Young Scammers' Wild Spree Ends with $240 Million Bitcoin Heist
A group of young men in their late teens or early twenties pulled off one of the largest cryptocurrency thefts in U.S. history, duping a stranger out of $240 million worth of Bitcoin.
The scammers used social engineering tactics to manipulate their victim into giving them access to his Google Drive and revealing security codes that allowed them to siphon off 4,100 Bitcoins.
After the theft, the group went on a spending spree, purchasing sports cars, flying on private jets, hiring security guards, and renting mansions in Miami and the Hamptons.
The alleged ringleader, Malone Lam, spent over $569,000 in one evening at a Los Angeles nightclub.
Lam was arrested by FBI agents after a month-long investigation, and he now has a plea agreement hearing set for today.