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The charges, announced in a newly unsealed indictment, reveal a large-scale cyber-enabled racketeering conspiracy that operated in the U.S. and abroad since October 2023. Prosecutors say the accused ran a highly organized criminal network that used online gaming platforms to connect and assign roles, such as hacking, targeting victims, impersonating security agents, and converting stolen crypto into real money.
One of the main accused, Malone Lam, is believed to be the mastermind behind the operation. He is already facing charges related to a massive $230 million Bitcoin theft in August 2024.
According to the indictment, the group hacked into cryptocurrency databases, often purchased on the dark web. After identifying high-value targets, members posed as security officials and tricked victims into giving up access to their crypto wallets. The stolen cryptocurrency was then laundered through mixers, shell companies, and VPNs to hide its origin.
Prosecutors say the stolen money was used to fund a lavish lifestyle. The accused allegedly spent it on luxury hotels in Los Angeles and Miami, private jets, designer clothes, and exotic cars worth up to $3.8 million. Some of the cash was even smuggled inside children’s toys like stuffed animals.
Several suspects were arrested in California this week, while two remain on the run and are believed to be in Dubai. Charges include racketeering conspiracy, wire fraud conspiracy, money laundering, and obstruction of justice. One suspect is also accused of continuing criminal activities while in pretrial detention.
The case is being handled in the District of Columbia and is a joint investigation by the FBI and the IRS Criminal Investigation team.
All suspects are presumed innocent until proven guilty in court.
Tags:
Cybercrime in World
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