Kunal Mehta (Shrek) Pleads Guilty in $25 Million Cryptocurrency Laundering Case Linked to $263 Million Stolen Since 2023

The U.S. Department of Justice disclosed that Kunal Mehta, alias ‘Shrek‘, a 45-year-old California resident, pleaded guilty to a RICO conspiracy and laundering at least $25 million in cryptocurrency. Mehta is the eighth member of the scheme to admit guilt, providing crypto-to-cash exchanges and securing high-end vehicles to facilitate laundering; he routinely carried as much as $500,000 in cash to deliver to co-conspirators.

Since 2023, the ring has misappropriated roughly $263 million in cryptocurrency through social engineering and hacking, with proceeds funding nightclub services, luxury goods, and real estate. Court documents enumerate 28 seized vehicles, including 7 Lamborghinis, 3 Ferraris, 1 Rolls-Royce, and 1 McLaren.

In total, 13 individuals have faced prosecution in the case, with some members aged as young as 18 at the time of the offenses, underscoring the risk profile of crypto-enabled crime and the authorities’ sustained pursuit against illicit actors.