especially for teenagers under 18. This isn't an indication of the stupidity of these kids, but since they are children, they lack a lot of real-life experience. Otherwise, they wouldn't have been so quick to spend lavishly on the trappings of wealth, raising suspicion and drawing criminals' attention, potentially targeting them in the worst possible way.

[tabas]

That is a lot of money and maybe Veer and his cohorts thought that they'll soon get caught and that's why they have to spend as much as they can. As usual, whenever money is earned easy, they can be spent easily too. And if they've been gained easily, they can also lose easily and for that reason they have lived extravagantly and there's an ending for these lavish life if money didn't come from hard earned. Thanks for the summary, I don't have to look at the original article and I think it's a good one. We, the innocent ones have to learn on this. If some people shows their wealth, and they have become rich suddenly, you'll never know where it came from.

[Outhue]

Most of the $243 million in stolen bitcoin from the high-profile heist is now held by the U.S. government, but not all of it has been recovered. Authorities have managed to freeze or seize millions-over $9 million was frozen early on, and $500,000 was returned to the victim, with additional funds likely seized during arrests (https://www.justice.gov/usao-dc/pr/indictment-charges-two-230-million-cryptocurrency-scam).

However, investigators believe that over $100 million in stolen bitcoin remains unaccounted for and may still be hidden by the perpetrators. So, while law enforcement controls a significant portion of the stolen funds, not every dollar has been recovered, and the case remains open as authorities continue tracking missing assets

Ref:
https://www.straitstimes.com/singapore/in-7-years-student-from-choa-chu-kang-went-from-gamer-to-alleged-role-in-320m-crypto-heist
https://www.nytimes.com/2025/04/24/magazine/crybercrime-crypto-minecraft.html

So what's the gain of these hackers now? This is why crime never pays, for a minute it does but you won't have peace using the money because someone could be on your track already.

Now they are stuck with Bitcoin that they can't sell or change for money because all those addresses will be tracked for ever, like they will be watched by the law and hope that the culprits make a money one day.

This is why I don't also like buying Bitcoin from someone, I would rather buy directly from exchange because you don't know where the Bitcoin comes from, maybe even the dark Web? Some criminals used to sell Bitcoin on Dark Web until one day they got caught.

There is no hidden place where you can hide with a lot of money forever, once you turn to a target you will be forever on the track of law enforcers, you will be hunt for the rest of your life.

[Felicity_Tide]

I was actually expecting a sad story, only to discover that it is just another typical story of someone that spends time aiming at people's hard earned money, rather than working for theirs. If this was to be a movie, I think the story ended well, because they engaged themselves in something that isn't good, and ended making themselves vulnerable to other set of criminals. And as it stands, the chances that the real owner will come for that money is very thin, because the government will certainly look into their personal life to see if they are in any form of debt like tax related. The US government would be delighted to keep what has been recovered, besides they are even planning on having a reserve.

[sokani]

Among many lessons learnt from the story, one is that no wallet that's connected to the internet is safe, whether Electrum or Bitcoin core, it can be hacked. It's safer to have large amount of Bitcoin stored in a cold storage.

Also, I'd be nice to have this crypto heist and burst in a blockbuster Hollywood movie. The story carries many messages and a movie would be a perfect medium to send the messages across to a wider number of persons.

[uchegod-21]

Very careless set of thieves.

Some Bitcoin enthusiasts claim they love Bitcoin because it protects their privacy and helps hide their identity. But these same Bitcoiners who say this often blow their cover themselves through their actions on social media, giving people who are yet to invest the impression that Bitcoin is whatever they think it is.

From this story, we can all see that our privacy lies in our hands too. Every form of carelessness will expose everything about us for others to see.

Glad those criminals exposed themselves.

[CryptSafe]

One thing I always tell people is that there is nothing hidden under the sun, no matter how you try to cover up your dirty deeds, one day it will be exposed in the open. No matter how a crime is hidden, one day there would always be a trace to it, and this was the case with these young, talented hackers who made a mess of themselves.  They were happy they succeeded and were busy living above their means, and it exposed them, and karma dealt with them mercilessly.

Sokani, your idea sounds perfectly good. This could be a good blockbuster movie to say because of the story and how it happened, many lessons could be drawn from both parties involved in the whole saga and this is an eye opener to everyone in the society and to those in the crypto space to not be reckless in talking or showing too much their riches when they have it under their custody.

[goldkingcoiner]

You will really enjoy reading this: https://cointelegraph.com/explained/how-a-243-million-crypto-heist-led-to-a-real-world-kidnapping

In summary:
A group of young cybercriminals stole almost $243 million bitcoin. An anonymous source 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.

Just a week later after the loss of the coin, Veer Chetal parent were kidnapped. Bystanders including an off-duty FBI agent makes police located the kidnappers. Out of six, four were arrested within hours. Investigation found out that they were Veer Chetal co-conspirators. They wanted to extort him because they knew he was involved in the $243M bitcoin scam. Veer Chetal was too loud and living a luxurious life. You can read more about him on the link provided.

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.

They were all arrested.

Lam was arrested in Miami after a SWAT-style raid on a mansion he’d rented.

Another suspect was caught at LAX wearing a $500,000 watch.

Veer was quietly arrested, too, the son of the kidnapped couple, and is now facing federal charges.

Another co-conspirator did not use VPN despite using sophisticated laundering methods. He was also arrested.

Five out is the six Florida-based kidnappers has pleaded guilty and can go to 15 years in prison.


I copied some parts and wrote some parts for you to easily understand.

The coin is with United States government now. I think that means no one even come for the $243M bitcoin. Or is it not?

It blows my mind when I think about how a group of 18 year olds did this. And even more so considering how stupid they were in getting caught, by not having OPSEC and flashing their riches around so carelessly. What would they be planning to do next? Murder?

I would say hopefully they all go to prison for at minimum 15 years. Kidnapping is no joke.

But I do wonder how kids this dumb even got access to such a large amount of funds. ... Even multi-millionaires are not safe from scammers.

Honestly getting caught was probably better for the scammers. If someone stole that much from a multimillionaire, they would get a hit put out on them for sure.