Bitcoin kidnapping and carjacking co-conspirator pleads guilty, DOJ says
Saif Faiq admitted conspiring with his brother Adam Iza in a 2024 plot targeting the parents of crypto millionaire Veer Chetal in Connecticut, and faces up to 20 years in prison.
Saif Faiq has pleaded guilty in a 2024 bitcoin-linked kidnapping extortion case, the U.S. Department of Justice said, admitting conspiracy charges tied to a plot with his brother Adam Iza to kidnap the parents of crypto millionaire Veer Chetal in Connecticut. Prosecutors said both brothers admitted conspiracy to interfere with commerce by robbery. Faiq faces up to 20 years in prison and is scheduled to be sentenced on August 28. The case highlights a recurring risk in crypto markets: holders can become targets for physical coercion when attackers believe access to digital assets can be forced outside traditional banking safeguards.
- conspiracy to interfere with commerce by robbery: A U.S. federal criminal charge involving an agreement to use robbery in a way that affects interstate or broader commerce.
- bitcoin-linked: Connected to Bitcoin-related assets or activity
- kidnapping extortion: A crime in which abducting or threatening a person is used to force payment, assets, or other concessions.