Adam Iza, a 25-year-old known in California’s cryptocurrency scene, has admitted to orchestrating a failed attempt to kidnap a couple in Connecticut, according to the U.S. Attorney’s Office for the District of Connecticut. Prosecutors are seeking at least 14 years in prison for Iza at his sentencing hearing, scheduled for August 12.
Background of the case
Court documents reveal that the roots of the incident stem from an altercation at a Miami nightclub in mid-2024 involving Veer Chetal and James Schwab, who is alleged to be an associate of Iza. In the ensuing weeks, Chetal and two others posed as representatives from Google and a cryptocurrency exchange to steal 4,100 Bitcoin from a Washington resident, a sum valued at approximately $245 million.
Federal prosecutors allege that Adam Iza and James Schwab hatched a plan to target Chetal’s parents, Veer Chetal’s mother and father, in order to recover some of the stolen Bitcoin.
Prosecutors reported that Chetal and his accomplices used the stolen funds for luxury vehicles, high-end jewelry, rented mansions, and lavish parties. While Chetal pleaded guilty last November, two other defendants deny the charges in that case.
Kidnapping plan foiled within minutes
Records indicate that on August 25, 2024, six people put their scheme into action near Danbury High School in Connecticut, ramming a Lamborghini SUV carrying Sushil and Radhika Chetal from behind. A white van blocked the front, and the couple was forcibly pulled from their car, with Sushil Chetal struck by a baseball bat. Both were then bound and forced into the van.
The incident was quickly reported by numerous eyewitnesses, and an off-duty FBI agent who happened to be in the area stepped in to help. Authorities located the van within minutes. During the pursuit, the vehicle crashed; four suspects tried to flee on foot but were apprehended, while two others were found at a nearby rental house.
The Associated Press reports that all six Florida residents involved in the attempted kidnapping have pleaded guilty; two have already received 11-year prison sentences, while the others await sentencing.
In the Connecticut case, Iza has pleaded guilty to conspiracy to commit robbery affecting interstate commerce under the Hobbs Act, which carries a maximum prison term of 20 years.
Separate federal case in California
Iza is also facing charges in another federal case in California. According to the U.S. Department of Justice, he pleaded guilty earlier this year to wire fraud, conspiring against rights, and tax evasion in the Central District of California. In this case, prosecutors are seeking a total of 35 years in prison.
Court filings state that while living in a Bel Air mansion, Iza operated a crypto trading firm called Zort, spending about $100,000 monthly on private security. This security arrangement was established through a company owned by Eric Chase Saavedra, a deputy with the Los Angeles County Sheriff’s Department, who employed on-duty law enforcement officers in the scheme.
Documents show that Iza allegedly directed these off-duty personnel to intimidate, extort, and surveil rivals. The case also outlines illicit access to police databases, the obtaining of search warrants on dubious grounds, and a victim being forced at gunpoint to transfer $25,000. The Justice Department further states that Iza admitted profiting as much as $37 million between 2020 and 2022 by unlawfully accessing Meta’s ad accounts.
Physical attacks on crypto holders surge
The court case has highlighted the rising number of physical attacks targeting cryptocurrency holders and their families. Blockchain security firm CertiK reported 34 verified incidents of digital assets being seized through force in the first four months of 2026—an increase of 41% over the same period last year. Estimated total losses have reached $101 million.
Glossary: A “wrench attack” refers to the use of violence or threats to force a crypto owner to surrender wallet passwords. CertiK is a cybersecurity firm specializing in blockchain security and on-chain risk monitoring.
Similar incidents have occurred elsewhere in the U.S. and Europe. In May, three individuals from Tennessee were charged in California after allegedly posing as delivery workers to rob crypto holders, with one victim forced at gunpoint to transfer around $6.5 million. In France, 88 suspects—including over 10 minors—were charged in mass crypto-related kidnapping cases in late April. CertiK projects that, at the current rate, about 130 such attacks could happen by year’s end.
Iza’s sentencing hearing in Connecticut is set for August 12. A sentencing date for the California case has not yet been made public. According to the Associated Press, Iza’s attorneys declined to comment or did not respond to requests in either case.
