PANews reported on May 16th that according to Beincrypto, the U.S. Department of Justice has indicted 12 suspects for cryptocurrency crimes totaling $263 million, accusing them of participating in a criminal network organized by the mastermind Malone Lam. The gang committed crimes through social engineering fraud, database intrusion, and physical theft of hardware wallets. Lam himself is accused of a single fraud of $230 million. Currently, 10 defendants have been arrested, while 2 accomplices in Dubai remain at large. The indictment shows that the gang's division of labor included target screening, phone fraud, money laundering, and on-site theft. Lam had remotely monitored victims' iCloud data and directed accomplices to break into homes. Records from August 2024 show that the gang stole 4,100 bitcoins (worth $385.4 million at the time) through P2P fraud.
In a previous report from September last year, ZachXBT revealed that Greavys (Malone Lam), Wiz (Veer Chetal), and Box (Jeandiel Serrano) allegedly stole $243 million from a Genesis creditor on August 19, 2024, through complex social engineering attacks.
