A California-based cryptocurrency businessman pleaded guilty on Monday to conspiracy to interfere with commerce by robbery, according to CNN. Federal prosecutors allege that in August 2024, the man orchestrated a kidnapping plot targeting the parents of a suspect in a $245 million Bitcoin theft, in an attempt to seize the stolen cryptocurrency. FBI testimony revealed the businessman referred to himself as "The Godfather" and hired individuals to carry out the kidnapping, which ultimately failed.
The kidnapping plot was rooted in a major crypto heist: the victim's son stole $245 million worth of Bitcoin through a tech support scam, and he pleaded guilty to those charges last November. Prosecutors are now seeking a minimum 14-year prison sentence for the businessman, who admitted to the conspiracy. His brother and another co-conspirator have also been indicted, and the case remains ongoing.