Crypto Scammers Living Large After $240M Heist

A group of young men in their late teens and early twenties pulled off one of the largest cryptocurrency thefts in US history, duping a stranger out of bitcoin worth over $240 million in August 2024.

The scammers, who met online through gaming forums, used a sophisticated 'social engineering' scheme to launder the proceeds through multiple exchange platforms and convert virtual currency into government-issued cash.

Lavish spending quickly drew attention when one of them created an account on a cryptocurrency exchange using his own IP address, which investigators linked to a home in Encino, California, rented for $47,500 a month.