A group accused of stealing more than $240 million worth of Bitcoin in the United States was identified through an FBI investigation after spending heavily on supercars, private jets and luxury homes, the Associated Press reported.
The group allegedly approached a long-term cryptocurrency investor in Washington, D.C., on August 18, 2024, impersonating representatives of Google and a cryptocurrency exchange. After obtaining security information, they allegedly siphoned off more than 4,100 BTC. They later laundered and cashed out the funds through multiple exchanges and other channels.
Malone Lam, identified as the alleged ringleader, and his associates spent $4 million at Los Angeles nightclubs over one month, investigators found. Lam also allegedly purchased a $2 million watch and more than 30 Porsches, Lamborghinis and Ferraris.
A key breakthrough came when accomplice Zandiel Serrano created an exchange account to store approximately $30 million worth of the stolen cryptocurrency without concealing his IP address. A total of 18 people have been indicted, and 10 have already pleaded guilty. Three accomplices have been sentenced, while Lam is scheduled for a hearing on Tuesday for guilty-plea proceedings.
Sources
- Associated Press — Party’s over for crypto scammers who went on a spending spree after a $240 million bitcoin theft — 2026-09-07 — AP NewsU.S. Department of Justice — Indictment Charges Two in $230 Million Cryptocurrency Scam — 2024-09-19 — U.S. DOJ