$8 Million Minnesota Crypto Theft Leads to Federal Guilty Pleas
Minneapolis, MN (MinnesotaNow) - Two brothers from Texas have entered guilty pleas to federal charges connected to an armed robbery in Minnesota last fall that resulted in the theft of digital assets worth more than $8 million.
The Office of the U.S. Attorney for Minnesota says 25-year-old Isiah Garcia and 24-year-old Raymond Garcia entered guilty pleas to charges of Interference with Commerce by Robbery at the federal courthouse in Minneapolis on Thursday afternoon. Sentencing hearings for the two men have not yet been scheduled.
Victims Held at Gunpoint During Home Invasion
According to court documents, the Garcia brothers went to a home in the town of Grant, near Stillwater, on the morning of September 19, 2024, and kidnapped the family living in the house at gunpoint. The brothers were accused of demanding access to the victims' cryptocurrency accounts while holding them captive and bound with zip ties for more than eight hours.
Robbers Later Captured in Texas
The charges also allege that one of the victims was taken to the family's cabin in northern Minnesota, where he was forced to give the robbers access to additional cryptocurrency storage devices. That victim's son was eventually able to call 911 for help, and the Garcia brothers fled. They were eventually located and arrested in Houston, Texas.
$8 Million Restitution
During Thursday's court hearing, federal prosecutors said both brothers admitted using firearms to threaten the victims during the robbery. As part of their plea agreements, the Garcias agreed to pay more than $8 million in restitution and each faces a maximum sentence of 20 years in prison.
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Gallery Credit: Troy Dunken