Miami Man Pleads Guilty to Stealing Hundreds of Millions in Cryptocurrency

A 22-year-old man from Miami has pleaded guilty to leading a group of over a dozen people in stealing hundreds of millions of dollars in cryptocurrency.

The scheme involved 'social engineering,' or tricking victims into revealing sensitive information such as passwords, and was perpetrated by at least 16 individuals from California, Connecticut, New York, Florida, and abroad.

Prosecutors said the group used the stolen funds to purchase luxury items, including a fleet of cars worth up to $3.8 million, private jet rentals, and five rental homes in Los Angeles, the Hamptons, and Miami.

Lam's co-defendants had various roles within the scheme, including hacking websites and servers to obtain databases of cryptocurrency holders, purchasing databases on the dark web, and acting as organizers, callers, and money launderers.

Lam faces up to 20 years in prison after pleading guilty to participating in a conspiracy under the Racketeer Influenced and Corrupt Organizations (RICO) Act.