$243 Million Social Engineering Crypto Scam — How Three Teens Pulled Off One of the Biggest Heists

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I wanted to share a crazy story about one of the biggest crypto scams in recent memory — a $243 million theft carried out through a sophisticated social engineering attack.

What happened?
In August 2024, around 4,100 BTC (worth $243 million) disappeared overnight from a single victim’s account linked to Gemini. The hackers? Three self-taught teen hackers, including a 19-year-old named Veer Chetal (aka “Wiz”), who went from flaunting luxury cars to pleading guilty to multiple scams.

How did they do it?
The trio—Veer Chetal, Malone Lam, and Jeandiel Serrano—used a highly sophisticated scheme:

They called the victim pretending to be Google support via a spoofed number.

Then, they spoofed Gemini customer support, convincing the victim their account was compromised.

The victim was tricked into resetting 2FA and sending funds to a compromised wallet.

Using AnyDesk screen sharing, they got access to the victim’s private Bitcoin key.

The team split the roles—Chetal accessed emails and cloud accounts, Lam dug through emails for info, and Serrano made the customer service calls. By early morning, they drained the wallet completely.

How were they caught?
Despite their elaborate plan, they made critical mistakes:

Chetal accidentally revealed his real name during a live screen share.

Lam flaunted his stolen wealth online and posted his location.

Serrano used the same profile picture across multiple platforms.

Crypto investigator ZachXBT helped uncover the scam by tracking transactions and using leaked recordings of the thieves reacting to receiving the Bitcoin.

The aftermath:

All three were arrested and charged.

Chetal pleaded guilty and agreed to testify against his partners.

After being released on bond, Chetal started another scam, stealing about $2 million via a fake support team.

His gambling of stolen funds and further offenses led to his bond being revoked.

Why it matters:
This case isn’t just about a massive crypto theft. It highlights how easily social engineering tactics can compromise even large accounts and the dangers of young, tech-savvy individuals getting involved in high-stakes crime. Even worse, Chetal’s family was targeted in a kidnapping attempt linked to the stolen funds.

Takeaway:
Parents and guardians need to be vigilant about their kids’ online activities and financial access. Open conversations, monitoring, and education about crypto risks are crucial. In today’s digital economy, awareness is the best defense against scams and cybercrime.
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