[American Man Pleads Guilty to Assisting in Laundering $263 Million in Crypto Assets, Purchased 28 Luxury Cars for the Gang] According to a U.S. Department of Justice announcement, California resident Kunal Mehta admitted to participating in a cryptocurrency fraud ring and pleaded guilty to violating the RICO Act, assisting in laundering at least $25 million. The group used social engineering tactics to steal $263 million worth of crypto assets nationwide (currently valued at $385 million), which were squandered on luxury cars, nightclubs, watches, bags, and private jets. Mehta used shell companies to purchase and hold luxury cars such as Lamborghinis and Rolls-Royces for the gang, in order to conceal the true identities of their underage accomplices.