Business & Finance
Accused ringleader linked to $240 million cryptocurrency theft as 18 defendants face charges
Authorities say a network targeted a Washington resident in an expansive social engineering scheme.
The short version
- Malone Lam allegedly organized a social engineering scam that stole over $240 million in bitcoin from a Washington, D.C., resident.[ABC News · Associated Press]
- A total of 18 defendants have been charged in connection with the thefts.[ABC News · Associated Press]
- Prosecutors stated that co-defendant Jeandiel Serrano failed to conceal his IP address during the operation.[ABC News · Associated Press]
Key facts
- Malone Lam allegedly organized a social engineering scam that duped a Washington, D.C., resident out of more than $240 million in bitcoin.[ABC News · Associated Press]
- Eighteen defendants have been charged in connection with the cryptocurrency thefts.[ABC News · Associated Press]
- According to prosecutors, Jeandiel Serrano failed to conceal his IP address when setting up an exchange account for stolen funds.[ABC News · Associated Press]
- Complaints regarding cryptocurrency investment fraud submitted to the FBI increased by nearly 50% in 2025.[ABC News · Associated Press]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.
- Crypto scammers head to court over $240 million bitcoin theftAssociated Press · Wire: associated-press
- Party's over for crypto scammers who went on a spending spree after a $240 million bitcoin theftABC News - Business