Crypto Scammers' Wild Spending Spree Ends in Arrests

A group of young men in their late teens and early twenties carried out one of the largest cryptocurrency thefts in U.S. history, duping a stranger out of $240 million worth of Bitcoin.

The scammers, led by Malone Lam, 22, from Singapore, tried to hide their digital fingerprints but were eventually caught after using money laundering specialists to wash the proceeds through multiple exchange platforms and convert virtual currency into government-issued cash.

Lam was arrested on charges of organizing a 'social engineering' attack on the Washington D.C. resident who lost the funds.

The group's lavish spending quickly drew attention, with Lam purchasing over $30 million worth of luxury goods, including a $2 million watch and 30 cars.