Party's over for crypto scammers who went on a spending spree after a $240 million bitcoin theft - Taylorville Daily News

A federal case targets a group accused of stealing more than $240 million in bitcoin and then funding an extravagant monthlong spending spree. Prosecutors say the alleged scheme used “social engineering” to trick a Washington, D.C., crypto investor (“Victim 7”) on Aug. 18, 2024, into handing over access to his Google Drive and security codes after callers posed as Google and the Gemini exchange. The defendants allegedly siphoned off more than 4,100 bitcoin. An alleged ringleader, 22-year-old Malone Lam, spent over $569,000 in a single Los Angeles night club outing, prosecutors said. Lam’s plea agreement hearing is set for Tuesday as the FBI investigation expands on rising crypto fraud complaints.