18 Defendants Charged in $263M Bitcoin Theft Scheme
A major cryptocurrency theft scheme has been dismantled by federal prosecutors in Washington D.C., marking the first use of racketeering charges against a crypto heist. Eighteen defendants, including lead defendant Malone Lam, an eighth-grade dropout from Singapore, have been charged with stealing over 4,100 Bitcoin worth approximately $263 million at the time.
The theft occurred on August 18, 2024, and was carried out by the group impersonating officials from Google and Gemini to trick victims into handing over wallet access codes. The group's alleged expenditures included private jets, luxury cars, and mansions, with one night's tab alone reaching $569,000.
The investigation began after one member of the group failed to mask their IP address while connected to a rental property, giving investigators a thread to pull. By September 2024, arrests were underway, and multiple money launderers tied to the scheme have already received prison sentences averaging around six years.