12 more charged in $263M crypto theft ring that blew it on booze and cars
Twelve individuals have been charged in connection with a $263 million cryptocurrency crime spree that involved the theft of 4,100 Bitcoin from a Genesis creditor in August 2024. This follows initial charges against Malone Lam, the main defendant, filed on September 19, 2024. Some defendants have been arrested, while two are believed to be in Dubai. The group, primarily aged 18 to 22 and based in California, evolved from online gaming friends into a cyber-enabled racketeering conspiracy. Their activities included hacking databases, conducting social engineering attacks, burglarizing homes for crypto hardware wallets, and laundering stolen funds. The group utilized virtual private networks and crypto mixer protocols to obscure their activities. They have been charged with RICO violations, wire fraud, and money laundering. Proceeds funded extravagant lifestyles, including nightclub expenses, luxury cars, and high-end goods, often using fake identities for rentals.
