Record Bitcoin Theft in the US: Hackers Defrauded Investor of $240 Million

A group accused of stealing more than 4,100 bitcoins from a private investor allegedly turned the proceeds into luxury cars, private flights, real estate and a single-night nightclub bill of more than $569,000. The case, now before a US federal court, involves 18 defendants and has been described as one of the largest cryptocurrency thefts in the country’s history.

The alleged fraud began with a phone call. The perpetrators reportedly posed as representatives of Google and the cryptocurrency exchange Gemini, warning the victim about a supposed malware attack. They persuaded the Washington investor to provide access to a network drive and disclose authorization codes, allowing the group to remove digital assets worth more than $240 million.

Investigators believe the victim was selected because of the size of the cryptocurrency holdings. The group allegedly used specialized outside entities to conceal the funds’ origins, routing payments through multiple exchanges before converting them into traditional currencies. One alleged accomplice, Jeandiel Serrano, opened an exchange account without hiding his IP address. That mistake enabled the FBI to connect a transaction to a rented property in California.

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was built on a foundation of fraud

The display of wealth attracted attention beyond law enforcement. Parents of another defendant, Veera Chetal, were kidnapped in Connecticut by attackers seeking a share of the stolen bitcoins. Police thwarted the kidnapping, and the FBI later seized $37 million in cryptocurrencies while searching Chetal’s apartment.

Prosecutor William Hart said the defendants’ lavish lifestyle “was built on a foundation of fraud.” He also said Judge Alicia Valle compared the main defendant’s conduct to “Ferris Bueller on the wrong track.” Associated Press data cited in the article says reports of cryptocurrency investment fraud received by the FBI rose by almost 50% in 2025. The Justice Department has meanwhile dismantled its specialized cryptocurrency-crime unit, a change the article links to reduced oversight of the digital-asset market and the growth of the underground “The Com” subculture.

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Ferris Bueller on the wrong track