A hardware wallet thief known only as 'GothFerrari' was sentenced this week to 78 months in prison — six and a half years — for a criminal enterprise that stole more than $250 million in cryptocurrency. The sentence, handed down in federal court, caps a case that blended old-school physical break-ins with modern social engineering tricks.
The sentence
The 78-month term is one of the longer prison stints handed out for crypto theft. Court documents described GothFerrari as a key figure in a ring that targeted individuals holding large sums on hardware wallets. The sentencing took place this week, though the exact court date wasn't disclosed.
How the thefts worked
The scheme relied on two methods: social engineering and physical break-ins. In some cases, the thieves tricked victims into revealing seed phrases or private keys. In others, they broke into homes or offices to steal devices directly. Once they had access, they emptied the wallets, often in minutes. The total haul exceeded a quarter of a billion dollars, making it one of the biggest crypto heists tied to physical theft.
What comes next
GothFerrari will now serve time in federal prison. It's not clear whether any of the stolen funds have been recovered, or whether other members of the ring remain at large. For crypto holders, the case is a reminder that even the most secure hardware wallet is only as safe as the person holding it.
