Crypto
Man pleads guilty in failed ransom plot that may have been linked to $240M crypto heist
HARTFORD, Conn. — A Florida man pleaded guilty Thursday in connection with the carjacking and kidnapping of a Connecticut couple, in what authorities called a failed ransom plot that may have been linked to a $240 million cryptocurrency heist.
Michael Rivas, 19, of Miami, was one of six men arrested after a series of events in Danbury on Aug. 25. He pleaded guilty to kidnapping and conspiracy charges in federal court in Hartford. Two others are expected to enter similar pleas in the same court on Friday.
The couple were driving in a new Lamborghini SUV when the suspects forced them out of the SUV, assaulted them, put them in a van and bound them, police said. Witnesses immediately alerted police. Four of the men were arrested after abandoning their vehicles including the van and fleeing on foot, while the other two were later taken into custody at a nearby home the group had rented through Airbnb, authorities said. The couple were injured but survived the ordeal.
Rivas, dressed in a tan prison uniform with his legs shackled during the hearing, apologized for his actions. He said it was a “dumb” decision to help one of his co-defendants carry out what he called a “vendetta.” He did not elaborate.
His lawyer, Brian Woolf, said Rivas accepted a co-defendant’s invitation to take part in the plot with the hope of getting a share of the ransom money, and he regrets that decision.
The plot was hatched because the suspects “believed the victims’ son had access to significant amounts of digital currency,” and they planned to demand a ransom from the son to be paid in digital currency,” according to a federal indictment.
Just a week earlier, at least two thieves had stolen $240 million worth of Bitcoin in an elaborate scam over the internet and by phone, and then went on an indulgent spending spree on cars, mansions, travel, jewelry and nights out at clubs, authorities said.
Publicly, federal prosecutors and agents have not definitively linked the kidnapping to the Bitcoin theft. Officials have declined to comment on possible connections between the two cases including how the six suspects knew the couple’s son had a large amount of digital currency.
But federal agents told Danbury police that the FBI was looking into whether the couple’s son was involved in the Bitcoin theft, Danbury Detective Sgt. Steven Castrovinci told The Associated Press. Neither Danbury police nor federal authorities have named the couple or their son.
Assistant U.S. Attorney Ross Weingarten declined to comment after Thursday’s court hearing.
In mid-September, federal prosecutors announced that the two men, Malone Lam, 20, and Jeandiel Serrano, 21, had been indicted on charges of conspiracy to commit wire fraud and conspiracy to launder monetary instruments in connection with the cryptocurrency theft.
Court documents say unnamed coconspirators were in on the scam with the two men. Their lawyers have not responded to requests for comment.
Prosecutors said in court documents that Lam, Serrano and the unnamed coconspirators posed as technical support staff for Google and a cryptocurrency exchange while contacting the victim of the theft with an offer to help him with a supposed security breach.
The victim, from Washington, D.C., believed them and gave them remote access to his computer on Aug. 18. That resulted in the alleged thieves making off with more than 4,100 Bitcoin, then valued at more than $240 million, prosecutors said. That amount of Bitcoin is now worth nearly $380 million.
According to prosecutors, Serrano, of Los Angeles, admitted during an interview with federal investigators that he used the stolen currency to buy three automobiles, worth more than $1 million in total, as well as a $500,000 watch. He also said he had about $20 million of the victim’s currency and agreed to transfer the funds to the FBI, authorities said.
Meanwhile Lam, a citizen of Singapore who had addresses in Los Angeles and Miami, Florida, was spending hundreds of thousands of dollars a night at Los Angeles night clubs and acquiring custom Lamborghinis, Ferraris and Porsches, prosecutors said. He also was renting two Miami mansions, bought a $2 million watch and had a Lamborghini Revuelto worth more than $1 million.
Federal prosecutors said in court documents that at least $100 million of the stolen funds remained missing.
Exactly a week after the crypto theft, the couple from Danbury, a city of more than 80,000 people along the New York border, were forced out of their SUV in their hometown after one of the carjackers’ vehicles rear-ended them and two other vehicles surrounded them. The group assaulted the man with a baseball bat and dragged the woman by her hair as they put them in the van, where the couple were bound with duct tape, police said.
