Youthful Crypto Thieves Spent Stolen Millions on Sports Cars and Private Jets

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

The scammers, led by 22-year-old Malone Lam from Singapore, who is an eighth-grade dropout, pulled off the heist using social engineering tactics to dupe their victim into giving them access to his Google Drive and revealing security codes that allowed them to siphon off over 4,100 Bitcoin.

The scammers then used money laundering specialists to wash the stolen funds through multiple exchange platforms and convert the virtual currency into government-issued cash.

The group's leader, Lam, went on a lavish spending spree, buying fleets of sports cars, hiring security guards, renting mansions in Miami and the Hamptons, and even purchasing a $2 million watch and over 30 cars, including custom Porsches, Lamborghinis, and Ferraris.