US Department of Justice: A man conspiring in a Bitcoin kidnapping case pleads guilty and faces up to 20 years in prison.

According to The Block, the U.S. Department of Justice announced that Saif Faiq, one of the organizers of a 2024 Bitcoin-related kidnapping case, pleaded guilty on Monday in a federal court in Connecticut to conspiracy charges and faces up to 20 years in prison, with sentencing scheduled for August 28. Faiq and his brother Adam Iza plotted to kidnap the parents of a crypto millionaire for ransom. Faiq recruited six people from Florida, organized their trip to Connecticut, and after monitoring the victim, helped plan the home invasion robbery. The six men hijacked a Lamborghini Urus in Danbury during the day, assaulted the owner, and briefly impounded it. The victims were the parents of Veer Chetal, who had previously stolen approximately 4,100 Bitcoins through a social engineering scam and met Faiq's accomplices while flaunting his ill-gotten gains at a Miami nightclub. Chetal pleaded guilty to theft last November and is awaiting sentencing. Faiq and his brother Iza have both pleaded guilty to conspiracy charges.