“I’m deeply remorseful for my irresponsible behavior,” Rivas told U.S. District Judge Sarala Nagala on Thursday. “I should have known better.”
“This is not what my parents taught me growing up,” he added.
Rivas and the other five men also are facing kidnapping and assault charges in Connecticut state court. The other men are also from Florida.
Sentencing was set for May 13. The prosecution and defense agreed on sentencing guidelines that call for about 11 to 14 years in prison.
He said the Financial Crimes Unit is hard at work tracking the fraudsters, shutting down their websites, and hoping to bring them to justice.
There are various types of “pig butchering” scams, according to the federal government. They slowly play on the investor’s emotions and hopes.
“It is a type of confidence and investment fraud in which the victim is gradually lured into making increasing monetary contributions, generally in the form of cryptocurrency,” says the Office of Inspector General’s website, “to a seemingly sound investment before the scammer disappears with the contributed monies.”
If you are a victim of a scam, Becker said, contact your local police department. More information about that is here.
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Key Takeaways
- Bitcoin surpassed $66,600 Monday morning, up more than 11% from early-June lows near $59,375.
- Trump’s U.S.-Iran peace framework sent WTI crude down 3-5%, lifting equities, gold, and crypto.
- The FOMC decision on June 17 under Chair Kevin Warsh is the next major volatility catalyst.
Bitcoin Spikes to $66,600
Bitcoin traded over $66,600 as of Monday morning at 9 a.m. Eastern time, up approximately 3.5% over recent sessions and more than 11% off early-June lows near $59,375. Ethereum climbed to $1,774, gaining roughly 6.5% in the same stretch. XRP added 8.7% and solana ( SOL) rose 7.4%, while the total crypto market capitalization held above $2.35 trillion.
The rally tracked closely with broad risk-on sentiment fueled by weekend geopolitical developments and the continued afterglow of SpaceX’s blockbuster Nasdaq debut.
U.S.-Iran Framework: What’s Known
President Donald Trump announced Sunday via Truth Social that “The Deal with the Islamic Republic of Iran is now complete,” citing an immediate, toll-free reopening of the Strait of Hormuz and the removal of the U.S. naval blockade on Iranian ports.
U.S. and Iranian officials, along with Pakistani mediators, confirmed they have reached an agreed text for a preliminary memorandum of understanding. The framework extends a ceasefire for 60 days, opens the Strait immediately, and defers nuclear program details to follow-on talks. A formal signing is targeted for Friday, June 19, in Switzerland.
The deal remains tentative. The full text has not been publicly released, Iranian hardliners have expressed opposition, and Israel has indicated it will not be bound by terms involving Lebanon. Former U.S. officials cautioned Monday that the agreement buys time for “long and tedious” nuclear negotiations rather than resolving core disputes.
Oil Drops, Equities Jump
WTI crude fell to the $81 to $85 per barrel range, down 3% to 5% on de-escalation expectations, as the Strait of Hormuz accounts for a significant share of global oil and gas trade. Brent held in the $84 to $87 range.
Nasdaq-100 futures pointed to a gain of more than 2% at the open, with S&P 500 futures up approximately 1.3% and Dow Jones futures adding roughly 1%. The S&P 500 hit an all-time high of 7,620.90 earlier in June 2026 and has shown consistent recovery since February, volatility tied to the initial Middle East conflict.
SpaceX shares gained approximately 6% in pre-market trading on Monday, extending a strong debut after pricing at $135 on June 11 and closing its first Nasdaq session at roughly $161, a 19% gain that pushed its market cap above $2.1 trillion.
Gold Holds Elevated Ground
Gold traded at $4,347 bid and $4,349 ask as of 9 a.m., up 3.05% on the session and touching a daily high of $4,350.40. Silver gained 4.62% to $71.04 bid, while platinum added 4.72% and palladium climbed 5.21%.
Precious metals held elevated levels despite the risk-on shift, supported by ongoing central bank buying and persistent monetary uncertainty even as oil prices retreated.
