Chetal’s $200K Gamble—Literally: The Teen Scammer Who Couldn’t Stop Scamming

[etfs]

You’d think getting caught running a multi-million-dollar crypto scam, pleading guilty, and facing 20+ years in prison would be enough to convince someone to go straight. But not for Chetal, the teenage crypto fraudster whose second act turned out to be… another scam.

And yes—this time, it ends with a single $200,000 bet that he lost in nine minutes.

Strap in. It’s a wild one.
The Setup: Cooperation and a Plea Deal

Chetal, who had already been busted in an earlier crypto fraud scheme, agreed to cooperate with U.S. authorities in exchange for a more lenient sentence.

He pleaded guilty, surrendered over $36 million in ETH, and handed in his crypto-funded lifestyle accessories, including 30 luxury watches. His plea deal put him on track for a 19–24-year prison sentence, but he was released on bond in October 2024 while cooperating with the Feds.

Seems like a second chance, right?

Wrong.
Scam 2.0: Now With Bonus Social Engineering

While out on bond—and allegedly helping investigators—Chetal pulled another stunt.

This time, he (or someone working with him) tricked a New Jersey resident by impersonating support staff from Gemini and Google. The fake team convinced the victim to share her seed phrase—a move every crypto holder knows is the equivalent of giving away your house keys and your wallet PIN at once.

Total damage? $2 million in crypto drained from her wallet.
Caught By VPN Fail and Blockchain Forensics

The scam might’ve gone undetected if it weren’t for some classic mistakes:

Investigators traced $200,000 of the stolen funds to a fresh account on an online gambling site.

The platform had no KYC, but Chetal slipped up.

During one of his six logins, his VPN failed, revealing a real IP address that led straight to his New Jersey residence.

Oops.

When confronted, Chetal didn’t contest receiving the $200K. His lawyer even admitted he knew it was “likely tied to illegal activity.”
All In—Literally

But here’s the kicker:
U.S. District Judge Colleen Kollar-Kotelly said Chetal was so unfazed by the $200K that he gambled it all away on a single bet.

“That sum was so trivial to Chetal,” she wrote,
“that he gambled and lost all $200,000 on a single bet nine minutes later.”

Nine. Minutes.
🧠 TL;DR

Chetal, a teenage crypto scammer, took a plea deal and gave up millions in ETH + watches.

While out on bond and cooperating with authorities, he ran another scam, netting $2M from a New Jersey victim.

He transferred $200K to an unverified gambling site.

A VPN fail exposed his IP and identity.

He lost all $200K on one bet in nine minutes.

The judge denied his re-release. Shocking, we know.

Final Thoughts

Crypto may be full of wild stories, but this one’s up there: a teen scammer who couldn’t stop scamming, even when working with the government. And who apparently treats $200K like play money at a roulette table.

Moral of the story? Never give out your seed phrase. Don’t trust fake support teams. And maybe… don’t put your life in the hands of a guy who considers $200K a nine-minute hobby.
#crypto #scam #coin #cryptocurrency #USDT #BTC

[Nahid10]

This case highlights striking escalation: even after agreeing to cooperate, Veer “Wiz” Chetal accepted $200,000 in illicit crypto funds and gambled it all within nine minutes on a single bet—describing the money as so trivial to him it was gone almost instantly That behavior underscores not just financial recklessness, but psychological detachment from consequences—a red flag his cooperation shouldn’t be taken at face value. Thread members could probe: Does this show deeper compulsive behavior risks, or pure arrogance?