'Crypto Godfather' and crooked cop plotted $100 million crypto heist, DOJ says

Two LA-based criminals attempted to steal over $100 million during a home invasion, according to a press release from the U.S. Attorney's Office announcing that they have pleaded guilty to a litany of charges. 

Adam Iza, 24, who called himself the “Crypto Godfather,” and Eric Chase Saavedra, 41, a Los Angeles County Sheriff’s Department deputy, agreed to a plea deal related to their involvement in “a conspiracy that targeted multiple victims in Los Angeles, violating their civil rights via intimidation, extortion, illegal search warrants and other abuses of police power,” according to the Justice Department. 

“When law enforcement officers violate their oath, they betray not only the public but also the vast majority of officers who do the job the right way,” United States Attorney Martin Estrada said in a statement. “The conduct admitted to in these plea agreements is deeply disturbing and cannot be tolerated.”

Iza faces up to 35 years in federal prison for charges of conspiracy against rights, wire fraud and tax evasion, while Saavedra faces up to 13 years for conspiracy against rights and subscribing to a false tax return.

According to the announcement, Iza hired off-duty LASD deputies as his personal enforcers to extort and intimidate “his enemies.” Beginning in 2021, Saavedra began feeding Iza “confidential information” he obtained through his police work, often using the private messaging platform Telegram to avoid being detected by colleagues. This includes personal identifiable information for people with whom Iza had personal or business disputes.

Saavedra also used his authority as an officer to improperly obtain court-authorized search warrants. In one instance, the pair obtained a warrant or GPS location associated with a laptop that they believed to house more than $100 million in cryptocurrency. After tracking the victim down, Iza hired three armed individuals to break into the property, but the plan failed after the victim fired a gunshot in their direction.

In addition, for the two years between 2020 and 2022, Iza admitted to stealing more than $37 million from web2 social media giant Meta by gaining access to business manager accounts and their associated lines of credit.

"Mr. Iza’s and Mr. Saavedra’s relationship was little more than a thuggish partnership between a thief and a crooked cop," IRS Criminal Investigation Special Agent in Charge Tyler Hatcher said. "Unfortunately for both of them, money leaves trails and IRS Criminal Investigation is the best in the world at finding and following those trails."