Crypto Scammers' Billion-Dollar Blowout Ends with $240 Million Heist
A group of young men in their late teens and early twenties allegedly pulled off one of the largest cryptocurrency thefts in U.S. history, duping a Washington D.C. resident out of over $240 million worth of Bitcoin.
The scammers, who met online through gaming forums, used social engineering tactics to manipulate the victim into giving them access to their Google Drive and revealing security codes that allowed them to siphon off the stolen funds.
According to prosecutors, the group, led by 22-year-old Malone Lam, a Singaporean with an eighth-grade education, spent their ill-gotten gains on lavish lifestyles, including fleets of sports cars, private jets, mansions in Miami and the Hamptons, and even a $2 million watch.
Lam's capture did not stop the group's splurging, as his co-conspirators continued to spend stolen funds to cover his legal expenses. Eighteen defendants have been charged, with Lam set to appear in court this week for a plea agreement hearing.