According to a report by Fortune, California-based cryptocurrency executive Adam Iza pleaded guilty in federal court on Monday to masterminding an attempted kidnapping of the parents of Veer Chetal. The plot is directly connected to a massive $245 million Bitcoin theft, highlighting the increasing use of violent tactics in crypto-related crimes.
Inside the $245M Bitcoin Theft and the Kidnapping Plot
Veer Chetal, along with two accomplices, orchestrated an elaborate scheme in which they impersonated technical support staff from Google and various cryptocurrency exchanges. They tricked residents in Washington state into giving up access to their digital wallets, ultimately stealing 4,100 bitcoins worth approximately $245 million at the time. This theft ranks among the largest individual crypto losses ever recorded.
Iza, 25, who also used the alias Ahmed Faiq, ran a crypto trading firm called Zort and styled himself as “The Godfather.” Together with his co-conspirators, he plotted to kidnap Chetal’s parents in order to pressure Chetal into handing over a share of the stolen Bitcoin. The kidnapping plan was never carried out, but its extreme nature underscores the lengths to which criminals in the crypto underworld will go to recover digital assets.
Additional $37M Meta Fraud and Severe Sentencing Sought
In addition to the kidnapping conspiracy, Iza admitted to defrauding Meta Platforms (formerly Facebook) of more than $37 million between 2020 and 2022. He gained fraudulent access to business manager accounts and credit lines assigned to the tech giant’s clients, siphoning funds over a two-year period. This separate fraud further compounds his legal exposure.
Federal prosecutors, citing the severity of Iza’s crimes—including the violent kidnapping plot and the multimillion-dollar frauds—are seeking a prison term of at least 14 years at his upcoming sentencing. The case illustrates the growing convergence of cryptocurrency theft, physical violence, and traditional financial fraud, and signals a tough stance from prosecutors against such complex financial crimes.