A Connecticut man has pleaded guilty to a federal conspiracy charge tied to a violent plot to kidnap the parents of a bitcoin holder, a case that underscores a rising trend of physical attacks linked to cryptocurrency disputes.
Guilty plea in kidnapping conspiracy
Saif Faiq, 32, admitted in federal court in Hartford to conspiracy to interfere with commerce by robbery, according to the U.S. Department of Justice. He faces up to 20 years in prison, with sentencing scheduled for August 28.
Prosecutors said Faiq and his brother, Adam Iza, orchestrated the plan in 2024 after surveilling a family tied to a large bitcoin cache they believed had been stolen. Faiq recruited six men from Florida, financed their travel, and directed the operation.
Violent carjacking in Connecticut
Authorities said the group carried out the attack in Danbury, targeting Sushil and Radhika Chetal. The assailants rammed the couple’s Lamborghini Urus with a van, assaulted them with a baseball bat, and briefly abducted them before fleeing.
The victims’ son, Veer Chetal, had previously acquired about 4,100 bitcoins through a separate theft, prosecutors said.
The six men recruited from Florida were charged separately and later pleaded guilty to kidnapping and carjacking. Iza also pleaded guilty to the same conspiracy charge earlier this month.
Wider criminal case unfolds
Veer Chetal previously admitted to organizing the original bitcoin theft with two accomplices and is awaiting sentencing following a plea entered in November last year.
Faiq has been held in custody since his arrest in November 2025.
Rising trend of crypto-linked violence
The case reflects a broader shift in crypto-related crime, where digital asset disputes increasingly spill into real-world violence. Confirmed physical attacks on cryptocurrency holders rose 75% in 2025, with 72 incidents resulting in about $41 million in losses.
These incidents are often referred to as “$5 wrench attacks,” where criminals bypass cybersecurity by coercing individuals directly. Public blockchain data and leaks from exchanges can make it easier to identify high-value targets.
At the same time, large-scale cyber theft remains a major threat. In one of the biggest incidents, hackers linked to North Korea’s Lazarus Group stole $1.5 billion in ethereum from the Bybit exchange in February 2025.
The FBI reported more than 181,000 cryptocurrency-related complaints in 2025, with losses exceeding $11 billion in the United States.
Basic security measures
Security experts point to several steps that can reduce risks for traders managing digital assets:
- Use strong, unique passwords and hardware-based multi-factor authentication
- Keep a dedicated device for crypto transactions separate from everyday use
- Store private keys and recovery phrases offline in secure locations
- Limit public disclosure of holdings to avoid becoming a target
Authorities say the combination of digital transparency and real-world exposure continues to create new risks as cryptocurrency adoption grows.
Concerned about crypto-related crime? Learn essential safety practices in this crypto security guide to better protect your assets.
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