In August 2024, a $243 million social engineering crypto scam targeted a Gemini creditor. Three self-taught hackers used sophisticated tactics to steal the funds, with the youngest thief, 19-year-old Veer Chetal, pleading guilty after flaunting a lavish lifestyle. The thieves used spoofed calls to gain access to the victim’s accounts and wallet, draining it successfully.

Former scam survivor turned blockchain investigator ZachXBT played a crucial role in unmasking the teen Bitcoin hackers. He tracked blockchain transactions and used a private recording of the thieves’ live reaction to identify them. The suspects’ careless mistakes, like leaking names and flaunting stolen funds, led to their arrests.

After pleading guilty and cooperating with authorities, Veer Chetal faced between 19 and 24 years in prison for his involvement in the Bitcoin scam. While out on bond, he engaged in another social engineering scam, stealing about $2 million in cryptocurrency. Investigators traced the stolen funds to Chetal’s residence in New Jersey, leading to his re-arrest.

The Veer Chetal case underscores the importance of parental vigilance in the age of crypto crime. Teens like Chetal can easily be drawn into high-stakes digital crime using basic social engineering tactics. Parents must stay informed about online finance, monitor digital behavior, and set boundaries to protect their families from potential risks in the digital economy.

Read more at Cointelegraph: How a teen stole $243M in Bitcoin, then did it again on bail