Bitcoin Bandits Busted: DOJ Charges 12 In $263 Million Cyber Heist
The post Bitcoin Bandits Busted: DOJ Charges 12 In $263 Million Cyber Heist appeared on BitcoinEthereumNews.com.
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure A dozen more suspects have been added to a massive crypto theft case. Based on reports, the new names join Malone Lam, who was first indicted on September 19, 2024. They now face charges tied to stealing 4,100 Bitcoin last August and laundering roughly $263 million. Group Faces Federal Racketeering Charges According to the Department of Justice, the superseding indictment brought on May 15, 2025, adds 12 people to the original case against Lam. All are from California and most are between 18 and 22 years old. One earlier defendant, Jeandiel Serrano, was dropped from the updated filing. The DOJ says some of those charged are behind bars, while two are believed to be living in Dubai. Additional 12 Defendants Charged in RICO Conspiracy for over $263 Million Cryptocurrency Thefts, Money Laundering, Home Break-Ins 🔗https://t.co/5jPyk1XN6A@USAttyPirro @FBIWFO @IRS_CI @FBILosAngeles @FBIMiamiFL pic.twitter.com/WLP84c0bZp — U.S. Attorney DC (@USAO_DC) May 15, 2025 Online Games To Real-World Theft Based on reports, this ring started as a group of friends playing online video games in October 2023. They then moved on to hacking databases and making cold calls to trick crypto holders into handing over access. According to investigators, Lam even hacked a victim’s iCloud to track their movements, and a partner nicknamed “The Accountant” or “Goth Ferrrari” would break into homes to steal hardware wallets. Crypto and cybercrimes are on the rise. Image: rdaniluk/stock.adobe.com Bitcoin & Money Laundering Network Exposed The DOJ says the stolen proceeds—more than $230 million from a single incident on August 18, 2024—were run through VPNs, crypto mixers and peel‑chain tactics. A peel chain works by shifting funds through many wallets and peeling off small amounts each time. Those steps made it harder for law enforcement to trace the money, officials noted. Lavish Spending On Stolen Funds Based on…
Filed under: News - @ May 16, 2025 9:23 pm