Federal authorities in the United States have formally charged 12 more people in a sprawling crypto-crime scheme. The conspiracy involved stealing hundreds of millions of dollars in virtual currency. The criminals used social engineering, account hacking, and money laundering to achieve their goals.
The suspects were charged with conspiracy under the Racketeer Repression and Organized Crime Act (RICO), wire fraud, money laundering, and obstruction of justice. The criminal group operated by recruiting from online gaming communities and, starting in October 2023, used stolen databases to search for cryptocurrency owners. The fraudsters deceived victims into believing their accounts had been hacked and forced them to transfer funds to wallets controlled by the criminals.
Notable examples include the theft of $245 million in Washington, the break-in at a victim’s home in New Mexico, and the impersonation of Gemini exchange support to steal keys using the AnyDesk program. The suspects used the proceeds of their crime to buy luxury estates, fly private jets, and spend $4 million at Los Angeles nightclubs.
This is a continuation of a large-scale case involving dozens of suspects. Earlier, in September 2024, key figures were arrested, including 20-year-old Malon Lam. The criminal actions were carefully planned: iCloud was hacked, phishing was used, the victims’ geolocation was tracked, and documents were forged. In parallel with the official investigation, independent crypto analysts, including researcher ZachXBT, were also investigating, providing assistance to law enforcement.
This case is already being called one of the largest in the field of cryptocrime in the United States. It clearly demonstrates how the combination of social engineering and digital tools can lead to colossal financial losses. The lawsuit is ongoing, and the case has the potential to set a precedent for cryptocurrency regulation.
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