DOJ Targets $263 Million Crypto Crime Ring Linked to Malone Lam

By: cryptosheadlines|2025/05/16 08:30:11
0
Share
copy
Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com The US Department of Justice (DOJ) just indicted 12 additional defendants as part of a conspiracy involved in crypto crimes worth $263 million. It accused them of working with Malone Lam, who was arrested last September. Most of the group’s actions involved social engineering scams, but members also stand accused of burglary. Additionally, the DOJ pressed charges against Tornado Cash co-founder Roman Storm today. DOJ Takes On Major Crypto CrimesAs part of sweeping pro-crypto regulatory reforms, the US Department of Justice disbanded its Crypto Enforcement Unit and reduced the scope of its investigations this year. However, as today’s indictments clearly show, the DOJ is still interested in taking down high-level crypto crime. The twelve defendants stand accused of many serious offenses:“[The defendants] allegedly participating in a cyber-enabled racketeering conspiracy throughout the United States and abroad that netted them more than $263 million. [Their] various roles included database hackers, organizers, target identifiers, callers, money launderers, and residential burglars targeting hardware virtual currency wallets,” the DOJ claimed.These defendants were allegedly in league with Malone Lam, the group’s ringleader, who was arrested last September. The DOJ claimed that Lam organized the whole crime ring, targeting victims, employing scams, laundering money, and more. The group’s sophisticated money laundering techniques allowed Lam to allegedly continue benefiting after his arrest.The bulk of this $263 million came through social engineering and similar scam methods. The group systematically stole and purchased databases of crypto users, identified valuable targets, and attempted to defraud them. Lam personally scammed $230 million from one victim alone. However, the group soon moved on to much more brute-force methods.This is Malone Lam.This 20-year-old committed one of the biggest p2p heists in historyIn Aug 2024 he scammed someone for 4,100 $BTC ($385,4M)I spent ~10 hours researching all the data: the info I found was shocking...Here is how he did it and how to avoid it pic.twitter.com/TfeGYCva9H— symbiote (@cryptosymbiiote) December 24, 2024Specifically, the DOJ accused the defendants of much more serious crimes. In an effort to steal hardware wallets, Lam remotely monitored a target’s iCloud metadata while a co-conspirator burglarized his home. Unfortunately, violent thefts are far from unheard of in this industry: a prominent crypto kidnapping took place in France two days ago.The indictments named 10 of the 12 co-defendants, claiming that several of them have been arrested. At least two remain anonymous and at large, believed to be living in Dubai. The DOJ has been demonstrating its resolve on several crypto crimes today. Specifically, it announced that it would indeed be pressing charges against Roman Storm, co-founder of Tornado Cash.Although crypto enforcement has been loosened somewhat, the Department of Justice is still determined to prosecute prominent offenders.DisclaimerIn adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.Source link

You may also like

Tiger Research: What AI services do cryptocurrency companies offer?

Cryptocurrency giants like Binance and Coinbase have fully launched an AI defense battle: Driven by FOMO sentiment, leading platforms are accelerating the deep integration of AI agents into core businesses such as trading, security, and payments.

The war not only drives up oil prices but also causes Circle's stock price to soar

High interest rate expectations combined with the explosive growth of stablecoin infrastructure have led to Circle's stock price doubling in five weeks against the trend: Understanding the dual game of "macro interest rate trading" and "global payment foundation" behind the surge in one article.

When agents become consumers, who will rewrite the underlying logic of internet commerce?

Thirty years ago, due to the high cost of micropayments, the internet had no choice but to adopt an advertising model. Today, the technical threshold for micropayments is nearly zero, but trust has become the most expensive luxury. Whoever can bridge this gap will dominate the next generation of int...

AI Agents in Action Summit: March 31, Hong Kong Cyberport, focusing on the deep waters of AI implementation

Tomorrow, Hong Kong Cyberport will grandly open. The "AI Agents in Action" summit gathers top experts, directly addressing the real evolution of AI Agents from conceptual celebration to productization and large-scale commercial implementation.

29 Days In, What Are America’s Options on Iran?

The key is not in ground invasion but in the combination of striking capability and governance.

Flash Crash Down 97%+ with Ongoing Unlocking, WLD Completes $65 Million Off-chain Funding: Who Is Still Buying?

In the current deep bear market environment, being able to complete multi-million dollar token trades is quite rare.

Popular coins

Latest Crypto News

Read more