Saif Faiq has pleaded guilty to a federal conspiracy charge tied to a bitcoin-related kidnapping plot and now faces up to 20 years in prison.
Summary
- Saif Faiq pleaded guilty to a federal conspiracy charge tied to a bitcoin-related kidnapping plot and faces up to 20 years in prison.
- Prosecutors said Faiq helped organize the abduction of Veer Chetal’s parents after the theft of roughly 4,100 Bitcoin.
- The case comes as authorities in France investigate a separate attempted kidnapping targeting the wife of The Sandbox co-founder Sebastien Borget.
According to the U.S. Department of Justice, Faiq entered his guilty plea on June 9 in federal court in Hartford, Connecticut, admitting to conspiracy to interfere with commerce by robbery. Prosecutors said he is scheduled to be sentenced on Aug. 28 and has remained in custody since his arrest on Nov. 12, 2025.
Court documents cited by the DOJ state that Faiq and his brother, Adam Iza, organized a plan in 2024 to abduct the parents of a crypto millionaire in an attempt to extort digital assets.
Investigators said Faiq recruited six men from Florida, arranged their travel to Connecticut, and helped coordinate surveillance of the intended victims before the attack.
Authorities said the scheme unfolded in Danbury, Connecticut, where the group targeted Sushil and Radhika Chetal. Local reports cited by the DOJ said the attackers deliberately rear-ended the couple’s Lamborghini Urus before surrounding the vehicle with a van in broad daylight.
After forcing the occupants out of the SUV, the assailants allegedly assaulted them with a baseball bat and briefly held them captive. Federal prosecutors said the six men involved in the operation were charged separately and later pleaded guilty to kidnapping and carjacking offenses.
The plot was linked to a major bitcoin theft
The victims were the parents of Veer Chetal, who prosecutors identified as a participant in a large-scale cryptocurrency theft involving roughly 4,100 Bitcoin.
According to previously reported court proceedings, Chetal and two accomplices used social-engineering tactics to steal the funds. Prosecutors said he later displayed the proceeds publicly, including during visits to a Miami nightclub, where he came into contact with one of Faiq’s alleged co-conspirators.
Federal records show Chetal pleaded guilty to charges connected to the bitcoin theft in November 2025 and is awaiting sentencing.
Meanwhile, the DOJ said Adam Iza also pleaded guilty to conspiracy to interfere with commerce by robbery on June 1. Both brothers admitted their roles in organizing the kidnapping operation, according to court filings.
Crypto-linked kidnapping cases continue to surface
Elsewhere, authorities in France are investigating another crypto-linked kidnapping attempt.
As previously reported by crypto.news, the wife of The Sandbox co-founder and chief operating officer Sebastien Borget was targeted outside the couple’s home in Villenoy in May after a suspect posing as a delivery worker gained access to the property.
The attempt failed when neighbors intervened, prompting the attackers to flee. French police later arrested two suspects and recovered a fake handgun, zip-tie restraints, and balaclavas, while four other suspects remained at large.
