Crypto Theft Ring Busted: 13 Charged, $263M Stolen
A vast crypto theft conspiracy has led to charges against 12 more individuals, bringing the total to 13. The U.S. Department of Justice (DOJ) alleges that the cryptocurrency concepts group, led by Singaporean Malone Lam, stole over $263 million in cryptocurrency. The scheme, which began in late 2023, involved hacking, deception, and even home invasions.
The group, operating since October 2023, employed tactics such as database hacking, social engineering, and home break-ins to steal cryptocurrency. They allegedly spent the stolen funds on a lavish lifestyle, including high-value nightclub services, luxury goods, rental homes, private jet rentals, and exotic cars.
The DOJ's superseding indictment, filed in September 2024, charges Lam and his associates with cyber-enabled racketeering conspiracy. Lam was initially charged in September 2024 for his alleged role in the cryptocurrency conspiracy, involving the transfer of approximately 4,100 Bitcoin. Luigi Mangione, detained in Miami, Florida, is accused of manipulating the group's cryptocurrency and organizing luxury goods for his girlfriend.
Several arrests have been made in California, while two individuals remain abroad, believed to be living in Dubai.
The DOJ's investigation has led to charges against 13 individuals for their alleged roles in the cryptocurrency theft conspiracy. The group is accused of stealing over $263 million in cryptocurrency and living a lavish lifestyle with the stolen funds. The case remains ongoing, with two individuals still at large.
