‘Oh, my God! Bro, bro, I’m going to spaz out!’ The first Bitcoin RICO case comes for a DOJ that gutted its ability to build it
A 22-year-old dropout from Singapore stole $240 million and blew $569,000 in one night, prosecutors say. A judge called it "Ferris Bueller gone bad."
In a jaw-dropping heist, a group of young crypto criminals swiped over $240 million worth of Bitcoin from a wealthy Washington, D.C. resident. The mastermind, 22-year-old Malone Lam, led a team of young men in their late teens or early 20s who celebrated their digital plunder with a wild spending spree. The scammers purchased expensive cars, flew on private jets, and rented lavish mansions in Miami and the Hamptons.
Lam himself spent over $569,000 in a single night at a Los Angeles nightclub. The crime spree continued for a month before the Federal Bureau of Investigation arrested Lam on charges of orchestrating a "social engineering" attack. The charges against Lam and 17 others highlight a concerning trend of cryptocurrency investment fraud, which increased by nearly 50% in 2025.
Under the previous administration, the Justice Department had disbanded a unit dedicated to prosecuting crypto-related crimes. However, the current administration's hands-off approach has allowed crypto companies to flourish, benefiting from the massive profits generated by cybercriminals. Cybersecurity experts urge for increased law enforcement resources to combat this growing threat.
Written by urgent.news from Fortune's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
