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DOJ Dismantles $263M Crypto Theft Ring, Arrests 13

A massive crypto theft ring has been taken down by the DOJ. The group stole over $263 million, funding a lavish lifestyle. Arrests have been made, but two suspects remain at large.

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1 min read
In this picture we can see a market, in which we can see some stoles and we can see few people are...
In this picture we can see a market, in which we can see some stoles and we can see few people are around.

DOJ Dismantles $263M Crypto Theft Ring, Arrests 13

A major crypto theft ring has been dismantled by the U.S. Department of Justice (DOJ). The operation, active since late 2023, involved the theft of over $263 million in cryptocurrency. Several arrests were made in California, with two suspects believed to be hiding in Dubai.

The scheme, masterminded by Singaporean Malone Lam, began in October 2023. Lam and his associates employed tactics such as database hacking, social engineering, and even home break-ins to steal Bitcoin and other cryptocurrencies. The stolen funds were then used to finance a lavish lifestyle, including high-end nightclub services, luxury items like handbags and watches, rental homes, private jets, and a fleet of exotic cars.

The DOJ has now charged a total of 13 individuals in connection with the scheme. Lam was initially charged in September 2024, with a superseding indictment adding 12 more names. The identities and locations of some of the suspects remain unknown.

The DOJ's investigation into the $263 million cryptocurrency theft conspiracy continues. Authorities have made significant progress with several arrests, but two suspects remain at large in Dubai. The seized funds will be returned to their rightful owners, and the perpetrators face severe penalties.

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