FOMC Looms Wednesday
The Federal Open Market Committee (FOMC) meets June 16 to 17, with a rate decision expected on Wednesday. Markets are pricing in a hold at the current target range. The meeting will include a Summary of Economic Projections, an updated dot plot, and a press conference with the new Chair, Kevin Warsh, that will set the tone for policy guidance through the summer.
Sticky inflation, with recent CPI readings around 4.2% year-over-year in some estimates, remains the primary constraint on any dovish shift. The tone from new Fed Chair Kevin Warsh will be closely watched.
What Traders Are Watching
The next 48 to 72 hours carry significant weight. Markets will monitor:
- Official signing details from Switzerland on June 19
- Iran Supreme Leader and hardliner responses to the MoU
- Israel’s military and diplomatic posture regarding Lebanon
- Early Hormuz implementation steps and oil price follow-through
- Wednesday’s FOMC statement and dot plot
Crypto remains tied to macro risk appetite. A hawkish Fed surprise on Wednesday could pressure the current rally, while confirmation of the Iran deal’s initial implementation steps would likely extend it.
Strategy Drops $100M on 1,587 Bitcoin as Reserve Climbs to 846,842 BTC
Strategy purchased 1,587 bitcoin for approximately $100 million at an average price of $63,024 per coin, the company disclosed Monday,…
Strategy Drops $100M on 1,587 Bitcoin as Reserve Climbs to 846,842 BTC
Strategy purchased 1,587 bitcoin for approximately $100 million at an average price of $63,024 per coin, the company disclosed Monday,…
Strategy Drops $100M on 1,587 Bitcoin as Reserve Climbs to 846,842 BTC
Strategy purchased 1,587 bitcoin for approximately $100 million at an average price of $63,024 per coin, the company disclosed Monday,…
Key Takeaways
- Federal prosecutors linked Saif Faiq’s plea to an attempted bitcoin robbery plot.
- Authorities said the case involved a Lamborghini carjacking and two kidnapping victims.
- Sentencing could bring up to 20 years in prison.
Federal Prosecutors Detail Plea in Violent Bitcoin Kidnapping Plot
The U.S. Attorney’s Office for the District of Connecticut announced June 8 that Saif Faiq, 22, of St. Louis, pleaded guilty in Hartford federal court. Prosecutors linked the plea to an attempted bitcoin robbery and the August 2024 kidnapping of two people in Danbury, Connecticut.
Court documents described a plot tied to hundreds of millions of dollars in bitcoin. Danbury police arrested six Florida men on Aug. 25, 2024, after a violent Lamborghini Urus carjacking and the kidnapping of two occupants inside the vehicle.
According to the U.S. Attorney’s Office:
“The investigation revealed that the kidnapping victims are the parents of an individual who participated in the theft of hundreds of millions of dollars in bitcoin.”
Prosecutors reported that Faiq helped organize the attempted robbery and traveled to Connecticut for the planned home invasion and kidnapping. Authorities also said that he recruited participants, coordinated with Adam Iza, and helped conduct surveillance on the victims before the crime.
Investigators alleged that another co-conspirator had an altercation with the victims’ son at a Miami nightclub in July 2024. That person later communicated with certain kidnappers, provided funding, and helped arrange transportation and lodging before the Danbury incident.
Guilty Pleas Mount in Case Tied to Lamborghini Carjacking
Faiq pleaded guilty to conspiracy to interfere with commerce by robbery, known as Hobbs Act robbery. The charge carries a maximum prison term of 20 years. His sentencing is scheduled for Aug. 28, according to federal prosecutors.
Authorities have detained Faiq since his arrest on Nov. 12, 2025. Iza, identified by prosecutors as Faiq’s brother, pleaded guilty to the same offense on June 1, 2026, and remains detained while awaiting sentencing.
U.S. Attorney’s Office stated:
“In an attempt to steal some of that Bitcoin, Faiq and others planned and coordinated the attempted robbery and ultimately the kidnapping.”
Six other people were charged in connection with the carjacking and kidnapping, and prosecutors reported that all six have pleaded guilty. Together with the guilty pleas entered by Faiq and Iza, eight defendants have now admitted their roles in the case.
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