DOJ Charges $236M Crypto Crime Ring That Spent Millions at Nightclubs
U.S. prosecutors charged 12 individuals linked to a cybercrime ring that allegedly stole over $263 million in cryptocurrency through social engineering and hacking. The indictment includes Malone Lam, 20, and Jeandiel Serrano, 21, with arrests in California and warrants for two suspects in Dubai. Most defendants are aged 18 to 21, with some identities known only by online aliases. Charges include RICO conspiracy, money laundering, and wire fraud. John Tucker Desmond, 19, faces obstruction of justice charges for destroying evidence. The group operated from October 2023 to March 2025, using online gaming platforms to coordinate activities. They laundered funds through mixers and shell companies, spending on luxury items like exotic cars, private jets, and high-end nightlife. Prosecutors noted that Lam continued orchestrating activities while in pretrial detention. The investigation is ongoing, supported by the FBI.
