[Mastermind Behind $240 Million BTC Theft Case, Malone Lam, to Attend Plea Agreement Hearing This Tuesday] BlockBeats News, September 7: A young crypto fraud group stole over 4,100 BTC, valued at more than $240 million at the time, through a 'social engineering' attack in August 2024. After the theft, the group members quickly began extravagant spending, including purchasing sports cars, renting luxury mansions, flying private jets, and hiring security personnel. The alleged mastermind, 22-year-old Singaporean Malone Lam, reportedly spent over $569,000 in a single night at a nightclub in Los Angeles. Investigations revealed that the suspects impersonated employees of Google and crypto exchange Gemini to deceive victims into providing Google Drive access and security verification codes, enabling them to transfer the victims' Bitcoin. The stolen funds were then laundered through multiple trading platforms and intermediaries. Their lavish lifestyle eventually drew the attention of law enforcement. One suspect exposed their IP address while hiding nearly $30 million in stolen crypto assets, leading police to trace them to a rented mansion in California. Another suspect was found with $37 million worth of stolen crypto assets. Lam allegedly used the stolen funds to purchase a $2 million watch and more than 30 luxury cars, including Porsches, Lamborghinis, and Ferraris. A total of 18 defendants have been indicted, and Lam is expected to attend a plea agreement hearing this Tuesday. The U.S. Department of Justice has already sentenced several co-conspirators, and the case remains ongoing. [Original Link]