The mastermind behind the $245 million Bitcoin theft case admits to planning a kidnapping

According to Fortune, California cryptocurrency executive Adam Iza admitted on Monday to orchestrating a failed kidnapping attempt against the parents of Veer Chetal.

The case is related to the $245 million Bitcoin theft that Veer Chetal was previously involved in. 25-year-old Adam Iza, also known as Ahmed Faiq, previously ran the cryptocurrency trading company Zort and referred to himself as the "Godfather." Veer Chetal and two others involved impersonated Google and cryptocurrency exchange technical support personnel to steal 4,100 Bitcoins from a Washington resident, which was worth approximately $245 million at the time.

Adam Iza and his accomplices attempted to obtain part of the stolen funds by kidnapping Veer Chetal's parents. Additionally, Adam Iza admitted to stealing over $37 million by fraudulently accessing Meta's business manager accounts and credit lines between 2020 and 2022. Federal prosecutors are seeking at least 14 years of imprisonment during his sentencing.