In a major breakthrough in a high-profile cryptocurrency fraud case, U.S. Marshals have arrested Veer Chetal, also known as ‘Wiz,’ the third suspect linked to the $240 million Genesis creditor crypto scam. This follows the earlier apprehensions of his alleged accomplices, Malone Iam (‘Greavys’) and Jeandiel Serrano (‘Box’), marking a significant step in resolving one of the largest crypto-related frauds in history.
The Multi-Million Dollar Crypto Heist
The trio is accused of orchestrating an elaborate social engineering scheme in August 2024. They allegedly posed as Google and Gemini support personnel to deceive a Genesis creditor into resetting their two-factor authentication. Exploiting this vulnerability, they transferred approximately 4,064 Bitcoin—valued at $238 million at the time—into wallets they controlled.
Blockchain investigator ZachXBT played a crucial role in uncovering the suspects’ identities. A pivotal mistake by Chetal—revealing his full name during a screen-sharing session—provided a key lead for authorities. The stolen funds were reportedly laundered through over 15 cryptocurrency exchanges, with conversions between Bitcoin, Litecoin, Ethereum, and Monero used to obscure the transaction trail.
Arrests and Legal Proceedings
Iam and Serrano were arrested in September 2024, with law enforcement detaining them in Los Angeles and Miami, respectively. Chetal was finally apprehended by U.S. Marshals on March 25, 2025. He now faces charges related to conspiracy to steal and launder cryptocurrency, crimes that could lead to lengthy prison sentences if convicted.
Efforts to Recover Stolen Funds
Authorities have successfully frozen over $9 million across various exchanges, and approximately $500,000 has been returned to the victim. The case highlights the increasing sophistication of crypto fraudsters and the growing importance of blockchain forensics in bringing perpetrators to justice.
Conclusion
The arrest of Chetal signifies another victory for law enforcement agencies combating financial crimes in the digital asset space. It also serves as a reminder for cryptocurrency users to exercise extreme caution, particularly regarding social engineering tactics used by cybercriminals.
