$245M Crypto Empire Crumbles as Ringleader Pleads Guilty
A $245 million cryptocurrency scheme was dismantled by federal authorities after the ringleader, Malone Lam, pleaded guilty to his role in the international cybercrime conspiracy.
Lam, a citizen of Singapore and recent resident of Miami, used various aliases including 'Anne Hathaway,' '$$$,' and 'King Greavy' to coordinate the operation with members in Florida, Connecticut, New York, California, and overseas.
The scheme relied on social engineering to get inside victims' crypto wallets, but prosecutors say the group wasn't afraid to take things offline, breaking into homes to obtain needed information.
Lam's spending spree left investigators with a collection of evidence, including exotic cars worth up to $3.8 million each and luxury rentals in high-end locations.