Source: Cointelegraph
Original: “12 More Charged in $263 Million Cryptocurrency Theft Ring, Funds Spent on Nightclubs and Luxury Cars”
Another 12 individuals have been charged for their involvement in a cryptocurrency crime operation involving $263 million, which stole 4,100 Bitcoin (BTC) from a Genesis creditor in August 2024 and included a series of burglaries and money laundering activities.
According to a statement from the U.S. Department of Justice (DOJ) on May 15, these 12 new defendants were included in a superseding indictment that supplemented charges against the main defendant, Malone Lam, filed on September 19, 2024.
Jeandiel Serrano was listed as a defendant in the initial indictment but was not included in the superseding indictment.
The DOJ stated that several defendants have been arrested, while two others are believed to be residing in Dubai.
Many of the suspects used aliases such as “Goth Ferrrari” and “The Accountant,” hailing from California, with most aged between 18 and 22.
According to the DOJ, the gang began its activities in October 2023, evolving from friendships formed in online gaming to participating in a “cyber-supported extortion conspiracy.”
The DOJ stated that gang members were assigned various tasks, including hacking databases, conducting social engineering attacks on cryptocurrency holders through cold calls, and even burglarizing homes to steal cryptocurrency hardware wallets.
Others participated in money laundering activities, with the DOJ claiming that the total amount of stolen funds reached $263 million.
Over $230 million of this amount came from an incident on August 18, 2024, when Lam fraudulently obtained over 4,100 Bitcoin (BTC) from a victim.
The DOJ stated that Lam also hacked into another victim's iCloud account to monitor their whereabouts, while defendant Marlon Ferro broke into the victim's home to steal a cryptocurrency hardware wallet.
The DOJ claimed that the gang used virtual private networks (VPNs), encrypted mixing protocols, and exchanges employing “peel chains” to increase the difficulty of tracking their illegal activities. Peel chains are a money laundering strategy where cryptocurrency is transferred through a series of wallets, stripping away small amounts of funds with each transfer.
They are charged with violating the Racketeer Influenced and Corrupt Organizations Act (RICO), as well as crimes involving wire fraud and money laundering.
Allegedly, members of the cryptocurrency theft gang used the proceeds to pay for nightclub services—some nights costing up to $500,000—purchase 28 luxury cars worth up to $3.8 million, and acquire luxury handbags, watches, and clothing.
The DOJ noted that they even used forged identity documents to rent houses and private jets to fund their lavish lifestyles.
Related: Report claims Tether's USDT blacklist enforcement delays led to $78 million in suspicious funds evading freeze.
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