Youthful Crypto Thieves Spend Millions Before Getting Caught

A group of young men in their late teens and early twenties allegedly pulled off one of the largest cryptocurrency thefts in history, swindling a Washington D.C. resident out of over $240 million worth of Bitcoin.

The scammers, led by Malone Lam, a 22-year-old from Singapore, targeted the victim's Google account and Gemini crypto exchange, using social engineering tactics to gain access to his funds.

According to prosecutors, Lam and his co-defendants used money laundering specialists to wash the stolen cryptocurrency through multiple exchange platforms and convert it into government-issued cash.

The group's spending spree lasted a month before FBI agents arrested Lam on charges of organizing the social engineering attack.