Cryptocurrency launderer admits guilt in $230 million scheme

California man Kunal Mehta, also known as Shrek, Papa, and The Accountant, has pleaded guilty to laundering more than $25 million in cryptocurrency stolen during a $230 million heist, BleepingComputer reports.

According to federal prosecutors, Mehta was part of a group made up mostly of 18-, 19-, and 20-year-olds who used social engineering to break into victims' accounts between October 2023 and March 2025. The gang allegedly laundered funds using mixers, peel chains, pass-through wallets, and virtual private networks, and often converted the stolen crypto into Monero to hide their tracks.

Despite those efforts, errors in their process allowed authorities to connect the funds back to the thefts. The Department of Justice said Mehta created shell companies to make transactions appear legitimate and charged a 10% fee for converting cryptocurrency into cash and wiring funds.

Fourteen people have been charged in the case, several of whom also face accusations of cyber-enabled racketeering, money laundering, wire fraud, and obstruction of justice. The FBI said the group used the stolen funds to finance luxury purchases and warned the public to be wary of unsolicited requests for personal information.