American man "Shrek" pleads guilty to participating in $263 million cryptocurrency theft case

The U.S. Department of Justice announced on Tuesday that 45-year-old California resident Kunal Mehta (nicknamed "Shrek") has pleaded guilty to participating in a theft case involving $263 million in cryptocurrency. Mehta admitted to violating the Racketeer Influenced and Corrupt Organizations Act (RICO) and assisting in laundering at least $25 million.

According to the Department of Justice, Mehta is the eighth member of a 13-person cybercrime gang to plead guilty, which has been operating since October 2023, stealing cryptocurrency from victims across the United States through social engineering and hacking techniques. Prosecutors stated that Mehta served as the "money launderer" in the gang, providing laundering services to convert cryptocurrency into cash and had delivered a suitcase containing about $500,000 in cash to co-conspirators.

The stolen funds were used to purchase nightclub expenses, luxury cars, watches, jewelry, designer handbags, and rental properties in Los Angeles and Miami. The seized assets in the case include 28 luxury cars, among which are 7 Lamborghinis, 3 Ferraris, 1 Rolls Royce, and 1 McLaren.