A large number of suspects have been added to a massive crypto theft case. Based on the report, the new name joined Malone Lamb, who was first charged on September 19, 2024. They are now facing charges that have stole 4,100 bitcoins last August, leading to roughly $263 million in laundry.
Group is facing federal assault fees
According to the Justice Department, the charges brought on May 15, 2025 add 12 people to the original lawsuit against LAM. They are all from California, most of them between 18 and 22 years old.
One previous defendant, Jeandiel Serrano, has been removed from the updated filing. The DOJ says some of the people charged are behind the bar, but the two are believed to live in Dubai.
An additional 12 defendants have been charged with over $263 million in cryptocurrency theft, money laundering and home break-in in a RICO conspiracy
https://t.co/5jpyk1xn6a@usattypiro @fbiwfo @irs_ci @fbilosangeles @fbimiamifl pic.twitter.com/wlp84c0bzp
– US Lawyer DC (@USAO_DC) May 15, 2025
Online game for real world theft
Based on the report, the ring began in October 2023 as a group of friends playing online video games. We then moved on to hacking the database and made a cold call to hand over access to Trick Crypto Holders.
According to investigators, Lamb hacked the victim’s iCloud to track the movement, and a partner called an “accountant” or “gos Ferrari” broke into the house and stole a hardware wallet.
Crypto and cybercrimes are on the rise. Image: rdaniluk/stock.adobe.com
Bitcoin & Money Laundering Network has been released
DOJ says that stolen proceeds (over $230 million since a single incident on August 18, 2024) have been implemented via VPN, crypto mixers and peel chain tactics.
Peel chains work by shifting funds through many wallets and peeling small amounts off each time. These measures have made it difficult for law enforcement to follow the money, officials noted.
Luxurious spending on stolen funds
Based on the report, the suspect blew away profits from high-end nightlife, exotic cars and luxury goods. They spent up to $500,000 at the club overnight.
They borrowed 28 exotic cars (worth $3.8 million each) and bought designer bags, watches and clothes. Fake IDs were used to rent houses and private jets paid with stolen bitcoin.
Total crypto market cap at $3.28 trillion on the daily chart: TradingView.com
The focus is on cryptographic security
This case shows how quickly high-tech savvy youth can become criminals. This indicates that hardware wallets require good physical security and that digital accounts must use more multifactorial authentication than SMS.
Cryptographic owners should be cautious about unconfirmed support calls and adopt services that lock down iCloud and email accounts.
The next step for the prosecutor
All defendants are charged under RICO and have faces of wire fraud and money laundering. Court records show that if you are found guilty, you can go to prison for decades.
The DOJ says that the charges on this issue will send a clear message. No matter how complex the scheme is, law enforcement can break it down.
Autseer featured images, TradingView charts
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