Young Thieves Uncovered in Massive $240 Million Bitcoin Heist

A network of young cryptocurrency thieves has been caught after one of the largest single-victim Bitcoin heists in U.S. history.

The group tricked a wealthy Washington, D.C., resident into surrendering access codes during impersonation calls, according to the U.S. Attorney's Office for the District of Columbia.

On August 18th, 2024, they took more than 4,100 Bitcoin, then worth about $263 million, and laundered the coins before converting much of it to cash for a month-long spending spree.

Malone Lam, 22, is among those who have pleaded guilty. He spent $569,000 on one night in a Los Angeles club, while the network rented mansions, bought more than 30 luxury vehicles, and hired security.