US DOJ Charges 12 More Over $263M Bitcoin Theft and Money Laundering

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US DOJ Charges 12 More in Massive $263M <a href="https://jpyxx.com/btc-usd/">Bitcoin</a> Theft Case

  • Authorities have charged twelve individuals with RICO in connection with a $263 million Bitcoin theft. 
  • Suspects laundered funds via mixers and bought exotic cars. 
  • Malone Lam directed crimes from detention, per the indictment.

The Department of Justice has accused twelve individuals for their alleged roles in a significant cybercrime case, which revolved around the theft and laundering of approximately $263 million in cryptocurrency. This announcement was made through a revised indictment with four counts, officially unveiled in a U.S. District Court on May 15, 2025.

Among the accused, some hail from the United States, while others represent various foreign nations. They’re all being charged with racketeering conspiracies, which allegedly occurred both domestically and internationally. This week, the DOJ apprehended several suspects in California, but it suspects that additional individuals may be hiding in Dubai.

U.S. Attorney Pirro, accompanied by FBI Special Agent Ryan and the Head of IRS-Criminal Investigation Carter, revealed the specifics of the accusations. Conor Gills is being accused of Racketeer Influenced and Corrupt Organizations (RICO) conspiracy, wire fraud conspiracy, money laundering, and hindering justice.

The accusation suggests a crypto heist occurred in August 2024, where Malone Lam and Jeandiel Serrano are alleged to have stolen approximately $230 million from a victim based in Washington, D.C. This project appears to have had a significant impact on many individuals due to its concentration on high-end cryptocurrency users.

Leaders claim that the gang employed sophisticated methods to launder their illicit funds. They resorted to various tactics including blending cryptocurrencies and managing numerous digital wallets to conceal their transactions. Furthermore, they utilized Virtual Private Networks (VPNs) to mask their operations.

Stolen cryptocurrency funds enabled the plotters to indulge in a lavish lifestyle. As they claimed, they would spend up to half a million dollars each night at a nightclub, bought luxury watches priced between $100,000 and $500,000, and amassed 28 high-end cars valued from $100,000 to $3.8 million. They also acquired some of the most expensive homes in Los Angeles, The Hamptons, and Miami, along with private jets, personal security details, and other luxuries such as private aircrafts.

Money Laundering Tactics and Luxury Purchases

The prosecution has detailed extensive money laundering activities carried out by a particular group. Kunal Mehta, Hamza Doost, Joel Cortez, and Evan Tangeman are among those accused of illegally facilitating the conversion of cryptocurrencies into cash. As per reports, they allegedly used falsified documents to lease properties, arranged private jet trips with stolen funds, and concealed their vehicles by establishing fake companies.

According to the court records, it was found out that the plotters transported large sums of money across the country by concealing it within plush toys resembling Squishmallows. Typically, each delivery held around $25,000.

Despite being imprisoned since September 2024, one of the commanders, Malone Lam, still managed to oversee activities from behind bars. While awaiting trial, it’s rumored that he directed his group to retrieve the stolen cryptocurrency and buy Hermes Birkin bags, which were then personally delivered to his girlfriend in Miami.

The group splurged on luxurious handbags and extravagant apparel, often gifting these high-priced items during social events at clubs. This spending was an integral aspect of a plan to project affluence and power, as they were using funds that weren’t their own.

Ongoing Investigation and Legal Proceedings

The FBI’s offices in Washington, Los Angeles, Miami, and the IRS-Criminal Investigation unit are managing this investigation. It is important to note that receiving an indictment does not prove guilt; every defendant is presumed innocent until proven guilty by a court of law.

The situation at hand is one of several crypto-related cases being managed by the Department of Justice (DOJ). Notably, the department has recently stated on their official site that they have successfully retrieved approximately $20 million that had been misused in relation to the Malaysian fraud case.

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2025-05-17 09:21