$240 Million Bitcoin Heist Unfolds: 18 Young Defendants Indicted

A group of individuals in their 20s has been charged with stealing over $240 million worth of Bitcoin and engaging in a lavish spending spree. The defendants, including Malone Lam, allegedly posed as representatives of Google and Gemini to gain access to the victim's Google Drive account and security codes.

They then stole more than 4,100 Bitcoin from a longtime digital-asset investor in Washington, D.C., in August 2024. The stolen funds were laundered through multiple digital-asset trading platforms and converted into cash, which was used to purchase sports cars, private jets, and luxury homes.

Authorities identified one member of the group after tracking an internet protocol address linked to a California house rented by the group. Of the 18 defendants charged, 10 have pleaded guilty so far.